Home Buying in 85024>Question Details

Igloo, Other/Just Looking in 85255

Property with pending sale, but list price still increasing?

Asked by Igloo, 85255 Mon May 7, 2012

I'm just curious... I toured a home about a week ago on a Sunday, immediately fell in love, and asked our realtor to write up the offer letter to submit early the following morning (a Monday). As is the trend in Phoenix, the seller had already received several offers over the weekend, and the property went pending within 3 days of listing on MLS. Story of my life these days! Needless to say, we didn't submit an offer and I'm still dreaming about that house.

Either way, I've been keeping an eye on the property should something fall through with the current buyer, and have noticed that the list price has been increased twice since the property has been marked as Pending. I've never seen this before... Can anyone enlighten me as to why this might be happening? Is there a chance people are still fighting for this property and submitting higher offers?

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I'm always amazed that agents don't push for a back-up offer. Either the agent or the Buyer doesn't want to go through the "hassle". Well, as agents, that's our job. As a buyer, if your still dreaming about, you owe it to yourself to make sure your in 1st back-up position.
I recently listed a home and in 10-12 days or so had three accepted offers come and go! And about a dozen agents called with "please let me know if this falls through!" yet not one of them wrote a back-up offer. Hadthey, they would have had the home. In the end, one did become the ultimate buyer but any number of agents and buyers could have had that position.
My suggestion is find out if you can write a back-up offer and do so. If agreeable, write it to the latest terms the seller will accept.
Good luck!
0 votes Thank Flag Link Mon May 7, 2012
Great advice, I'll have my agent ask about a back up offer. Thanks!
Flag Mon May 7, 2012
I got 9 offers in 48 hours for a property I listed on the market. The Real Estate Market is just going up!!!
0 votes Thank Flag Link Thu Jun 20, 2013
The market is crazy right now! Home prices are on the rise!
0 votes Thank Flag Link Sun Jun 17, 2012
Could be a short sale.. often times price will go up after we have it accepted.
or could be a multiple offer, or more money was needed from seller to help buyer with closing cost.
Lots of things could happen here.
0 votes Thank Flag Link Mon May 7, 2012
It could be that, since the seller received several offers over list price, that if the listing goes active again it would be prudent to activate it at least as high a price as the current offer(s). This also helps keep market data current for those who are following price trends.
0 votes Thank Flag Link Mon May 7, 2012
That's what we're checking on now. I hope we can still submit a backup offer but won't hear back until the AM. You were right on with your assessment - the listing agent said the received several offers, a few over asking, and so they updated the listing with the highest offer price.
Flag Mon May 7, 2012
P.S. is there a reason you can't submit a backup offer if the seller is accepting them?
Flag Mon May 7, 2012
Hard to tell for sure without knowing the property address or MLS number. With that info we can run a history report or call the listing agent to get more info.

I'd ask your agent to do some research into this... you are his/her client and for many of us it is an honor to do special things for our clients.
0 votes Thank Flag Link Mon May 7, 2012
What is the property address so I am on the same page.
You can go to azhousesales.listingbook.com and it will keep you posted if it comes back on the market.

Stan battersby
0 votes Thank Flag Link Mon May 7, 2012
If it shows "pending" they have accepted a contract. They may have changed the price just to inform anyone that may want to consider a backup offer. Did your agent suggest you submit a backup offer? If there is not already a backup offer in place, you may want to consider submitting one. You never know what will happen during the escrow period..and it won't cost you anything to submit one!
0 votes Thank Flag Link Mon May 7, 2012
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