Home Buying in 01013>Question Details

Homebuy2012, Home Buyer in 01013

We placed an offer on a house and the sellers agent stated it would be used as a backup. How can we find out it was actually presented and declined?

Asked by Homebuy2012, 01013 Thu Apr 26, 2012

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Thanks for clarifying a little.

Its hard being a buyer!! It happens more often than you think. Just because you tendered an offer it does not mean a seller will negotiate or is even obligated to respond. Sound like someone bested your offer by terms and/or price.

There is no obligation to put any additional signage on the sign, but there is an obligation to report it properly to the MLS. It can either go under agreement or be kept active but showing for back up.

A offer is not accepted until it is fully executed meaning all parties have signed and are aware of the contract be executed. There is no set time.
0 votes Thank Flag Link Thu Apr 26, 2012
Offers are looked at just not on price. A cash offer is usually the best offer in the eyes of many sellers. Other factors that come into play are: no inspection clause, no appraisal clause, higher amount of down payment, or the ability to buy the house even if the appraisal comes in low. So just because a buyer has a high offer price doesn't mean it is the best offer
0 votes Thank Flag Link Sun Mar 3, 2013
There is really no reason not to tell the seller about an offer. I'm sure your offer was presented but you don't know what the first offer was until the home sells.
0 votes Thank Flag Link Fri Apr 27, 2012
So side note. I hadn't received a response from the sellers agent so the receptionist had put me through to the manager. The manager continued to tell me "Unfortunately, there was an offer accepted on April, 3rd and they would not entertain any new offers" I then responded with "Thats strange. I was told there was an offer accepted a day after I had submitted my offer in mid-March." He is now looking into why my offer was not submitted. The agent has already confirmed she had received our offer and was holding onto it. I hope he doesn't come back and say the paperwork never made it to them. Unfortunately, we lost the house.
0 votes Thank Flag Link Thu Apr 26, 2012
My guess is that they are keeping your backup offer in case the other accepted offer falls through. The sellers may not officially want to reject your offer because if the deal with the offer they have accepted doesn't work out, they may want to consider yours.
0 votes Thank Flag Link Thu Apr 26, 2012
The seller can not enter into a separate agreement while still committed to an existing contract. It's all rather informal and only an "understanding" unless the existing transaction falls apart.

To my knowledge ... there isn't a "binding" backup offer ... but there are professional understandings which does have risk and depends on your belief/faith/trust in the professionals involved.
0 votes Thank Flag Link Thu Apr 26, 2012
Is there a time where after the initial offer is place where additional offers can be submitted? Is so, is it an arbitrary time period or a set period?
Flag Thu Apr 26, 2012
Hello Homebuy2012,

While all of the responses here are helpful, sometimes there is just no way to know for sure....

Best of luck!

Judy
0 votes Thank Flag Link Thu Apr 26, 2012
All offers must be presented to the seller by law. However, the seller does not have to sign to reject or decline your offer. If you are concerned as to whether your offer was presented talk to your buyers broker to see if he/she can get you the answer. If you do not have a buyers agent representing you maybe you should get your own representation. If you dealt directly with the listing agent you can ask him/her if the seller could acknowledge receipt of your offer
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Thu Apr 26, 2012
Most Contract to Purchase forms have a place to counter or decline. You can ask the agent to have the seller fill that out, though the seller is under no obligation to do so. The mere fact that the offer was not signed as accepted is a rejection.

Agents are required to present all offers to their clients. Do you have a reason to think your offer was not presented?
0 votes Thank Flag Link Thu Apr 26, 2012
The full story is... We went out to the home for a second viewing and on the way found out that there was an offer on the house and we were still in the window to place our own offer on the house so we did. The sellers agent stressed the current offer on the house was "Low Low Low" on the house. So we decided to go under the asking price on the house by 20k. I know "Low" is a relative term but we were expecting to get a rejection on our offer so we could offer a higher amount. So we feel that the sellers agent may have a hidden agenda and purposely directed us to submit a low offer. We were willing to pay up to 35k over the asking price and were left with the impression we would have the chance to negotiate if our offer was declined. The house is still listed in the MLS system as accepting offers and the sign outside of the house doesn't show any sign of it being under negotiations. It has been about a month since our offer was submitted to the sellers agent.
Flag Thu Apr 26, 2012
On the second page of your written Contract to Purchase Real Estate (Offer to Purchase), there is a section for the Seller's reply. The Seller(s) either (a) accepts your offer, (b) rejects your offer, or (c) rejects your offer and makes a counteroffer. The the Seller(s) sign their reply.

You should demand to see the Seller(s) WRITTEN and SIGNED response to your offer.
0 votes Thank Flag Link Thu Apr 26, 2012
Our agent has already requested the the sellers reply and the selling agent responded with "There is an accepted offer on the house, If it falls through we will use your offer." Which confuses me. How could they have an accepted offer that quickly. We went to the house on a Saturday morning and found out there was an offer on the house. We were also instructed that we would have until that Monday to submit our own offer. We submitted our offer the next day.
Flag Thu Apr 26, 2012
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