Home Buying in 07036>Question Details

tpms1, Home Buyer in Houston, TX

What can I do if my realtor put my bid in after someone else? I saw the house 4 days before other person and told her to make an offer that day

Asked by tpms1, Houston, TX Mon May 12, 2014

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I agree with Annette - not enough detail posted here but I can say you state "told her to make an offer" - did you sign an offer and provide necessary documentation such as proof of funds or a pre-approval letter for financing? Telling an agent to submit an offer and actually having the agent draw up the offer and having the buyer sign it are 2 different things.
0 votes Thank Flag Link Thu May 15, 2014
So many questions and so few answers.
Did your agent have all the required documents to submit your offer such as:
-Proof of funds or Pre-approval or "Clear to Close
- Terms and conditions spelled out clearly in purchase agreement
- Did the offer conform to the requirements of the listing

The situation of the real estate in question such as:
- transitional sale
- foreclosure
- Hud
- Auction
- under value

It would be interesting to know how you are aware of the timing of any offers involved. As a listing agent I know I would not disclose such information. I would only suggest, "There is another offer. Is this your highest and best?"

Finally, you have not disclosed if any offer was ACCEPTED which means:
- you can submit a higher offer
- call their bluff
- watch someone else buy the house

Some are so quick to throw others under the bus without asking a single relevant question.
Let us know the status of the real estate you are attempting to buy.
0 votes Thank Flag Link Thu May 15, 2014
How would you know who submitted a contract first? Unless the listing agent were to disclose there was an offer submitted or accepted that information is usually not available. Sellers review all offers before making a decision and usually accept the highest price and the contract with the strongest financial terms and closing date that suits them. They also want to see a preapproval letter and a copy of the check for the initial deposit with your offer.It has nothing to do with who was first. in this market homes are getting multiple offers all at once and many homes are selling over asking price.
0 votes Thank Flag Link Thu May 15, 2014
Sellers can choose how quickly they want to respond. If your offer did not get in for 4 days, and you told them to write the offer immediately, then they didn't listen and I agree with Lowell that it's time for a more responsive agent.
One of the first rules of real estate is "Time is of the Essence" meaning we must act quickly. Things happen beyond our control like other buyers, rate changes, seller's electing not to sell, fires, earthquakes, tornados. One day either way can make all the difference. I'm sorry this happened, other then having your offer as a backup, I don't know what else you can do.
0 votes Thank Flag Link Mon May 12, 2014
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