(since you said he did the open house)
The agent can not give you details of the other offer, such as the amount they offered or the terms. He can say if it was a full price offer or not, but not more than that.
It would have been nice if you at least got a counter, then maybe you could have increased your offer, and take away the request for closing help. It is up to the seller to decide which offer they want, as well as which ones to counter.
In a seller's market like the one we are in now, sellers are not likely to pay any closing cost. Offers asking for closing cost help will not be favored in most cases.
In my opinion, your seller did nothing wrong.
Try and stay positive, and keep in mind it will take several offers before you get one accepted.
Best of luck to you!
Kawain Payne, Realtor
welcome to the sellers market.
As a realtor, I am frustrated when my clients offer get rejected.
Before submitting any offer it's best for the selling agent to talk
to the listing agent and try to figure out the best offer. If it's a multiple offer
situation, usually if my client have money, I will advice not to ask for closing cost,
after doing my due diligence will advice on best price, shortest escrow possible by
checking with lender and usually already have a DU approval not just pre-qual letter.
It's unfortunate that your realtor didn't discuss the different scenarios so there's no
Hope this helps.
In this tight market, listings are at a premium, especially in this price range. Always make sure your agent provides a list of comps for any future properties....remember, it isn't the list price you up against, you are against the fair market price.
First Team Real Estate
Many times an agent can hold open houses on listings that aren't theirs. If that's the case, they probably wouldn't know the offer amounts or when they came in. Or, if it is their listing, they work for the seller first and foremost, EVERY TIME. They signed a contract to get the seller the highest and best offer foe their home. Disclosing details to you may not have been in the best interest of the seller.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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Best of luck.
If I take your story as you have stated it then more what had happen was that another buyer was already in the counter stage of an offer they had submitted prior to yours since you say that one day later, after your offer was submitted, someone else offer had been accepted. Please note that just because a listing reads active it does not guarantee that there are no offers on the table already. Also some agents will hold an open house even though it is officially pending but by our regulations they must inform the open house attendees that "real/actual" status of the home and not conceal this information.
As stated before with some key information not stated within your question it is a tad difficult to provide you a pure answer. So here is a general answer for you based on what you are asking.