Home Selling in Pasadena>Question Details

irishgemmm, Home Buyer in Los Angeles, CA

Do I have to wait for all counter offers to accept one????

Asked by irishgemmm, Los Angeles, CA Sat Apr 27, 2013

I am selling my home and countered three offers (multiple counter offers). The highest was about $25k more than the second and third to the highest.. I countered all three with the highest offer and their terms (the best). The highest offer just sent the signed counter offer agreeing to all terms in the counter. I was hoping to open escrow on Monday, but do I have to wait three days, as it says in the counter in case the other two offers accept to the terms? Their offers would have to go up $25k, and I am just not sure what to do.

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9
Jenny Durling’s answer
Do you have an agent? If so, this question should be posed to him or her. None of us can give you the correct answer without seeing the counter offers that we're sent out and how they were completed. If you do not have an agent and will share these documents with me I would be happy to answe your question.
0 votes Thank Flag Link Sun Apr 28, 2013
No you do not, if your ready to move forward and like what you see...go for it, I would wait to see if you might receive an even better offer though.
2 votes Thank Flag Link Sun May 12, 2013
That's what I thought as well.
Flag Mon May 13, 2013
love the website! :)
Flag Mon May 13, 2013
Great question.

First, any offer including a counter offer is an offer that is good for a limited period of time (in your case 3 days) before it expires. However, with any offer, the party submitting the offer has the right to withdraw the offer prior to the receiving party accepting the terms and returning the signed offer. In simple terms, that means that you can always withdraw your counter offer to a Buyer as long as it was received by the Buyer prior to their acceptance and your receipt of their acceptance. This is true regardless of whether this was a single Counter Offer or multiple Counter Offer.

In fact, if you and your agent are using the standard California Counter Offer forms, under the terms of Paragraph 2 "Right to Accept Offers," it states "Seller has the right to offer the Property for sale or for other transaction, and to accept any other offer at any time prior to notification of acceptance, as described in paragraph 3. If this is a Seller Counter Offer, Seller's acceptance of another offer prior to Buyer's acceptance and communication of notification of the Counter Offer, shall revoke this Counter Offer."

Better yet, in a multiple offer situation even if the Buyer does provide acceptance of your terms prior to withdrawal of your counter, you are not bound to accept that buyer's offer as long as their was language indicating to the Buyer that this was a multiple counter offer and the buyer acceptance of the Counter shall not be binding unless it is later resigned by you. If you and your agent are using the standard California Counter Offer forms, this language is found under "Paragraph 4. Multiple Counter Offer" and should be checked.. In this case, regardless of the Buyer's acceptance, you can choose to accept any Buyer by counter signing the accepted offer. This is usually done in Paragraph 7 of the standard California Counter Offer forms.

I hope this clarifies "offer and acceptance". This process is true in any contract regardless of whether it is a real estate transaction.
0 votes Thank Flag Link Mon Apr 29, 2013
You have consult you Listing agent they will know what to do or a Real Estate Attorney. Trulia or I can't give you advise or should anyone else unless there are protected.
0 votes Thank Flag Link Sun Apr 28, 2013
You do not have to wait to hear from all of the counter offers to accept one. In a multiple offer situation the actual acceptance of the offer is back in the hands of the Seller. The California Association of Realtors standardized multiple counter offer form states "Acceptance of the Counter Offer by Buyer shall not be binding unless and until it is subsequently re-signed by the Seller ...and a Copy of the Counter Offer Signed by Seller ...is personally received by Buyer...Prior to the completion of all of these events, Buyer and Seller shall have no duties or obligations for the purchase or sale of the Property".

You can always put an earlier deadline on the counter offer if you want an answer sooner. But if the counters are already out with the standard 3 days, I would just call the other agents representing the Buyers and let them know that you are about to accept another offer and see if their Buyers want to counter at the higher price. They might be willing to increase their offer price or offer better terms. In the current market of multiple offers, Buyers are not really sure what to offer to get a house and may have more flexibility in their price or terms if they really want the house.
0 votes Thank Flag Link Sun Apr 28, 2013
If the seller does the multiple counter offer form wrong, that seller may be liable to several buyers to sell the house. How the counter offer form in a multiple counter offer situation is filled out, is crucial for a seller to stay out of trouble.

I cannot give legal advice, I suggest your agent call the CAR legal hotline for clarification.
Good Luck

Let me know if I can help.

Al Goldberg Broker
800-765-3609
ALYourBroker@yahoo.com
0 votes Thank Flag Link Sun Apr 28, 2013
If you do a multiple counter offer wrong, or fill it out wrong you may create a liability to sell to different buyers.

I would have to see the counter offer forms, to answer that question.

If you have an agent I suggest they call the CAR legal hotline.

Good Luck

Let me know if I can help.

Al Goldberg Broker
800-765-3609
ALYourBroker@yahoo.com
0 votes Thank Flag Link Sun Apr 28, 2013
You have to honor the TERMS of your Contract and the Counter Offer, (which becomes the new or ammended Contract.
0 votes Thank Flag Link Sun Apr 28, 2013
Yes, if you gave a specific date and time that the buyers could submit the counter by, then you have to wait until that time period. Then you can review all offers and select the offer you want to accept.

Tammy Hayes, Realtor
RE/MAX Palm Realty
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remax-florida.com/
0 votes Thank Flag Link Sun Apr 28, 2013
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