Kira, Home Buyer in Daly City, CA

Why are houses relisted as new when offers above the asking price have already been submitted?

Asked by Kira, Daly City, CA Sat May 9, 2009

Why was an old listing relisted as a new listing when we even raised our original offer above the asking price after the selling agent asked for a counter offer?

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Kira -

I have also seen agents (on short sales particularly) have an offer in hand near list but slightly lower, turn around and relist the property at the offer-in-hand price (or lower). This is an attempt to create a bidding frenzy and show the bank that they have done their best to get the "highest and best" offer. I am not in agreement with the practice.

I have had some agents tell me this is what the loss mitagation processor is telling them to do before they will review the offers. I have had some agents tell me that the loss mitagator will not even look at an offer submitted prior to 90 days of the home being on the market. It is absolutely amazing how these lenders are handling these properties. Not a good choice and why less than a 1/3 make to closing.

Good luck,
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1 vote Thank Flag Link Sun May 10, 2009
Without know more, I think the reason the home was relisted was becaue the lender wouldn't accept the lower price. Or, they were expecting higher offers and no one went that high.

Good luck, short sales are tough on everyone.

Dave Tap Tapper
Cashin Company
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1 vote Thank Flag Link Sun May 10, 2009
It depends on the details. Normally if a listing expires (even during the negotiations of an offer), the listing may be re-listed as a new listing. It depends on the MLS rules also. In my MLS the listing would simply have been extended.

I do not know what the MLS rules are in your area. Price has not bearing. In most cases, until escrow closes the list price of a listing is not related to the values of any offers submitted. Only after escrow closes would the final price be revealed publicly (in case the escrow does not close).
1 vote Thank Flag Link Sun May 10, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
Has the contract been ratified? If not this is the listing agents way of being cautious "just in case" something happens to your offer they want to make sure they are marketing the property properly. More people come to see new listings than ones that have been on the market for a while.
1 vote Thank Flag Link Sat May 9, 2009
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