Home Buying in Woodbury>Question Details

jane doe, Other/Just Looking in Paulsboro, NJ

I recently made an offer on a house. It was a considerable low-ball offer. The seller's agent came back to

Asked by jane doe, Paulsboro, NJ Mon May 4, 2009

say they had an other offer on the table. So I upped my offer. I said I didn't want to play games and went firm at 8,000 below asking price doing my research seemed fair. Then they said they were going to stay firm on the asking price. I want the home but for some reason I feel my realtor has something to do with this. Now what? They are not being reasonable.

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First, understand that it is quite common for there to be multiple offers at one time--even if a property has been on the market for months. There comes a moment when it is the "deal of the day" because competing homes have been sold or withdrawn.

In addition to standing firm on your price, you can add an Expiration Date/Time to your offer. This keeps the other side from using your offer as leverage with other potential buyers. An alternative is for your agent to tell the listing agent that although you did not put an expiration on your offer, you have the right to call your agent at any time and instruct him/her to withdraw the offer.

Your agent should remind the other agent of this, along with asking the listing agent to let the Seller know how this works. Sample wording might be, "Make sure the Seller understands that if the Buyer tells me to withdraw the offer, it's over--immediately. There is no opportunity for the Seller to come back with a response. And if all the parties do this, the Seller is left with NO offers. So, make sure the Seller is aware of this potential situation."

Generally, you will not know the terms of the other offer(s). This is a way to "smoke them out". If they are dealing with an inferior offer, they will be interested in keeping you on the hook. If it is a better offer than yours, then you probably would not have won the bidding contest, anyway. Even if you really want the house, don't get pulled into paying too much for it!

-Paul-
Web Reference: Http://www.Take-Tour.com
2 votes Thank Flag Link Mon May 4, 2009
You may be right - your realtor may have something to do with it. But, not what you think. A difference in a sale for $8000 would be about a $100 increase in the commission he would receive and be required to may tax on come next April 15. Do you think your realtor would try to make an extra $100 off of you with a roll of the dice you could walk out on the deal and the total commission received would be ZIP, NADA, ZERO. I don't think an agent would put their earned dollars in jeopardy over a $100, do you? What next you ask? Well, I guess you need to re-evaluate what the home is really worth to you. It may be "reasonable" to the seller based on their research of the market. Walk or Buy - only you can decide.
Web Reference: http://Ask4Greg.com
1 vote Thank Flag Link Tue May 5, 2009
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