Another bid got the house. Can I stop the deal with a better offer?

Asked by Ed, Lake, MS Thu Feb 7, 2008

I fell in love with a house but lost out on the bidding. It was my first time out and I did not expect it to go so fast. no haggeling, no counter offers, nothing. Would a bigger and better offer mak a difference in what seems to be a done deal? I do see that it is still being advertised even though it is supposed to be being sold?

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Christopher…, Agent, Hemet, CA
Thu Feb 7, 2008
I assume that this was a lander owned property. If so, once the lender has accepted, the buyer has signed on their counter and the seller has confirmed.......a better offer will not change things. When you find a home you love (Try not to fall in love with any home) you must be willing to make your very best offer up front. Cookie cutter homes are the best ones to haggle with the lender on....very unique homes in good areas still go rather quick. If you have a good relationship with your agent, they will watch for the best ones to hit the market....sometimes even before they hit the market. Buying bank owned property, even in this market, can be a frustrating experience. The best homes will still have multiple offers in very short order so....be prepared. The fact that it is still marketed means little as many agents end up leaving them as active for days...even weeks after the property has actually closed escrow.
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Brendan Murp…, , Laramie, WY
Thu Feb 7, 2008
All you can really do is put in a backup offer and hope that the primary offer falls apart. It's never a "done deal" until closing.
If nothing else, learn something from the experience and find a better house so you have no regrets!

Brendan Murphy
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, WY 82070
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