I made an offer on a house for 70K over the weekend. Three days later the price listing price went down 5k.?

Asked by Lady6sky, Durham, NC Tue Jan 22, 2013

My offer hasnt been accepted yet. Can I withdraw the first offer and submit a new one without losing my earnest money ?

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Larry Story, Agent, Greensboro, NC
Tue Jan 22, 2013
The preceding answers have let you know correctly that an enquiry to your Buyer's Agent is the best way to get answers. It sounds like you may have put in an offer that was much lower then the list price. For example with HUD foreclosure homes if you put in a bid/offer for less then 10% of the present list price the bid/offer is simply canceled and rejected. Now with HUD they periodically lower the price. Their system as with many banks is done online and in many ways is simply automated. So if you are too far away from the list price it is simply ignored and rejected. If your offer has not been accepted then they have not taken your earnest money then either. If the bank does not accept your offer then they will not take your earnest money.

To recap it is best to contact your buyer's agent so that they can get you the exact answers form the listing agent.

Hope this helps,
1 vote
Lady6sky, Home Buyer, Durham, NC
Tue Jan 22, 2013
thanls guys. I already printed the forms signed and updated prices and dates and faxed to my agent.
yalls rock on advise.
thank you !!!
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Jan 22, 2013
It is actually not uncommopn as price changes can be started 30 days in advance. If your offer has not been accepted yet, then you should be able to submit a withdrawal in writing and then resubmit an offer to reflect the new price. Your buyer agent can include a paragraph that this offer replaces the offer dated xxx by xxxx. You should not wait though in teh event they do acept while you are thinking about it.
0 votes
David Harris…, , Durham, NC
Tue Jan 22, 2013
Absolutely, Now you can have some remodel monies !
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Tue Jan 22, 2013
Absolutely. Obviously you're making an offer on a bank owned foreclosure, and any asset managers out there should be paying attention, this is not an uncommon occurrence and if you were doing your jobs properly and responding within 24-36 hours you actually sell more real estate and make more money for your companies.

Just speak with your agent and have them withdraw the offer and submit a new one. If you doing this yourself online, you can do the same though I would strongly advise that you would be better off having an agent experienced with foreclosure sales assisting you.

Good luck to you.
0 votes
Deborah Mill…, Agent, Durham, NC
Tue Jan 22, 2013
Your buyer's agent is really the person that you have working for you and although I have not seen your contract there is generally language that says all negotiation will be done through them. They are there to help you with all of this and know exactly what you have going on with the property and your offer. If you have a buyer's agent our providing you advise here might be considered as interfearing and as your agent they are being paid to help you.

Deborah Miller
0 votes
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