My husband and I made an offer on a home last night on a home that we love. It was on the market last year for 229. we saw it then and offered 222

Asked by Amtaylor, Memphis, TN Thu Feb 11, 2010

but they rejected it. Eventually they took it off the market and have since resurfaced with an asking price of 210. we offered again at 6:30 last night for 215 and they pay 4% closing cost. we are giving them until 5 today to respond (its now 3:21 pm). we havent heard anything. what could be the hold up? we feel our offer is more than fair.

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15
Dave Westall, Agent, Tahoe City, CA
Thu Feb 11, 2010
BEST ANSWER
You never know what the motivation of a seller is and it can be discouraging to say the least. You would have thought that they would have accepted your offer for $222K but maybe the terms other than price made the sellers reject your offer. Maybe they were trying to avoid a short sale situation, maybe the price was meant to solicit multiple offers and drive the price higher, you just dont know.

I think you should have your Realtor talk to the listing agent and see what is going on behind the scenes in terms of motivation, what it will take to make the sale, etc. That way you will know what the sellers want and if it is acceptable to you than you can bid accordingly. It can be a frustrating process but surrounding yourself with professionals will help ensure a smoother transaction with fewer headaches. I wish you the best and if you have any further questions please feel free to contact me.

Best regards, Dave

David Westall, Realtor
DRE# 01796995
Tahoe Riverfront Realty, Inc.
530-583-3483 x7
David@WestallRealEstate.com
http://www.WestallRealEstate.com
1 vote
Jo Shaner, Agent, Memphis, TN
Thu Feb 11, 2010
The guys below have given some good insight. Since you did not say if this is a REO, normal sale or a short sale situation - we cannot give you the exact guidence on this situation.

If this is a short sale....well remember - there is nothing short in regards of a timeframe. If it is a bank owned property (already foreclosed on), then you are dealing with a bank and that is a totally different rationale. There is no emotions involved whatsoever and you do not dictate to them. It's their rules.

However, if this is an individual and you have put a time limit on the offer, then this can be a double edged sword. They could be at their rock bottom price @ $210k and you offered them $215k with $8600 in closing, which is $3600 lower than they had hoped for. They could be scrounging right now for that $3600 and that is what is taking them so long to respond.

Call your agent and see if he/she has any insight to your delimia.
1 vote
Amtaylor, Home Buyer, Memphis, TN
Thu Feb 11, 2010
Thanks to everyone's responses!! Our agent just called and gave us great news!! The sellers accepted our offer and have no problem with the 4% closing costs. They only want to change the closing date and push it back to 2 weeks. Were so excited!!!! YAY!!!!
1 vote
Harold Sharpe, Agent, LAKE HAVASU CITY, AZ
Thu Feb 11, 2010
Hi Amtaylor
When price drops occur that are near 10% they are trying the best they can to attract as many buyers as possible.
Asking for 4% closing costs is not an attractive offer where I am. I would guess that may be your sticking point.
Aside from that, Some agents wait til the last minute and sometimes longer to respond. Keep in mind the agent has to,
1. review your contract prior to showing it to their client,
2. come up with suggestions for their client.
3. await any other offers.
4. make appointment to meet with the seller.
5. present all offers.
6. put all counter offers responds in writing.
7. get the counter offer signed by the seller.
8. upload the signed counteroffer to their computer and email to your agent.
9. your agent will review the counteroffer
10 your agent wil contact you by phone or in person to let you know their respond.

on another note.

some listing agents fail to ever receive the offer.

Harold Sharpe
So Cal Homes Realty
(951) 821-8211

http://www.socalhomesrealestate.com

Harold Sharpe
So Cal Homes Realty
(951) 821-8211

http://www.socalhomesrealestate.com
1 vote
Richard Leci…, , Tucson, AZ
Mon Feb 15, 2010
Did you call your agent and ask him? It does sound like a very fair offer.
0 votes
David Barker, , Arlington, TN
Mon Feb 15, 2010
there could be multiple reasons for the delay. this is a good example of why you should retain a realtor to represent your best interests. i would be happy to assist you in this endeavor to purchase this home or another. keep in mind, as the buyer you are not liable for realtor fees- the seller is. please call me at 359-7088 if i may be of assistance.
0 votes
Joe Spake, Agent, Memphis, TN
Thu Feb 11, 2010
Congratulations! Sounds like a good deal.
0 votes
Jo Shaner, Agent, Memphis, TN
Thu Feb 11, 2010
Awesome and Congrats!! We are so happy that this came to a good conclusion.
0 votes
Tim Anders, , San Mateo, CA
Thu Feb 11, 2010
Congratulations Anntaylor!!! You must have a good real estate agent, who told you that it was OK to try to ask for the 4%.

Imagine had you had an agent who had told you that "it is very unlikely that the bank will pay 4% of your closing costs for you. You may feel that this is a fair offer but the trends lately are that the banks will not pay this much closing costs. There are too many buyers on the market asking for less than that and offering higher prices just to get the home. "

That's one RE agent I would like to have! Congrats again, your new life starts now!
0 votes
Carrie Crowe…, Agent, Southaven, MS
Thu Feb 11, 2010
Well it is 5:00 pm. Have you heard anything yet?
0 votes
Dave Westall, Agent, Tahoe City, CA
Thu Feb 11, 2010
CONGRATULATIONS!!! Your persistance has paid off. Best of luck during your escrow!
0 votes
Gerald Willi…, Agent, Germantown, TN
Thu Feb 11, 2010
Amtaylor,

Have your agent contact the sellers agent and check on the status. If it is a Bank Owned property is not uncommon for a response to take several days.

Gerald
0 votes
Jane Grant, Agent, Aguanga, CA
Thu Feb 11, 2010
Amtaylor: The house you are speaking about was a short sale last year. Now it is a Bank Owned Home and it is very unlikely that the bank will pay 4% of your closing costs for you. You may feel that this is a fair offer but the trends lately are that the banks will not pay this much closing costs.

There are too many buyers on the market asking for less than that and offering higher prices just to get the home.

*****
***
*
Web Reference:  http://www.soreal.biz
0 votes
Patrick Sams…, Agent, Centreville, VA
Thu Feb 11, 2010
Hi,

You're offering a "Net" price of $206,400. ($215,000 less 4%). That could be the hold up. They originally wanted $229K and now the offer is at $206,400. Give it time, cross your fingers.......you must be patient when negotiating! Please let us know how it turns out.

Best of Luck! -Pat
0 votes
Candace Gust…, , Memphis, TN
Thu Feb 11, 2010
It may have nothing to do with the offer. Sometimes coordinating signatures and such can take time. If you are working with an agent, have your agent call the listing agent to get a status update. I'm always in touch with the other agent when working a deal for my buyer.

Candace Gustine
0 votes
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