Britt: Come on now! Illegal? Why should it be illegal to ask for you to make another offer? They have responded, when you look at it, you just don't like the response. The response was: "No, we won't take your offer, would you like to try again"?
Any owner can sell his property, or not. As long as the laws regarding discrimination are observed, they are free to tell you to get lost, or anything else or nothing at all!
Courtesy? Thatâ€™s for pink teas. These folks want the best they can get for what well may be their most valuable asset. Youâ€™ll have to hunker down and fight harder for this one, if you really want it.
Escalator Clause: What this clause basically states is that you will beat ANY other offer by X amount, up to a limit. What this hopes to do is cut the ground out from under a better offer by toping it, without really toping all offers by offering the most you can. The buyer, upon accepting the escalator clause offer, also usually agrees to show you the offer that he is turning down because of your automatic escalation. Thatâ€™s to protect you from the seller just claiming to have an offer just below your maximum, without actually having such an offer.
Now, if the seller doesnâ€™t want to play your game (for example, if somebody comes up with a higher offer or better terms,) the seller still does not have to respond to you at all. Thereâ€™s no law that says he does, anyway.
Even worse, he might just decide to come to contract with another offer that is just slightly better than yours and only tell you AFTER the contract is signed, just when you decided that the house in question was so good for you that your max could be, yet again raised. Oopsie! No house for you this time.
Now hereâ€™s the good news for you. In todayâ€™s market, houses are not appraising, especially if they are even only a tad too high. No appraisal at the price of the high bid, no mortgage and contract voidable. Might be back on the market again. Itâ€™s a gamble that the seller, the other buyer and you are all making.
Sorry to sound tough but putting a property on the market is soliciting offers. What is done with the offers is up to the person that receives them. If they tell you about a series of hoops they would like to see you jump through, your only option is to get out your cross trainers and either jump or walk away.
I hope you get the house of your dreams. I hope you use a good Realtor to help you get it. Itâ€™s really a tough business.