Star, Home Buyer in Los Angeles, CA

We put in an offer on a house and the sellers agent notified our agent via email that the sellers rejected

Asked by Star, Los Angeles, CA Sun Feb 1, 2009

the offer. Is that standard operating procedure? I was under the understanding that and official offer had to be declined with the sellers signature on the original offer to ensure me that the offer was in fact presented.

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7
Keith Sorem, Agent, Glendale, CA
Mon Feb 2, 2009
Star
Sellers have three options:
1. Accept
2. Counter
3. Decline

When they are not required to do anything.
I would ask you agent to dig a little deeper. Ask them "what will it take to get them to respond?"

In trust sales it is common to have family members, the heirs, to disagree on how to proceed. Some become "overly optimistic" on the value of the property and the listing times on these properties can be very long.

You may just need to be patient...or pay their price. It might help if your Realtor put together a CMA and also explained how you came up with the price that you did. I include a quote from contractor outlining what work needs to be done and the costs...
0 votes
Alexandra Pa…, Agent, Montebello, CA
Sun Feb 1, 2009
Star,

You are absoultely correct when they say that the seller must reject your offer in writing. Unfortunately if this property is an REO (bank owned property) usually the agent just gets a verbal notification that the offer was declined because the banks only care about the accepted offer, and in most cases the bank delays reponding.
0 votes
Star, Home Buyer, Los Angeles, CA
Sun Feb 1, 2009
thanks for your answers!
I believe this is a trust sale. We offered 91 % of the asking price for something that has been on the market for over 3 months, that need repairs and upgrading (not lived in for a year).. I still believe our offer was fair.
again thanks for your input!
0 votes
Leonardo Mon…, Agent, Palm Springs, CA
Sun Feb 1, 2009
Hi Star,

You are absolutely correct. That is the right procedure. In Real Estate as well as in a lot of other areas in our lifes we should get things done in writing..
Leonardo
Web Reference:  http://www.leonardoteam.com
0 votes
Monique & Joe…, Agent, Beverly Hills, CA
Sun Feb 1, 2009
Hello Star,

Sometimes the buyer will refuse to counter the offer (perhaps they decided not to sell or it was too low). If they don't have another offer I encourage you to write another offer and find out the reason for the rejection and encourage your agent to encourage the listing agent to come back with a counter and reinstate the offer.

Good luck!

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Wilshire
mcarrabba@kw.com
0 votes
Dp2, , Virginia
Sun Feb 1, 2009
There really isn't an exact standard operating procedure for making/accepting/rejecting offers. However, it's fairly common for sellers' agents to present a seller's rejection via e-mail.
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Feb 1, 2009
We have it in writing with our sellers they dont have to reject in offer via formal statement. If offer was a low ball sellers wont even consider signing any document informs listing agent decline. If offer is close or even reasonable seller could forward a counter offer. Much depends on listing agent, seller If bank foreclosures bank dont decline in writing.

Was seller bank? or property owner? Was the offer low ball ?

Keep in mind agents (listing /buyer) dont get paid till property sales and funded by your lender. As realtors we have an incentive to work with seller.
Web Reference:  http://www.lynn911.com
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