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Asked by Stat, Louisville, KY Wed Apr 18, 2012

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Answers

12
Stat, Home Buyer, Louisville, KY
Wed Apr 18, 2012
Thanks for all the responses! Didn't expect so many. We'll definitely be more careful next time.
1 vote
Don Tepper, Agent, Burke, VA
Wed Apr 18, 2012
Yes, it's ethical. And, sure, it's normal.

Why would the seller do that? Easy. A bird in the hand is worth two in the bush.

Besides, lots of times potential buyers say they're putting in an offer, and never do. A few years ago, I was selling an inexpensive manufactured home, and I had 3 or 4 people who absolutely swore that they were going to buy it. Absolutely insisted. And none of them did.

Imagine that you're the seller. You've received a good offer. It's in hand. You say nothing. He accepts. What's more normal than that?

Let's say you'd piped up and said, "Hi, we're interested, too. We'll work with our agent tonight to make you an offer." In that case, the seller might have said, "OK. So long as I have it by 8 am tomorrow morning." But the seller is also thinking: "Maybe these folks will re-think and decide not to make an offer. Maybe they will make an offer, but it won't be as good as the one I have in hand. Maybe these buyers aren't really qualified."

So it's not clear that you even said anything. If you had, you might have had a shot. Or maybe not.
1 vote
Alan May, Agent, Evanston, IL
Wed Apr 18, 2012
The seller had an offer in their hands, and you wonder why they didn't wait for you... at least to see if you were interested.

In today's market... if you have an offer in hand, that you deem worth accepting, you don't sit around and ask other people who've seen the house (or are viewing the house at that moment) what they're thinking. You simply accept the offer.

The fact that it happened "while you were in the house" is inconsequential. I don't blame them for accepting an offer without doing a "head count" for other potential buyers. You have no way to know what their need/motivation was. And is it ethical? Absolutely!
0 votes
Fred White, , Louisville, KY
Wed Apr 18, 2012
The buyer might have also offered better terms and a quicker sale. Fact is,if you had gotten there an hour or two sooner, then you would have been the buyer. That's why it is important to use a realtor, so that you can strike better when the iron is hot!
0 votes
Bill Eckler, Agent, Venice, FL
Wed Apr 18, 2012
Stat,

As explained, there doesn't seem to be anything unethical or inappropriate on he part of the seller. You were just in the wrong place at the wrong time. It's possible that this buyer had been negotiating with the sell for a period of time and they finally reached agreement.

This is truly a reminder of a changing market, one in which good opportunities will go fast. Hold onto the fact that "things happen for a reason" and trust that there will be a better opportunity ahead for you.

Good luck,

Bill
0 votes
Mary Beth Va…, Agent, Louisville, KY
Wed Apr 18, 2012
Wow! It sounds like the seller was super motivated to sell the house. This shows how quickly things can happen. Keep this in mind and be ready to roll the next time you see a house you love. Maybe the seller did not know you were ready to make an offer. Make sure you are working with an agent, like myself, who will have prompt and open communication with the sellers. That way you are less likely to get burned. If you are not already working with an agent, give me a call. I will help make sure this does not happen to you again. 502-417-8527.
0 votes
Ton A. Ali, Agent, Louisville, KY
Wed Apr 18, 2012
I've had it happen lately; it is kinda crushing.

Some homes, if really well priced, are hot and it pays to see them as soon as you can and be ready to jump. You and your agent should have all your supporting docs ready if you're out shopping.

Your agent can be preemptive by letting the seller's agent know you're very interested and may be writing an offer. That should encourage them to tell you if an offer is currently being considered and to wait and see what you might offer before jumping on something else before you've had a chance.

Submitting an offer as a back up is a good idea also if your really love the home. You never know what could happen with the offer that was accepted.
0 votes
Praveen Katta, Agent, Louisville, KY
Wed Apr 18, 2012
Yes. This is normal and we see this happen all the time in the real estate industry. I always believe in the old myth "Everything happens for good"

Saying that - Following are the reasons behind this:

1. If you go onto a bidding war, you will loose the grip on negotiation and getting the best price.
and end up paying more than the worth of the house.
2. Something special is waiting for you. Like the way you ran into this house, you will surely
run into a better one. Keep in touch with your realtor and explain what you are looking for in your dream home. You will surely find one.

I always tell my buyers to go into negotation by keeping atleast two options, so they can get the best.

I wish you all the best in your house search and getting the dream home!
-Praveen
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Apr 18, 2012
It is legal, actualy is ethical but very dumb on the listing agent and sellers side to not wait to see if you placed an offer to get the most money for the house.
Web Reference:  http://www.ScottSellsNH.com
0 votes
, ,
Wed Apr 18, 2012
0 votes
Abu Musa, Agent, New York, NY
Wed Apr 18, 2012
I am sorry to hear that.Seller has a right to accept any offer any time.You should have sent your offer any way.
0 votes
Michael Cheng, Agent, San Jose, CA
Wed Apr 18, 2012
It's perfectly normal and ethical. The choice to accept an offer is solely up to the seller. The seller must have received an offer he couldn't refuse, so he signed quickly. As the real estate market rebounds, there are plenty of qualified buyers acting very fast on good properties.

Unfortunately, this leaves most typical homebuyers scrambling to catch up with the new pace of dealmaking. The situation doesn't seem likely to change while good inventory is low, so you'll just have to adjust accordingly. Next time, you may be the buyer who swoops in to win a deal.
Web Reference:  http://www.archershomes.com
0 votes
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