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Asked by Michael, Anaheim, CA Sun Jan 25, 2009

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Answers

9
Cynthia Flem…, Agent, Laguna Niguel, CA
Sun Jan 25, 2009
BEST ANSWER
It doesn't matter that you're offer was first at this point or if you sign the counter first. The seller is countering with you both. In other words, they are looking for the highest and best offer. Highest price doesn't always mean best offer either. The terms also come into play. If you cannot go any higher in price, then I suggest you try to limit your contingencies and close as soon as possible. The cleanest and most solid contract is the offer the seller will most likely choose. So my recommendation would be, if you are serious and really want this property, to make your best offer pricewise, and don't ask for too much. Keep it clean. Talk to your lender and see how soon they can close and then set your closing date as early as possible. I would not eliminate your finance contingency if you are going to be financing the property. If you are not yet pre-approved (not pre-qualified), I would make an effort to get pre-approved as soon as possible. I don't know what was on your original offer, whether you asked for $ back, or asked for the seller to pay for certain things (i.e. Home protection plan, etc) but the more you ask for, the more complicated you make your offer. That's why I say...Keep it Clean and you'll have a better chance of having your offer accepted. If the other offer is better all the way around, then all you can say is "it just wasn't meant to be" and move on, there are plenty of properties on the market and new ones coming on every day! If I can answer any other questions, please don't hesitate to contact me: cfleming@coldwellbanker.com. Thanks and Good Luck!
0 votes
Scott Butzba…, Agent, Long Beach, CA
Mon Jan 26, 2009
Hi Michael,

Who is representing you in your transaction? Your agent should be advising you on this issue. If you don't have representation, you need to get some. Real Estate is not exactly rocket science, but you need someone who know the ropes.
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Cynthia Flem…, Agent, Laguna Niguel, CA
Mon Jan 26, 2009
Thank you very much for selecting my response as the Best Answer! Much appreciated :)
Cynthia
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Cynthia Flem…, Agent, Laguna Niguel, CA
Mon Jan 26, 2009
Dave, Kudo's to you...you obviously type faster and are more concise than I. Unfortunately your post was not there when I began my response to the question.
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Dave Heck, , Arcadia, CA
Mon Jan 26, 2009
I think I just said that.
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Dave Heck, , Arcadia, CA
Sun Jan 25, 2009
I'm glad to hear you're in a bidding war, maybe this market is turning around. The best offer is the one with the most cash ( preferrably all cash), for the highest price, with the least amount of contingencies. This would lead to the shortest escrow possible.
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Dallas Texas, Agent, Dallas, TN
Sun Jan 25, 2009
Sorry hear you are in bidding war off a property.

Listing agent and seller trying be fair all parties it does not determine who responds 1st, terms of contract. IF YOU CAN CLOSE earlier than 30 days at times gets a seller attention. Good luck
Web Reference:  http://www.lynn911.com
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Thom Colby, Agent, Irvine, CA
Sun Jan 25, 2009
Michael -

As I understand it, the Listing Agent has now received two offers. In representing the Seller, that agent's responsibility is to obtain the highest and best offer for the Seller. The Listing Agent will likely make a "Multiple Counter-Offer" to both your agent and the other Buyer's agent. Most likely, the counter-offer will either be at a fixed price and terms or will be for the "Best and Final" offer from you and the other Buyer.

You have to decide if you really want THIS house, and, how much you are willing to pay for it. MY suggestionis to make your "Best and Final" offer through your agent and with his or her informed advice. Remember, if you make a high offer, and you're planning on getting a loan, it must appraise for the accepted amount so DO NOT remove your loan or appraisal contingencies !

Best of luck !

Thom Colby
Broker & Realtor
949-887-5500
1-800-SELL-NOW
http://www.1800sellnow.com
Web Reference:  http://www.thomcolby.com
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Sun Jan 25, 2009
Hi,

I would get your agent on top of this....sounds bad, but he/she needs to become "good friends" with the listing agent. See what she can find out about the other offer and really sell herself and you as a buyer. Most likely, both of you will get the same counter terms....price most likely. Some of the things you can offer to sweeten your offer is to 1) offer to remove financing contingency....which is fine because you still have the home inspection contingency, which can mean as little as you decide you don't like the color of the walls. You can also increase the deposit....or offer to close quicker. It really depends what you have to offer. The main thing is to get your agent to call and work the listing agent, this is why you are using a buyer's agent.

Hope this helps..

K
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