The value of an offer is more than just "price", it is also terms. Sellers have often indicated that "x" was their lowest acceptable price, only to later accept an offer that was for less. That really isn't that uncommon. I have dealt with sellers who have declined an offer, and I have, as their sellers agent, indicated to them the possibility that they might not again achieve an offer as high. Later the same seller ends up accepting a lower priced offer. While we, as Realtors, advise our clients of possibilities, we have no crystal ball to predict exactly what will happen.
Pertaining to the comment â€œverbally acceptedâ€........I am not clear what has happened to this point to arrive at â€œverbally accepted.â€ It is possible that a written offer was presented, a verbal counteroffer was made, and verbal consensus reached. If this is the case, although I have no way of knowing from the info provided, the parties may sign and firm things up within the day. The offer that was "verbally accepted" might meet the sellers terms better than the offer you made. There are also sellers who take the position that once they make a commitment, they will stand by it. Since I donâ€™t know what was meant by â€œverbally acceptedâ€, the above may not apply. Realtors are not required to present verbal offers, but some Realtors will present verbal offers. Our office does not present verbal offers, but our office, as most Realtors do in this area, will verbally communicate the counteroffer.
A note to other RE Pros here........in NJ, as I have mentioned in other threads, a contract, even upon signature of both buyer(s) and seller(s), is not automatically binding when a real estate licensee completes a standard residential real estate contract form. NJ real estate law allows a buyer or seller the right to an attorney review before the contract becomes binding. Since there is an attorney review period, even if the parties signed today, this buyer may still present an offer that could accepted in lieu of the already signed contract. Note: Only an attorney can void a signed contract during the attorney review period. The sellers might feel ethically and morally obligated to honor their commitment to the other contract.
You, as a buyer, have the right to have your written offer forwarded to the attorney representing the seller. Most transactions in NJ include an attorney. If you maintain an interest in the property, you can hire a buyers agent who will write your offer and have it sent to the sellersâ€™ attorney office. Since you have seen the property (I assume), the agent who showed the property would be your likely representative. Unless you have a reason why you donâ€™t think that agent is the proper representative for you, I would suggest you ask that agent to present your offer. If you want a different agent to represent you, the second agent will need to know the facts to determine evaluate the subject of commissions. The original showing agent may have a claim to the commission. Anytime you have more than one agent on the buy side, the subject of commission and who is entitled to be paid becomes an added dimension to the circumstances.
In order to present an offer that will gain credible attention, you will need your pre-approval letter, signed property disclosures, proof of funds (if cash), lead paint disclosures, and any other special requirements for the subject property, to accompany the written offer.