Posted by Angela, COLDWELL BANKER on October 16, 2000 at 23:41:00:
Sounds like a big if on this transaction. Ask questions. I guess I see it both ways. What is the office policy and state laws concerning multi offers? Update us on what happens…Good Luck!
Update - Agent Selling Out From Under Me (long) - Posted by SueC
Posted by SueC on October 16, 2000 at 05:05:21:
Well, I never considered myself a hot-head (unlike probably everyone else I know, who DO consider me a hot-head) but I feel it necessary to update everyone who wrote such wonderful posts about my situation with a house I bid on for myself, only to hear that another offer had mysteriously been submitted just the night before I looked at the place.
In the interests of humility, I am posting here what has actually happened since I wrote that post, so that everyone can see I’m learning the aforesaid charater trait daily.
My agent called the listing agent and went to bat for me, explaining how hinky her excuse looked - and how much we loved and wanted this house. The listing agent (LA) said the offer she had in hand was one that was originally submitted 10/6, but had so many paperwork defects they rejected it. It was resumbitted the night before we looked at the place. She did not know the package had arrived, and got into her office late, so we were shown the property anyway. (One nagging question that hasn’t been answered - so WHEN did the seller sign this P&S?)
When the LA heard we wanted to pay asking price (still below mrket) with very few contingencies (the place is in EXCELLENT shape) she got excited, and worked with her managing broker all day to figure out a way to accept our offer - but no dice, since the prior agreement had been sigend by the seller. Instead, she told my agent that the first buyers were paying near the asking price, but had many contingencies, and were already making noises about “problems” with the property. (As we all know, some buyers offer high, then nickel-and-dime on the back end to get the price down). The buyers will have an inspector there this week; at the first sign of them trying to exercise any contingency, the seller will terminate the P&S and we’re in.
Yes, I still have some questions about when the seller signed the P&S (the day we saw the property?) but it was not what I thought it was, and in all truthfullness, all of the agents and managing brokers at both offices are bending over backwards to accomodate us in keeping our “back-up offer” a high-profile offer with the seller.
The LA has asked for and we have given them one week to get the property back on the market so they can then accept our offer.
If it works out, it works out. I guess even with my own personal residence, along with humility I have to learn to not get attached to anything until I know it’s a done deal.
Thanks again to everyone for your sympathetic and intelligent and informative responses.
Sue C
Re: Update - Agent Selling - Posted by dewCO
Posted by dewCO on October 16, 2000 at 22:40:27:
Bill is correct, and your post answers only part of the question. Was your offer ever written and presented to the sellers. It is the seller job to decide what to do with the offers, NOT the BROKERS!!! They might want to engage an attorney to get rid of offer #1 and go with yours. Not likely, but you never know. At any rate your offer needed to be written and PRESENTED regardless of whether there is an accepted contract or not.
Now get them to accept it as a backup NOW. You can write in that all the dates for performane will be adjusted after they advise you in writing that the first contract is defeated and yours moves into 1st place.
Sounds like you’re being scammed! - Posted by Bill Scott
Posted by Bill Scott on October 16, 2000 at 06:26:53:
Sue, it sounds like you’re being scammed again. You say that the “LA has asked for and we have given them one week to get the property back on the market so they can then accept our offer”…something is VERY wrong here. The seller can accept your backup offer right now. The seller can accept your offer, sign it and if the first offer falls through then automatically the purchase goes to you. If you give them a week to get the property back on the market I’m betting that you’ll never wind up the owner.