topic Re: Made Bid on house how long is the wait? (sour experience so far) in Mortgage Loans

Made Bid on house how long is the wait? (sour experience so far)

Anonymous — Mon, 07 May 2018 01:09:51 GMT

Got preapproval last week and saw the house on Friday and made the offer on Friday.

Open house was today (sunday) and we walked in out of coursity to see the turn out because we really want the house. The lady hosting the open house said there has been no offers yet. both seller and buyer agent who was hosting open house work for the same firm. they probably wanted us to use them so the team can collect the entier comish. Is this a common practice that they push off other offers from competing real estate agencies? it's a sellers market in my area. the seller agent

Is this unethical or normal in real estate? the seller agent has not reach out to us(has been unresponsive and never answered calls or emails) on the offer we made (from what our agent said). likely they held it hostage to make the client wait for more offers after the open house.

What is the limitation on offers and bids and expectations in this new game to me?

I certainly smell a foul play or maybe just being cautions since this is one of the biggest investments in my life.

What do you guys think? we really love the house and the tough part is our friend is our agent. the lady hosting the open house was very welcoming and about us until we told her we are working with another agent and she walked away.

Thanks

Re: Made Bid on house how long is the wait? (sour experience so far)

JVille — Mon, 07 May 2018 02:45:01 GMT

You said you made an offer in that house? Did they turn the offer down or not respond and has the offer expired.... a bit confused.

Re: Made Bid on house how long is the wait? (sour experience so far)

ToughFistFight — Mon, 07 May 2018 06:15:54 GMT

It depends on when your offer expires, like previous poster asked. If your offer was made on Friday, your offer probably expires on Tuesday. Okay, not probably, for example. If your offer expires on Tuesday and you dont hear back, you have your answer. Your agent should have went to the opening with you. That way they would have been face to face.

As for the question of ethics, ask your agent.

Re: Made Bid on house how long is the wait? (sour experience so far)

SomewhereIn505 — Mon, 07 May 2018 10:50:51 GMT

Was the person hosting the open house the listing agent or their assistant?

Definateoy review your contract for the expiration date.

When did you sign and submit the contract? If it was late in the day, it is possible it may not expire till Wednesday. They could have decided to still have the open house to see if any additional offers comes in to either compare and/or start a bidding war.

Re: Made Bid on house how long is the wait? (sour experience so far)

CreditInspired — Thu, 10 May 2018 00:50:26 GMT

Hi OP,

1. Since your offer has not been accepted, I recommend withdrawing it. It appears your offer is being shopped around for a better offer.

2. When you put in your next offer(s), always put a timeline for a response. Example: "This offer is good for 24 hours, 48 hours, etc.")

3. Since your offer wasn't accepted immediately, I am thinking it was not a great offer, especially in a seller's market. I just went to closing on a condo late March after looking at homes for 3 months. Because it is a seller's market, and I knew without a doubt it was the place I wanted, I went in full price, did not ask for any seller's assistance, asked for a home inspection only, and had no contingencies except for the normal (appraisal, loan approval). My offer was submitted at 3:30pm and accepted at 9:00 p.m. and the Seller was on business out of town.

4. What was the list price and what was your offer?

4. I do have a problem with the listing/buying agents at the open house stating that there were no offers, when you indeed submitted an offer. That is unethical.

5. I do think you may need to think twice about using your friend as an agent. He/she doesn't seem to be assertive enough to find out what is going on with your offer.

GL2U.

Re: Made Bid on house how long is the wait? (sour experience so far)

JVille — Thu, 10 May 2018 01:09:54 GMT

Sooooo what happened???

Re: Made Bid on house how long is the wait? (sour experience so far)

Anonymous — Thu, 10 May 2018 02:16:22 GMT

I wouldn’t doubt that they are stringing you along. People are so greedy. My husband and I made an offer on a house on 4/12 that was accepted a few hours later. It had been on the market since that morning. We offered $3k over asking. A few days later we had the inspection and went back to the seller during the 5 day attorney review period to ask for some repairs. The next day the sellers terminated the contract. We then found out they had continued showings and took an as-is offer.

I would ask your agent why you Aren’t getting responses to your inquiries. Something sounds fishy

Re: Made Bid on house how long is the wait? (sour experience so far)

cjane1 — Thu, 10 May 2018 12:57:45 GMT

My cousin is a Realtor but refuse to use friends and family. I don't want to end in a bad relationship if a problem comes up during the process of getting a home.

Re: Made Bid on house how long is the wait? (sour experience so far)

ToughFistFight — Thu, 10 May 2018 23:32:28 GMT

OP made another thread with the rest of the story and looks like abandoned this one.

Re: Made Bid on house how long is the wait? (sour experience so far)

JVille — Thu, 10 May 2018 23:53:52 GMT

Wonder if this is the same house or a whole new house?

Re: Made Bid on house how long is the wait? (sour experience so far)

Anonymous — Fri, 11 May 2018 02:23:00 GMT

apologies all, this has been a super hectic week with work and this house. Nice to see this forum actually put two and two together. Im not used to that and fairly new to the forum and home buying. Other forums drop the thread and any new bumps or comments go unanwered. So will keep 1 thread related to same topic going fwd to we keep this story going Appreciate all your feedback

Sunday night of the open house:

open house lady (acting as buyer agent) reached out to us from her sign in sheet on Sunday night. they had a lot of people view the house so she didnt remember. we asked her why the seller is selling the property she said they are going separate ways. We stopped contacting the open house lady who is acting as a buyer agent for the listing agent (like i said prior, they work for the same firm)

Seller agent never told the reason to our agent. They only seem to share info in their own team it seems.

Monday: seller agent reached out to our agent (our agent made an error on a line item) we revised and submitted. I know I know..keep reading please.

Tuesday: seller agent reached out asking for BAFO to be submitted by wed afternoon

We revised the offer to increase good faith deposit from 1 to 3k. Still same price of 430K

Wed: buyer agent is collecting all offers and reviewed with the seller

Today:

Tonight comes and the seller agent send a message saying the seller is having a personal circumstance and needs until the end of the wknd to make a decision. listing agent said they are removing from the main housing database for now. Not sure what the story is..second thoughts maybe by seller?

Seller agent asked said will let us know if we are selected from one of the offers the seller reviewed and we can move fwd once they come to a decision. This is a huge waste of time and effort if it doesnt pan out to even a counter or decline. Seller may end up resolving his marriage i supposed and not going with divorce? so much to speculate, but house was empty of all furniture except a bed as one of them is still there.

Seeing more houses this wknd anyway, but frustrated our first offical house bid went this way. As far as our agent. we truly like them and admire their effort, but going fwd we will be going with a more experienced agent who can negotiate and get answers and guide us along the way.

Re: Made Bid on house how long is the wait? (sour experience so far)

JVille — Fri, 11 May 2018 02:15:10 GMT

From experience if they want thru the week-end they are taking this time to collect additional offers better than ones in hand. You are wise to continue looking.....

Re: Made Bid on house how long is the wait? (sour experience so far)

Anonymous — Fri, 11 May 2018 02:25:37 GMT

took quick for me JV. i just edited the post above.

I'm not sure what is going on..sunday they had 4 offers and they are up to 8 today..seems like they are just collect offers. we like the house should we just withdraw offer and submit one with a timeframe? mixed feelings here. They removed it from the housing database MLS

Re: Made Bid on house how long is the wait? (sour experience so far)

JVille — Fri, 11 May 2018 02:29:47 GMT

No leave it be, but you are likely going to be disappointed. Look this weekend. These people (the Agents) are not being ethical and you apparently do not have an experienced agent. Talk to friends and coworkers who have recent experience with a Realtor & Lender they love.
Good luck this is a tough market!

Re: Made Bid on house how long is the wait? (sour experience so far)

ToughFistFight — Fri, 11 May 2018 02:37:00 GMT

Wow. When we sell a house, our agent would never let us get away with that. First come, first serve. We dont play stupid bidding games. Only once have we had to stop a bidding war and ask for best and highest.

Go look at houses and find your real forever house. Have a great time with your family and I hope you can stay stress free from here on out. And congrats!!!!!

I agree to ask your friends and family for a referral for an agent and a mortgage company. We had a referral to the agent we use now. We have sold around 30 houses with him and he is one of our nearest and dearest friends. (And I dont like people)

Again, good luck and congrats!!!!

Re: Made Bid on house how long is the wait? (sour experience so far)

CreditInspired — Fri, 11 May 2018 21:17:40 GMT

I’m sorry to say this OP but I cannot believe you’re still dealing with this wacky seller. Take my word for it — if you’re the winning bidder, you won’t really be the winner. The Seller is not going to fix any repairs you may request, and at closing they’re going to ask for a delay in the closing date. This is not the only house out there! I know you know that but you’re acting as if it is 😫. For your own sanity and peace of mind, get out of your comfort zone, and withdraw this contract. And believe me, when you write your next contract, you’re going to thank your lucky stars you withdrew.