topic Re: Offer not rejected but... not accepted?? in Mortgage Loans

Offer not rejected but... not accepted??

tandrf — Mon, 03 Aug 2020 23:06:59 GMT

So, we put in an offer on a house listed at 155k for 157,500, 3% seller concession. No contingency other than inspection.

House was listed Friday afternoon, we looked at it Friday evening and sent offer Saturday morning. Sellers were out of town until Sunday afternoon. They did have an open house Saturday afternoon.

Got a message from our agent that "but last night I got a call from the sellers how they are not accepting your offer at this time.. They have a few other people wanting to see the home.. Basically they are using your offer as a backup hoping for something better.."

We're pre-approved up to 160k fha

I mean, is this normal? I know it's a hot market but... wow. Just wow. This seems like pretty bad form to me, but I wouldn't know. This is the first time we've ever tried to buy a house.

Re: Offer not rejected but... not accepted??

Shawn19AL — Mon, 03 Aug 2020 23:15:58 GMT

You should see my thread, lol

i placed an offer for around 11k more than asking and had it accepted. Then they accepted a cash offer over my offer while in attorney review.

but wait.

the first house we saw , we put in the offer first and met the seller who thanked me for my service. They accepted another offer over mine that offered 25k more and the house winds up appraising for the price I offered.

they then come back to me and say, okay we will accept your offer, lol.

@tandrf wrote:
So, we put in an offer on a house listed at 155k for 157,500, 3% seller concession. No contingency other than inspection.

House was listed Friday afternoon, we looked at it Friday evening and sent offer Saturday morning. Sellers were out of town until Sunday afternoon. They did have an open house Saturday afternoon.

Got a message from our agent that "but last night I got a call from the sellers how they are not accepting your offer at this time.. They have a few other people wanting to see the home.. Basically they are using your offer as a backup hoping for something better.."

We're pre-approved up to 160k fha

I mean, is this normal? I know it's a hot market but... wow. Just wow. This seems like pretty bad form to me, but I wouldn't know. This is the first time we've ever tried to buy a house.

Re: Offer not rejected but... not accepted??

CreditInspired — Tue, 04 Aug 2020 02:09:57 GMT

@tandrf wrote:
So, we put in an offer on a house listed at 155k for 157,500, 3% seller concession. No contingency other than inspection.

House was listed Friday afternoon, we looked at it Friday evening and sent offer Saturday morning. Sellers were out of town until Sunday afternoon. They did have an open house Saturday afternoon.

Got a message from our agent that "but last night I got a call from the sellers how they are not accepting your offer at this time.. They have a few other people wanting to see the home.. Basically they are using your offer as a backup hoping for something better.."

We're pre-approved up to 160k fha

I mean, is this normal? I know it's a hot market but... wow. Just wow. This seems like pretty bad form to me, but I wouldn't know. This is the first time we've ever tried to buy a house.

Yes, it is normal. It is also acceptable, if you wanted, to withdraw your offer since it wasnt accepted by the Seller.

Also, you can put a timeline in a sales contract. Example: This contract is good until 7:00pm, Wednesday, August 5, 2020.

I'm almost sure you had a financing and appraisal contingency in your contract. Please note that an all-cash buyer with neither of these contingencies would win, even if they offered $150K.

And if it's a Seller's market in your area, Seller may not want to pay any concession.

Lots of stuff for a buyer to think about.

Re: Offer not rejected but... not accepted??

Pit-Smoker — Tue, 04 Aug 2020 02:18:03 GMT

-- Licensed Broker here. All normal. Free market; peoples' homes and all. Bid your best, or possibly succumb to someone else's whim.

-- HOWEVER-- That said, most of my work is performed on Buyer's or a Lessee's side: do NOT overextend yourself. That is never worth it. My original statement still stands... so you can always increase your offer if you have not overextended and feel like you have a cushion. ...but don't reach. There are plenty of opportunities available out there. Yeah really. No matter how crushing the market feels, there are other fish.

Re: Offer not rejected but... not accepted??

iced — Tue, 04 Aug 2020 13:56:27 GMT

@tandrf wrote:
So, we put in an offer on a house listed at 155k for 157,500, 3% seller concession. No contingency other than inspection.

House was listed Friday afternoon, we looked at it Friday evening and sent offer Saturday morning. Sellers were out of town until Sunday afternoon. They did have an open house Saturday afternoon.

Got a message from our agent that "but last night I got a call from the sellers how they are not accepting your offer at this time.. They have a few other people wanting to see the home.. Basically they are using your offer as a backup hoping for something better.."

We're pre-approved up to 160k fha

I mean, is this normal? I know it's a hot market but... wow. Just wow. This seems like pretty bad form to me, but I wouldn't know. This is the first time we've ever tried to buy a house.

As others have said, normal. Sellers dictate the terms and if there's multiple potential offers on the table, they're going to see what they come in at before deciding.

Take it as a positive that you still have a chance to have your offer accepted if nothing better comes in, and you have had time since to decide what your best and final line is going to be. There's a chance you're going to enter a bidding war, and that extra time is useful to be ready to go into it with a level head.

Re: Offer not rejected but... not accepted??

CreditInspired — Wed, 05 Aug 2020 14:16:16 GMT

@Pit-Smoker wrote:
-- Licensed Broker here. All normal. Free market; peoples' homes and all. Bid your best, or possibly succumb to someone else's whim.

-- HOWEVER-- That said, most of my work is performed on Buyer's or a Lessee's side: do NOT overextend yourself. That is never worth it. My original statement still stands... so you can always increase your offer if you have not overextended and feel like you have a cushion. ...but don't reach. There are plenty of opportunities available out there. Yeah really. No matter how crushing the market feels, there are other fish.

Hear, hear!

Re: Offer not rejected but... not accepted??

tandrf — Fri, 07 Aug 2020 01:50:31 GMT

Update:

Monday (8/3/20) we withdrew our offer. The house is still not under contract. Our RA got a call last night asking if we had second thoughts about withdrawing our offer but...yeah no thanks.

In other words they didn't get any other offers.

I'm actually glad in hindsight that it didn't work out. That house had some oddities that I'm sure would have given us buyers remorse and we were just reacting to the inventory shortage-anxiety.

We will be more patient and realistic going forward with the biggest purchase we've ever made.

Re: Offer not rejected but... not accepted??

Pit-Smoker — Fri, 14 Aug 2020 14:25:41 GMT

so... what now? You can always go back with the same offer. (It's been a couple of weeks... they tested the market as they should... YOU held out, as you should... it's right about now that players will come back together if they want and have a 'real' discussion.

Re: Offer not rejected but... not accepted??

CreditInspired — Fri, 14 Aug 2020 16:09:36 GMT

@tandrf wrote:
Update:

Monday (8/3/20) we withdrew our offer. The house is still not under contract. Our RA got a call last night asking if we had second thoughts about withdrawing our offer but...yeah no thanks.

In other words they didn't get any other offers.

I'm actually glad in hindsight that it didn't work out. That house had some oddities that I'm sure would have given us buyers remorse and we were just reacting to the inventory shortage-anxiety.

We will be more patient and realistic going forward with the biggest purchase we've ever made.

Kudos to you. Nope, stick to your guns. Your dream house is out there!!! Like you said, patience is key. And, if I did go back, which I wouldnt't, it would most definitely be at a lower offer and a take it or leave it attitude.