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

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Anonymous
Not applicable

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

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

Message 1 of 16
15 REPLIES 15
JVille
Valued Contributor

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

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.
Message 2 of 16
ToughFistFight
Frequent Contributor

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

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.

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Message 3 of 16
SomewhereIn505
Valued Contributor

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

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. 


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Message 4 of 16
CreditInspired
Community Leader
Super Contributor

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

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.


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Message 5 of 16
JVille
Valued Contributor

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

Sooooo what happened???
Message 6 of 16
Anonymous
Not applicable

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

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
Message 7 of 16
cjane1
Frequent Contributor

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

  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.

Message 8 of 16
ToughFistFight
Frequent Contributor

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

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

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Message 9 of 16
JVille
Valued Contributor

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

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

Message 10 of 16
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