Ok, so we found another house we absolutely LOVE LOVE LOVE! We did the offer paperwork on Tuesday evening, and got a counter offer back on Wednesday morning. We sent back our counter offer a few hours later.
Didn't hear anything the rest of Wednesday, and didn't hear anything yesterday. Our agent called me this morning and said he called and the listing agent is on vacation and doesn't want to deal with this until Monday but said he thinks our offer is good and should be accepted.
I don't know, maybe that is what is going on. But why did we get an answer so fast the first time? I am kinda wondering if they aren't waiting till after the weekend because when they called us with the counter offer the listing agent supposedly told our agent there was someone from out of state he had been talking to about the house. It kind of makes me wonder if they aren't waiting to give these people a chance, especially if the listing agent would also act as the selling agent to the out of state people.
I could just be looking too much into this, but I just don't get how we got such a quick response and now it's being drug out.
So I guess my question is, if someone were to make a better offer over the weekend can the seller accept it? Or is he "locked" into negotiations with us? We are in PA.
I understand that the guy is entitled to his vacation, but shouldn't he have someone covering for him? I have just covered for someone who was on vacation this week at my job.This message has been edited. Last edited by: Alleria,
That is ridiculous! Either the agent wants to sell the house or he doesn't. If you are seriously concerned and I know quite often we forget to put a time clause in a counter offer, it still (in my state) reads - Time is of the essence. IMHO I would call my agent and have them push the other agent. We all take a few days off but if we have a deal in the works we have arrangements to cover it. If he is expecting another offer, then he should just say it.
If the other agent is not responsive then suggest your agent call the broker - it is after all his name officially on the listing.
The last thing you want to do is to get into a bidding war. Make sure you have submitted your highest and best offer and that the other agent does not gain anything from you by playing games.
As ya'll can tell - when I have someone ready, willing and able to purchase I don't have a lot of patience with agents who are too self important to do their jobs.
Good luck with this one and keep us posted.This message has been edited. Last edited by: Charming,
Thanks! There was a date of July 25th on the original offer paperwork we signed. With counter offers going back and forth does that date still hold?
If so, then it's expired. So what does that mean?
Our last offer was our highest & best.This message has been edited. Last edited by: Alleria,
I'm sorry you are having this issue... We had a sim issue on a piece of property and ended up losing it due to a 'crooked' realtor who wanted to sell the property to a friend. It was all reported...to no avail, however!!!
In the end, we found something bigger, better and cheaper.
I hope all will work out the way you want.
Try not to get too stressed.
No. Technically, a counter's considered a rejection of the previous offer (or counter, as the case may be) and a new offer. Unless or until one party, either you or the seller, accepts an offer/counter without proposing new or add'l terms, you have no deal. Another party may begin bidding during the "no deal" period.
BTW, a 24 hour reply period on all offers/counters is fairly standard, in my experience - with extensions, if/when appropriate.
P.S. I'm not a PA realtor. State law controls but that's a general rule for offers and counters.This message has been edited. Last edited by: SurfNow,
Thanks for the response! That was I thought. Well, I'll just have to keep my fingers crossed over the weekend and maybe check out some more listings to find a backup for us to check out incase someone does make a better offer over the weekend.
The house has only been listed for a week, so this will be kinda the first full week/weekend it has been listed. So all I can do is pretty much cross my fingers.
Our agent said that he didn't want to push to much as "that might backfire on us" so whatever.
If it's meant to be, it will happen! If it's not meant to be our house then we will find something else.
Ok, so maybe I mis-understood. But now I am getting it is the SELLER who is on vacation and doesn't want to be bothered with this.
Ok, WHY put a house up for sale and go on vacation the next week and say you don't want bothered with it? But were ok with being bothered to counter us for the first time?
I am really now starting to think this is an attempt to drag this out so they can see what happens over the weekend.
Oh well, will keep my fingers crossed.
Alleria, the sellers may have gone on vacation to avoid numerous buyers (hopefully) traipsing through their property. It's not unusual, IME, for sellers to want to complete at least 1 week and/or weekend's worth of showings before accepting offers, especially if you're in a hot market. They may have been caught off guard with your early offer and expected more action prior to finalizing your contract.
These things/games happen. It doesn't necessarily mean they'll be a pita to deal with after you're in contract. If I were you, however, I wouldn't fixate too much on any given house. Another house will come along, probably better than this one. In the meantime, stay cool and calm, in a better negotiating position, IMHO.
Keep the faith!This message has been edited. Last edited by: SurfNow,
I did not thoroughly read all the replies so forgive me if this has been said already. It is possible that the sellers listed the house and then went elsewhere to find a replacement house. Their agent may not be able to contact them for a few days. Not everyone has instant communications. (As hard as that is for some people to believe).
Easier said then done, but try to relax. And as hard as it is to understand if you do not buy this house there are plenty of very nice homes that will suit you just fine.
Alleria, Please don't panic or begin to suspect the worst as everything may still work out just fine and in your favor.
It is very possible that the sellers had arranged a vacation far in advance of putting their house on the market or had an unexpected family emergency. Yes, they may have made a deliberate decision to either enjoy their vacation or deal with the situation without distractions and handle the house issue when they get back.
After all, they responded quickly on Wednesday and it's only 5 days from then until Monday so don't read too much into the situation until you know for sure what is going on. As metwo has posted, hard as it is to believe, some people still actually choose to forego constant communication when something more important than business is taking place.
Do post back and let us know what you learn. Sending wishes for good luck your way.
PS. To answer your question directly, yes, your counter has now expired since it wasn't accepted by the date you set forth and the sellers are free to engage in negotiations with whomever they choose. Myself, I would immediately request that my agent present a new offer with the same terms to the sellers with a Monday dateline ~ you choose the time it expires...This message has been edited. Last edited by: Idaho Resident,
Just to reiterate, Alleria:
The seller may negotiate with anyone and accept any other offers during the "no deal" period. The mere presentation of a counter-offer does not prevent such negotiations. That includes the period inbetween your counter (or any other offer) and its expiration.
Did you authorize your agent to extend the latest counter until at least Monday? Incidentally, the seller is not required to respond, if they're not interested in an offer/counter.
In the meantime, I suggest you use the weekend to tour other homes in the area. You may find a property you prefer. If nothing else, having other options can strengthen your negotiating position.
Have you ever started walking off a dealer's lot when purchasing a car? Same thing, IMHO. (Obviously, it may depend upon the strength of your local RE market.)
She stated that the LISTING AGENT is on vacation and doesn't want to deal with it. Shouldn't the listing agent have someone to "cover" for them while he/she is gone?
I don't mind coming to work. But that 8 hr. wait to go home is a drag.
In a couple of posts after that she came back and corrected herself. It is the sellers who are away.
Ok, so after a few confusing phone calls I finally got my answer today.
It was the listing agent who was away for the weekend, he told our agent that he wanted to sit down and talk to his seller face to face about our offer because the seller wasn't comfortable with some of the FHA contingencies.
So anyway, fast forward to today. I just got a phone call from my agent. The seller is out right refusing our offer.
Another offer has been made and it's a CASH offer but apparently he won't sign that one either because it is contingent on divorce money the lady is supposed to get and won't know till Aug 5th.
Basically, this guy won't sign anything that doesn't promise and outright sale.
The only way that the seller will consider us now is if we get a conventional mortgage, which we can't do. We were doing FHA for the low downpayment.
We were going to put 10% down on this house, which is way more than the FHA min anyway (FHA min is 3.5%)
So whatever. We will find something else, and good luck to this seller. Right now, if they were to come back to us in a week or so if the cash deal falls through my husband and I are no longer interested.
It wasn't meant to be, so we will continue our search!This message has been edited. Last edited by: Alleria,
I wasn't aware that FHA loans were that low, I imagine that they have a few contingencies, Can anyone here sort of list the most common.? Gee, I wish that I could have bought many of the homes that I have own with only 3.5% down. I thought that was over after the Housing downturn.?
Yeah, the house has to pass an FHA inspection/appraisal or the loan will not be given.
That's what he was concerned about. So kinda makes you wonder.. LOL
The first house we offered on and it was accepted the FHA turned down because it was within 300 yards of a gas station.This message has been edited. Last edited by: Alleria,
Alleria, Thanks for the up-date. Now you know to continue searching and, as funny as it might seem, a better place usually comes along after one falls through! Good luck and continue posting as your search continues. We all love "house hunting" and offering suggestions if wanted.
If you are looking for professional opinions on this you could also use RESAAS, a platform where only official realtors answer questions. Give that a go here: http://rebla.st/qbxxhkt
Hope it helps!
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