Bidding War Lost – “So let your home slip away for a couple of grand?… Ditch the pride and roll up your sleeves.”

This dialogue regarding a prospective buyer making an offer on RE Talks, starting Wed Oct 28, 2009 at 6:10 pm -

househunting: “[The] market is pretty hot. We are in the market and made an offer and there are 3 others that the sellers are considering. The realtor asked if we wanted to up our offer, but our original offer was already over asking so we declined. Our offer expires tomorrow night.”

eyesthebye: “At the time we bought we were asked to “move up” our offer. It only cost us an additional 5K and a larger deposit. Why don’t you just
ask the seller what it will take to secure the property? Have them sign back the conditions to you after you say yes to the counter. Easy. If you like the property don’t let it get away for a stinking 5K – or relatively minor condition”

househunting: “The sellers no longer live here. We asked the realtor for info and all he said was there were multiple offers (4 total) and [asked] if we were willing to up our offer. We declined. Our offer was pretty strong as we went 2K above asking, [with a] closing date that works for the sellers as it is currently tenanted, and the only condition being a home inspection. We are pre-approved are not willing to pay more for this property.”

eyesthebye: “So let [y]our home slip away for a couple of grand? So glad I don’t function in ego mode. Do yourself a favour and ask what the sellers would like from you, it might only cost you an extra few thousand. You obviously like the property – ditch the pride and roll up your sleeves.”

househunting: “It has absolutely nothing to do with pride. The way it looks to me is that we have the best offer on the table. I am not getting into a bidding war. I can go up $3,000 only to have the realtor ask the other party to go higher and then – guess what ? – it comes back to me to go higher. It is a nice house, has a lot we are looking for, but not everything. Again the realtor said he couldn’t say anything [other than ask whether we were] willing to up our offer.”

eyesthebye: “I wouldn’t play that game either. If the seller isn’t willing to sign back to you in writing what they want then walk away. And if your realtor “can’t say” what the owner wants I’d look for a new realtor.”

househunting: “Well this is where I think we made a mistake. We made a strong offer on Tuesday morning but gave the sellers until Thursday at 8pm to either accept, counter, or reject. In hindsight I should have given them 24 hrs to respond. I am sure we will get something in writing but the sellers are waiting for last possible moment to do this. That way if they are able to get more offers on the table it gives them more options. It’s not my realtor that won’t say what the sellers want, it is the seller’s realtor. He won’t even return calls back to my realtor. We’ll wait till tonight and see what happens. I have another house in mind but can’t make an offer until I hear back from the realtor about our original offer.”

househunting (next day): “We heard back from the realtor, the sellers went with another offer, which is subject to financing, and wanted to know if we wanted to be in the position of a back up offer. We declined as we do not want to be in that position. The search goes on………..”

One response to “Bidding War Lost – “So let your home slip away for a couple of grand?… Ditch the pride and roll up your sleeves.”

  1. For what it is worth, when I bought my house, my offer was good for 4 hours.

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