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new*mommy | We made an offer on a house and now they want another offer?...? |
we made an offer on a house & from our understanding we had the highest offer but now they want us to give them a "highest and best" offer. the realtor told my boyfriend that they were going with our offer until they found out it would be bought with a VA loan. she said the seller (which is a finance company) doesn't like to deal with VA loans because they rarely can pass the house inspections & they have had problems with the VA loans. the lady from the VA said they only inspection they "require" is a termite inspection & not a house inspection. she is contacting the realtor. does this sound right or does it sound like discrimination?
Additional Details
**there "is not" an inspection that the VA does. they just require us to have it inspected by a pest control place ex. terminex |
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YouWishYouWereMe
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Unfortunately it is discrimination but there is little you can do about it. If they choose not to deal with VA loans they have the right. It took us a good bit of time to get my VA loan to go through on the house we wanted. Stick with it, you will prevail and get the house you want. |
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arthur
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When there are multiple offers on a home, it is not only common but a good practice for the listing agent to request the "highest and best offer" from all interested parties. It is a negotiating technique. I am surprised that there was any mention that you had the best offer as this would put the seller at a disadvantage.
It is a legitimate request from the seller. He doesn't want to take his house off the market or pass on another offer if there is a higher chance of the deal falling through.
By the way, what ES told you to do would most likely be mortgage fraud or not get past the mortgage underwriters.
RBRN: Offers have a time limit, If there has not been an acceptance or a counteroffer by that time limit, the offer expires. There is no reason for a written letter from the seller declining the offer. |
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CaesarsDead
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They're just fishing for a higher offer. If this is your best offer, then stick to it. Has your original offer expired? If not, do nothing. They need to counter, not simply ask you to offer more. Let them know you need an answer within 48 hrs. because you're looking at other properties. You should always include a time limit on your offers.
Honestly, it is truly a buyer's market. Don't be rattled into making a high offer. Plenty of houses out there, friend, and many sellers anxious to sell. |
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Thomas H
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No, it's not discrimination. It is true that the requirements for VA loans are stricter. You can actually ask any lender that deals with VA loans about that.
The seller has a right to refuse selling to you because of it.
My wife and I are both veterans and found this out when we were house hunting.
We also found out that VA loans aren't always the best way to go.
Here is an article about some troubles with VA loans.
http://www.sptimes.com/2005/06/27/State/VA_loan_qualms_deter_.shtml |
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acermill
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It's not discrimination. Any seller always has the right to ask for another offer, as long as they have not legally accepted your first offer. Even if the reason for them asking for another offer is because of the VA loan, it's still not discrimination.
My guess is that the seller is aware of the tight VA restrictions, and wants some 'wiggle room' to do some minor repairs should the property fail the VA inspection. OR, it could just be that another offer similar to yours has come into the picture, and the seller is giving both a chance to offer again, to see which will provide the most attractive sale price. |
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rlloydevans
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The part about the property not passing a house inspection should put up warning flags to you. The VA inspection is not just a termite inspection,but if there is a problem then either you, the buyer, or the seller, needs to fix it anyway.
The real reason, I think, is that the VA does require more closing costs to be paid by the seller. That is probably the real reason. They want to get more out of the transaction.
I'd respond in one or three ways. One, I'd respond with an identical proposal as before, but make it so the seller/finance company provides the financing themselves under VA terms. They'll holler, but, then, they started it.
Two, I'd repeat the intial offer with the VA loan, but increase it by a nominal amount, say an increase of $25.31. Let them know that is the very highest you can go. The key there is to make it a very small amount, right down to a penny. When they see a number like $200,000 they think there is negotiation room. When they see a number like $200,025.31 they normally take that as final.
Three, I'd say I made an offer and if they want to make a counteroffer, I'll look at it. That's the way it is normally done.
If it was me I'd probably do #2, with #3 a close second.
Good Luck |
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peytonbarclay
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I doubt it is discrimination if they are simply asking for a "highest and best" offer. It could well be that the seller knows that there is something wrong with the house and that it will likely not pass VA inspection. If you give them a higher offer, that will give them a money cushion (out of the higher offer) to fix any defects the VA requires to be fixed...and if the VA finds nothing wrong, it's more profit for the seller.
There's nothing that says that the seller has to accept any offer as far as I know (especially if it is less than their asking price). If you think you've made the highest offer and no one else will offer more, stick to your guns and let the finance company sweat it out...the longer they hold onto the house, the more money they are losing if they can't find a buyer who will pay more than your offer. Now, if you really want the house and are afraid that a higher bidder might come along, or the finance company simply won't sell the house for your low offer, you might consider offering more. But from what you are telling me, I wouldn't offer them a dime more. Tell them that is your highest and best offer. If they refuse to accept it, move on but don't be surprised in a month or two if they come back to you and ask if you are still interested in the house.
This tactic sounds similar to a car dealership where you give the salesman an offer for the car, they have to go talk to the "manager", and always come back needing just $200 more, or $100 more, or $50 more to get the deal done. Anything to get you to give up more money. |
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RBRN
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You made an offer in writing, right? The seller has the right to accept or decline your offer. They cannot hold your bid for ransom, which is what they're doing. If they have declined your offer, ask for the decline in writing and reason for it. They may not comply with this, but check for any higher bids. Is the realtor yours or the seller's? If this is a realtor of your choosing to help you find a house, they need to find the answers and solutions to these questions for you. That's what they are paid to do.
If you feel discriminated against, for whatever reason, you need to pursue that legally. A real estate atty. can help you with that. And, you can also call the VA and tell them your suspicions. Since they are government agent, they must be extra cautious in dealing with discrimination. But, you must have proof. Check up on the seller's history in real estate and see if he has any complaints registered anywhere. |
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FAT DOG
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Check with real estate attorney in your area before you do anything! |
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Judy1
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How in the world would this be discrimination?
I'm assuming that your offer was less than the asking price - if it was asking price or above, there might be local rules that require acceptance under most circumstances. If it was less, even if it was the highest offer, they have every right to reject your offer. |
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es
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It doesn't sound like discrimination. VA loans and FHA loans are harder for the seller. That's why some sellers will only accept conventional bank loans. Here is one thing you can try:
talk to your realtor about offering more than the purchase price, and having the seller give you that money at closing. That way, you could pay for any repairs that may arise and it is bundled into your mortgage. Your realtor should be advising you. Every state has different laws. |
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