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Mitch G | What happens if they ignore my offer? |
We just put an offer in on a house that is selling for $189,998. On the listing, they offered to pay one year of HOA fees with an acceptable offer. We offered $180,000 plus the 1 year HOA. We figured this would be a starting point and then we'd negotiate. However, the deadline was today and we did not hear back. The listing realtor told my realtor that it was a workable deal, but they never responded.
It is an estate sale and there are three kids that have to sign for it. They did have an open house today and I'm hoping the listing agent didn't use our offer as bait to get prospective buyers to make an offer.
Is it possible that they just want more time to think about it? We just wish they would have said something. Now my fiancee and I are all bummed because we don't know what to do.
Any advice or encouragement?
Additional Details
The realtor did have in the offer that they had until the end of day today to respond. |
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iltmaemc
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the sellers are not required to respond. |
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ibu guru
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Ask your agent to follow up. And ask your agent what time limit your state imposes for responding to an offer, if any. They should respond to an offer promptly -- 48 hours is plenty. They cannot hang onto it and use it as a bargaining chip to solicit other offers. The $180,000 offer was a very good offer if the only contingencies are mortgage and inspection. And if you are pre-approved for a mortgage, it is a very, very good offer. Tell your agent the offer is only good for another 24 hours, and if you do not get an "aye or any," the offer is null and void. If you stipulated a time limit in the offer, the offer is already void if they failed to respond on time. If you still really want to deal with these people, make a lower offer -- after you look at some other houses and let the owners stew for several days. |
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Real Estate Guy
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You are being totally unreasonable give 24 hours to have 3 parties sign of on the "offer", plus having the estate lawyer review and sign off - all on the weekend. Your agent is a nut.
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teran_realtor
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If you put in your offer that the deadline to respond was today, and they did not respond - then you no longer have an offer on the table for them to respond to. Either write another offer, or move on. |
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Bozema
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Usually your offer is supposed to have time limit in which they need to respond. If they don't, the offer is no longer good. |
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chatsplas
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They can ignore your offer entirely, and let it expire. They may respond to it after it expires, or continue to ignore it. You need to decide how much you want this place, look at what similar places are selling for now, what the market value is for this place, and make a better offer. They are in distress and don't want to play around with offers and counteroffers and negotiations. It's really up to you to act. Making an offer is a gamble, any offer. Your offer was low, although your prequalification should make you more favorable. With 3 people to decide, it can take longer, and you need a sweeter offer to win them over to this sale. |
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Peacefire
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Because the deadline has now passed, if they come back to you, you can offer a lower price if you want. It sounds like they were being greedy and were trying to use your offer to get a higer one. But if it didn't work, then you are in the box seat.
Good luck :)
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Bibs
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How anxious are you to own this place? Play it cool. Wait at least a week before you decide what to do. You are a buyer. You are in the driver's seat. Do not let the broker know that you are anxious. Remember, the broker is being paid by them. Guess who he represents? |
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9 daughters
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I'm sure the listing agent did use your offer as "bait", as you put it. That's what they're paid to do. It's not time to panic, however. Even if the listing agent did get a nibble on the bait he would do the same thing to them, put them on hold while they try to get you to raise your offer.
Although it does happen, rarely will the listing agent allow and offer to just be ignored. His commission is based on the sales price so he's going to do everything he can to keep all offers alive and bidding against each other.
That hasn't happened however and I think your comment about it being an estate sale with 3 kids involved is the key. These are notoriously slow because the kids often live in different states, have different needs and expectations, blah, blah, blah. It just takes longer whan you've got that many decision makers so don't worry. They'll probably get back to addressing your offer soon. At a very minimum they'll want to know how the open house went.
I just bought my home under exactly the same circumstances, estate sale with 3 kids making the decision. They did exactly the same thing, waited until after the open house to see if my offer could entice someone sitting on the fence. They did get another offer from the open house but I got the home anyway. |
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lorijotx
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Did your realtor tell you if they had a 48 hr "thinking" time? When it is something like this, with more than one seller, there quite often is a time like that where others can also submit offers.
Keep looking at houses, maybe this one wasn't 'the one' that was meant to be. |
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