How Can A Seller Make A Counter Offer To An Above Asking Price Offer
I found a property that listed for $199,900 that whent on the MLS yesterday. I called the realtor and she said she had 5 offers but i could make an offer if i wanted too. I offered $210,000 via fax for the property, the realtor wrote back (im on a cruise ship) and said the owner was countering each offer seperatly. How does one do this.
o well , this property was priced 100,000 or more below market, i was hoping the seller and the realtor were just dumb and i had found an easy deal.
There must be different laws for different states because they would never get away with that in mine. If there are multiple offers, the realtor should notify all parties involved so they can bring their biggest and best. Then the seller is to review all offers and accept or counter ONE. The rest would assume backup offer position. You may want to check with the powers that be in your state to see what the laws for multiple offers are. You very well may have a legitimate issue here.
Larry
this is the actual email i have not heard anything else yet.
Good morning Daniel and Tamala,
I did get your offer and faxed it last night at 10:00 PM to the seller.
There has been a counter made to another offer that I have not heard back
from this morning. Several offers have been eliminated and the others will
be countered one at a time. I will keep you informed as the day goes on.
Thank you for your interest and patience.
But i still dont get it, how could this be countered by the seller. they offered it for sale for 199,000 and a i told them i would pay 210,000 what are they going to counter my offer at $250,000?
[ Edited by tamala1 on Date 02/11/2005 ]
Commercialking,
You are on the money and I stand corrected. The way she was presenting it, I misinterpreted "countering each offer seperately" and "one at a time" as at the same time . The way you pointed out, that may not be the case. Thanks for your input.
Larry
you guys were right the seller was so instrested in unloading the property quickly they did not care that I was offering 10,000(5%) over asking price. They inturn were more intrested in a cash, fast closing. I always thought and was tought in finance CASH is king, in this case Time was. My offer was based on a financing contengency and an inspection by my self. As it turns out, since this is supposed to be a teardown condo my banker said there would be problems getting any kinda loans on it anyway. Im just happy i wasnt the buyer who paid $100,000 more a week ago!! It will be intresting to see what happens to the complex in the comming months concedering how Motovated the Seller is to walk away from the extra cash Thank you guys for all your input. im glad to have found a place where the realestate pros hang out