waiting for seller after counter-counter-offer

17 years ago

Grrr...

Put in initial offer for condo. Got a call from dual agency RE agent about how the seller countered with 240,000 (initially 245,000 asking) in response to our 230,000 with ZERO contingencies (Have feeling that agent didn't actually tell seller but just wanted more commission and I was stupid to not ask for the counter in writing). Our agreement is good for 24 hours and I haven't heard back yet from the point when I faxed back an increased bid. Should I count 24 hours based on when the bid is presented by the agent? I really like the place and it would be sad not to get it but I don't want to bite off more than I can chew. This is frustrating. The agent said there were other bids but with financing contingencies. When should I call the agent? Should I call at all? Since he's dual agency, isn't he obligated to call me and let me know? I don't want to seem too eager. Help!

Sort by:Oldest

Comments (12)

jay06
17 years ago
You can also use the "little white lie" negotiating ploy so you won't look too eager---"I'm looking at another place and need to know the status of my offer before bidding on the other place."
sparksals
17 years ago
Since this is a dual agency, the Realtor is not working with your best interests in mind. He/she's first and really only loyalty is to the seller.

Did your offer have a time of expiry on it? If it didn't, then that is proof the realtor is not working for you because they left the deal open ended to benefit the seller.

I wonder if the realtor is bluffing about other offers to get you to make a higher bid.

I think your best course of action is to find a buyer's realtor so that your interests are represented.
Related Discussions
Buyers counter to my Home Inspection counter
Q
Comments (23)
Thanks everybody for your suggestions. It never occured to me to mention they were indoor, I've never had a nice enough lawn for an outdoor sprinkler systems so I just assumed everyone would know I meant indoor. Hm.......maybe that's why I've never had a nice lawn since I never had outdoor sprinkers? ha!! Anyway, I have done alot of thinking about this and decided (even though I'm mad about it) to go ahead and replace the sprinkler heads. Afterall this is business, not personal though at times you do take it personal. As a 1st time home buyer, it would bother me too. I try to keep good karma around me, or the "do unto others thing........" Doesn't always work that way, but hey......at least I feel better about it. The average cost will be about $4k but I know I will have to do it for the next buyer as well, as no one is probably going to buy my house if I disclose "recalled sprinkler heads" or I will get a lowball offer. I actually have a friend who does this for a living and he will do it for me at a reduced cost. In my counter-counter (whatever count we are now on), I offered to replace the sprinkler heads but retracted my offer of $1k repair credit. So, this is what I'm doing: 1.) fixing the roof w/a warranty on work (which is all they wanted afterall) 2.) replacing sprinkler heads 3.) putting soil under front step 4.) replacing missing flaps on outside exhaust hole 5.) $10k in closing 6.) $200 carpet cleaning allowance (on brand new carpet) 7.) throwing in my dining table + 6 chairs That's all I can remember off the top of my head. Anyway, we'll see what happens. Thanks for the advice. P.S. I had NO idea these sprinkler heads were recalled. They were apparently recalled the month I bought my house. I have a feeling the owners got the letter and hid it. I talked to my neighbor today, (we bought at the same time) and she said she never got notice either and thinks her seller's probably hid it from her too.
...See More
FSBO Seller declined us with no counter offer
Q
Comments (34)
dream2009: You are still doing ok if you go through the original realtor that showed you the place, since she told you she would rebate you the 3%. So basically, the buyer gets to see the 3%(that you get back) in the sales price, but then the seller pays the 6% commission as a separate line item. Then you get the 3% back. It is actually a win-win for you and the seller. The agent is very generous, and I think, should be rewarded with the sale. Many/most agents would not do this. This is basically a 3%gift to you and you are real, real lucky to get this offer. As far as closing costs - it depends on state/municipality. If your area has title companies that do closing, you should contact one of them for an estimate of total closing costs if you buy it. They will be glad to do this in most cases, as you are more likely to choose them for closing. In fact, the agent that showed you the home should be able to help you get this estimate also. If the seller pays owners title insurance(lenders require this), it could get a bit pricey, but it all depends on your area. Also - when/if you get a loan, shop around and find one with 0 points and NO origination fee if at all possible. This will save on closing costs.
...See More
Help with kitchen counter-tops is really needed...
Q
Comments (42)
for the handles, may I suggest something to pick up on the hues in the flooring? A little more copper toned. you have light cabs, light floors. I think throwing in a dark ORB w/o actual copper highlights would be too much of a contrast. IMO. cypress park Sandra, I like the porcelain one better than the other one. Does the backsplash have to be done immediately? If the tones in the porcelain tile you picked clash w/the ivory tones in the counter, it could be a problem. However, I did find some copper toned ones that should be avail. these are porcelain/SS, and treated so as not to stain or tarnish. I LOVE these for your kitchen. timeless and gorgeous. They are probably not super cheap, but it would be worth it for me. http://www.miusartmosaics.com/arabesque-lantern-beacon-copper-tile-in these would also work. the site is here: maybe they have them in stock.http://www.westsidetile.com/arabesque-tiles/ i like this one too. notice the copper faucet. beautiful w/the glass mosaic. if you got the cream countertop, this would look amazing w/your floors. this last one is a copper colored slate/quartzite.
...See More
Counter top company threatening to take a lien on my house
Q
Comments (31)
e overhang variance is across an approximately 7 foot run of edging and varies by 3/4". The left most overhang is 1 1/4 inch and the right most is 2 inches. Is the counter itself of equal depth (front to back) along the entire 7' run? Does the company cut tops using a bridge saw or a CNC water jet? When the old counter top was removed, did you notice if all of the cabinets were flush with the back wall, assuming these are factory cabinets (i.e., boxes) and not built in place cabinets? If the base cabinets are factory built boxes and were shimmed so the cabinet fronts would line up flush to one another...with the thickest shimming on the left end, then that explains why the overhang varies. The alternative would have been to install the counter equidistant from the front of the cabinet along the run and have a gap between the back edge of the countertop and the wall. Those would have been your two choices since you were replacing counters on existing cabinets. Possibly you could have added 1/2" backerboard and tile to cover the 3/4" gap---if the added thickness wouldn't interfere with installation & operation of any faucets. OR, the entire run of cabinets, top and bottom could have been removed, the drywall removed from the wall, and a painstaking job of shimming/ shaving the studs to make the wall flat, plumb & square and then replacing the drywall. None of the above is the responsibility of the counter people. They are not in the business of rebuilding walls. we had originally picked out a flat, eased edge and ended up with a quarter round top/bottom edge. When we asked what happened, the company told us that they thought we would want the rounded edge instead as it will "last longer" and "be more durable". On this score, yes, the rounded edge will be less prone to chipping. The edge that you chose is generally considered to be the edge treatment most prone to chipping.
...See More
flyright
17 years ago
I hope it all works out for you..

I just wanted to add that the 10,000 thousand difference works out to be 600 dollars to be split between the agents and broker.. i doubt they'd risk losing a sale over that a couple hundred dollars at most.

For future reference:
We usually have the agent put an expiration time , rather than the offer good for 24 hours. It seems to make thing clearer
berniek
17 years ago
sparksals said:
"Since this is a dual agency, the Realtor is not working with your best interests in mind. He/she's first and really only loyalty is to the seller."
That is not correct, see Dual Agency definition below.

Here is a link that might be useful: Dual Agency Definition
sparksals
17 years ago
Ok, Berniek - I see your point, but really, I would never trust a dual agency situation. Yes, by law they are to be impartial, but I bet that doesn't happen most of the time.
huisman98
17 years ago
Dual Agency is never a good idea. Sure there are laws about it, but there are plenty of laws out there that get bent and broken all the time. Bottom line is this, in a dual agency situation the buyer is at a disadvantage and the situation should always be avoided. I hope this deal works out for you, but in the future avoid dual agency situations like this.
mez1
17 years ago
Being a Realtor myself, I DO NOT do Dual Agency. I would rather refer a client to another agent so each side gets represented. I use this analogy "Would a Prosecutor also be allowed to be the Defense attorney in a court case?" Of course not. It opens up way to many conflicts and is also the most common item that brings lawsuits against a real estate agent and brokerages. Hmmmm, Maybe the brokerage could use the attotney that is suing them to also represent their defense...LOL.
Finally have your own agetn that you can talk to openly and represent YOUR BEST interests.
brickeyee
17 years ago
"...I was stupid to not ask for the counter in writing."

You do not have a counter. Withdraw the original offer and see what happens.
Sionce the seller has neither signed nor modified the original offer it is still open for acceptance.
Once the seller marks up the contract it becomes a counter you are free to either accept or allow to die on the vine.
At the moment your origianl offer remains available and the verbal offer you have is worth NOTHING.
pebbles396
17 years ago
I agree, start looking for other properties, and I would seriously consider your strategies with dual agency. I never do dual agency WAY too risky.
sparksals
17 years ago
huisman - Bottom line is this, in a dual agency situation the buyer is at a disadvantage and the situation should always be avoided.
============

Exactly my feelings too. RE's are expected to be impartial, but really, how impartial are they when it is the seller paying their double commission on a dual agency deal?
jeff147
17 years ago
Simple! Tell the agent you are going to find a Purchaser's Agent and let them lose 1/2 commission over it. See what kind of service you get then. I would recommend this anyway if the agreement runs out and start over again.
cpowers21
17 years ago
In some states and with some brokerages, dual agency is no longer allowed. I am a real estate agent and I think it would be hard to serve both clients well. It's a conflict. You want the seller to get the most and the buyer to pay the least....

waiting for seller after counter-counter-offer

Comments (12)

jay06

sparksals

Related Discussions

flyright

berniek

sparksals

huisman98

mez1

brickeyee

pebbles396

sparksals

jeff147

cpowers21

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US