My Offer Was in First, Why Don't I Get the House

By
Real Estate Agent with RE/MAX Professionals, CT 203-206-0754 REB.0759001
http://actvra.in/4PCg

My Offer Was in First, Why Don't I get the House

A Buyer's quest for the perfect house takes a lot of twists and turns. Walking through many doors; hunting neighborhoods; hours looking at Internet sites for possibilities, and then it's found.

My Offer Was in First, Why Don't I get the HouseThe house is just what they want, and the contracts cannot be prepared quick enough. Send it over and wait for a response. Anxious moments and after a day a reply, but not what they wanted to hear. There are multiple offer, we are requesting highest and best by 5 PM of the following day.

This requires a very intense sit down with the buyer to let them know the status of their offer. The client is confused as we were told when the offer  submitted that there were no other offers on the property. Why did the sellers not negotiate with their offer until there was a satisfactory result?

No offer on a property is secured until all parties have come to a written understanding of what is to be offered and the terms resolved. Then once all parties have signed off on the paperwork, and the escrow funds have been exchanged, would the offer be binding.

Between the times our offer was presented, and the agent got a chance to review it herself, some additional interest was generated and other offers were submitted. As the listing agent's duty is to secure the best deal for their clients, all would be reviewed, and still keeping the idea of getting the best deal, all would be advised that multiple offers were submitted on the house, and all would be given the opportunity to consider a modification to their offer to give themselves their best opportunity.

 

This did not work to my client's advantage, who were beaten out by another offer that was more to the seller's liking. Buyers can get very frustrated when they seek out their 'perfect' house, and when they submit what they believe to be a fair offer find that someone liked it just a little better than they did.

This buyer will learn a hard lesson but will be better prepared when the next opportunity comes along and will jump a little harder and higher for their dream home.

 

My Offer Was in First, Why Don't I Get the House

Posted by

 

Search for all Connecticut homes 

Subscribe

 

 

 

 

Do you know somebody who is behind on their mortgage and doesn't know what to do? I may be able to help them, especially if they are facing foreclosure!

Get Help with Short Sale in Connecticut

    www.ctshortsalesilva.com

 

 

 

 

Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,  www.edwardsilva.com  203-206-0754

close

Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Lynn B. Friedman 03/10/2016 05:33 AM
  2. Winston Heverly 05/25/2016 09:48 PM
  3. Praful Thakkar 07/17/2016 06:00 PM
Topic:
Home Buying
Location:
Connecticut New Haven County
Groups:
The Art Of Marketing You
Posts to Localism
Connecticut Professionals
Be The Best In Your Field
Tags:
multiple offers
buying homes in central ct
contracts for home buying

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
249,153
John Wiley
Jones & Co. Realty - Cape Coral, FL
Lee County, FL Real Estate GRI, SRES,SFR,PSA

Ed, thanks for a post that  many of us are seeing played out in our area.

It is frustrating for Buyers in my area where the inventory is low and multiple offers are becoming more common. In addition, about 50% of our sales are cash.

It is very difficult for Buyers who have to have a mortgage to compete with a full price all cash offer.

Mar 10, 2016 11:33 PM #32
Rainer
135,218
Theresa Akin
CORPUS CHRISTI REALTY GROUP - Corpus Christi, TX

Great post and reminder for all! I always suggest my buyers give their highest and best after having submitted the comps to them and due diligence unless they want to get into a bidding war and that like any other war can take some time.

Mar 11, 2016 12:49 AM #33
Rainmaker
1,375,508
Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Rockledge, FL
... a small office, delivering big service!

Buying a house is not a sprint. Because you get to the finish line first doesn't always mean you win!

Mar 11, 2016 01:21 AM #34
Rainer
178,845
Chris Lima
Atlantic Shores Realty Expertise - Port St Lucie, FL
Local or Global-Allow me to open doors for you.

This is a tough situation. Unfortunately, some buyers may have to lose a few before they realize that the advice we give them is not to pressure them, but to educate them. The other situation that has come up is although a buyer's offer is the highest it may not be the best for the sellers.

Mar 11, 2016 01:58 AM #35
Rainmaker
1,427,346
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

often times clients that miss out on these things did not listen to what I told them.  Get the offer in fast, pay a little more, and put your best foot forward. 

Mar 11, 2016 02:00 AM #36
Ambassador
2,774,876
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

This is why it's a good idea for buyers to make their highest and best offer in tight markets.

Mar 11, 2016 07:18 AM #37
Rainmaker
248,255
Melissa Jackson
United Country Real Estate FW - Fort Worth, TX
REALTOR® Matching Buyers & Sellers

That's a tough lesson for buyers.  Sometimes it's not the offer price could be the terms.  Our current market demands highest and best offer.  

Mar 11, 2016 11:16 AM #38
Ambassador
1,542,376
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

It's so hard to explain this to buyers when they think they've beaten the crowd and have an edge. 

Mar 11, 2016 11:16 AM #39
Ambassador
3,594,597
Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

Ed, it's really hard to prepare buyers for how awful they will feel if they lose "their" perfect house.  

Mar 11, 2016 11:52 AM #40
Rainer
66,808
Susan Hale
Re/Max Realty of Defiance,Inc. - Defiance, OH
Northwest Ohio Realtor

Most listing Realtors if they are truly working for their Sellers will try and get the best offer being terms and price.  In your scenario at least everyone was provided notice of multiple offers.  Being a low inventory market, Buyers are finding that if they want a property they better submit reasonable/fair offers.  In multipe offer situations many times the sale price goes higher than list price.  Several weeks ago one of my customers had submitted a reasonable offer and was waiting on a seller response.  The next day the listing agent called to say the Seller had accepted another offer!  I know it can happen, but there was no notice given to me that there was a multiple offer situation.  Our office provides the courtesy of notifying all parties of multiple offer situations and have a specific form for all parties to sign

Mar 12, 2016 03:01 AM #41
Rainer
329,782
Rose Mary Justice
Elite Realty Group - Dandridge, TN
Elite Realty Group

This is certainly happening more and more here.

Mar 12, 2016 10:25 AM #42
Rainmaker
902,150
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Many buyers not emotionally prepared for a competitive market, but by the time they lose a house or two, they realize they need to take our advice if they want to prevail.

Mar 14, 2016 02:53 AM #43
Rainmaker
798,675
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Sometimes buyers have to lose one in order to get serious with their offers.  Once they realize that they aren't the only fish in the pond, offers tighten up a bit!   

Mar 17, 2016 07:41 AM #44
Rainer
101,064
Mike Baltierra
20/20 Realty Inc. - Corona, CA
Full Service at Your Service Realtor-Corona CA

Sometimes buyers have to learn the hard way. If the buyers agent let them know up front that this might be a hot property and they might need to offer a little more to secure their offer and maybe terms  could be a little better.

Mar 17, 2016 08:37 AM #45
Rainmaker
3,046,740
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Ed Silva ,

In a market with tight inventory it is hard for buyers to secure the home of their dreams with structuring a truly aggressive offer. Sometimes it means loosing a few before obtaining one. Good topic and well written.

May 25, 2016 10:25 PM #46
Rainmaker
1,802,611
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

When we bought our current home, we were not the first offer and we got it. So glad it worked out that way. 

Congrats on the Feature!

May 25, 2016 10:47 PM #47
Rainmaker
612,028
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Ed Silva - saw this on a reblog from Winston Heverly - Sometimes our buyer can't or won't be able to make a better offer. But the highs and lows we have to deal with should make us be able to add a therapists shingle to our office door! 

May 25, 2016 11:08 PM #48
Rainmaker
606,352
Lauren Selinsky Broker CRS
California Coastal Estates - Aliso Viejo, CA
"Your California Real Estate Broker" TM #oclauren

I was telling Praful what a great re-blog.

I think we have all been asked that question once. Okay over 10x. LOL 

Lauren Selinsky

Jul 17, 2016 06:08 PM #49
Rainmaker
434,048
Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

Some buyer have to lose out on a house before they understand that  in a seller's market "highest and best" is where they need to offer, even if there's no other offer on the table right then.  If the house is a good one, other offers are on their way.

Jul 17, 2016 10:39 PM #50
Rainmaker
51,488
Beth Bromund
Coldwell Banker Weir Manuel - Rochester, MI
REALTOR (248) 651-3500

The seller's agent demonstrated why waiting for a little while can benefit the seller.  It's unfortunate that your buyer's highest and best wasn't the seller's highest and best offer.

Feb 20, 2017 08:04 AM #51
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
2,436,035

Ed Silva

Central CT Real Estate Broker Serving all equally
How Can I help you with Connecticut Real Estate?
*
*
*
*
Spam prevention

Additional Information