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.
The 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