We submitted a first offer on a house for $15K less than asking price, much to the dislike of our "buyers agent" who suggested that we offer closer to asking price. The offer wsa submitted at 10pm, by 8am the following morning, we found out that it was not accepted and that we needed to submit another offer at the price our agent originally said. There is nothing in writing showing that it was rejected?
Is there real estate laws / rules that if an offer is submitted in writing, it must be rejected in writing? Or were we just scamemd by our money hungry agent? (in Massachusetts)
mpo82 said:
Feb 01, 09 at 6:42 pmNo, it does not need to be in writing. Though if you are not confident that your agent has your best interest in mind, then look for another. You need one that you trust. Trust me, I’ve had to learn the hard way.
acermill said:
Feb 02, 09 at 1:20 amA seller is under no obligation to respond to your offer in writing, or even verbally. You tender an offer and the seller considers same. If he doesn’t like the offer, he need say nothing.
The seller could have countered your offer, but apparently elected to not do so, which, I’d venture, is why your agent is pressing you to submit another. If the seller isn’t countering, he either has another offer he is considering, or is so annoyed at you for your first offer that he didn’t want to counter offer you.
bud68 said:
Feb 02, 09 at 9:47 amYou do not "need" to submit a higher offer. That is your option to do or not do.
estielmo said:
Feb 02, 09 at 10:30 amHe works for you. He is your employee. You need to remind him of that. His attitude should reflect that.
In these times of falling values sellers are often incredulous that they may have to take a loss or make less profit than they hoped for. Simply move on to the next deal.
Craig_T said:
Feb 02, 09 at 7:08 pmThe seller is under no obligation to answer you AT ALL and certainly not required to reject your offer in writing.
As to being "scammed by your money hungry agent" it is doubtful that 10or 15K is going to make a significant difference in his commission and he will only get a portion of the whole commission. The listing broker’s office gets half and the selling broker’s gets half, the selling agent (ie your buyers agent) get a portion of that half, so even if you made a full price offer the selling agent is only going to get a few hundred dollars more.
glenn said:
Feb 02, 09 at 7:38 pmA seller is under no obligation to answer your offer in any way. They do not have to write out an answer or even verbally answer your offer.
It is in the seller’s best interest to answer because it helps negotiate, but they often refuse to put it in writing.
Keep_On_Trucking said:
Feb 02, 09 at 10:46 pmThere is never anything in writing that shows an offer is rejected. In fact, no offer is accepted until you get a copy of it back from the other side with all their initials and signatures. Then it’s a contract.
Your agent probably knows exactly what they’re doing (and you’re a novice), so please, cut them some slack.
Luscious_Lips_Survivor said:
Feb 03, 09 at 2:18 amEvery state is different. Here in California, if you put money down and back out, you loose that money if you want out. I would cantact a real estate board and talk to someon. shop around for a realtor. bnuig purchase and many things can happen
Bigdeav said:
Feb 03, 09 at 10:35 amThere has to be something in writing. There has never been a flat rejection when I have bought a house and made an offer. The seller always "counters" with a different offer. In the times we are in now, where sellers cannot be picky, I do not believe that they would not counter offer. It is better to try and make a deal with you than to totally reject you; HOPING that another offer MIGHT come.
I would find different "buyer’s agent" if yours cannot provide a rejection in writing and/or validate that the offer was submitted to the seller. I would call the seller/seller’s agent myself to confirm that they indeed did see the offer and what they were expecting to see in your offer to make it get flatly rejected.
Good luck!
Kakoii90 said:
Feb 04, 09 at 3:03 amThe offer should be rejected in writing (at least in my experience in another state). If you are suspicious of your agent ask to see the rejection. However, depending on the cost of the home 15k lower than asking is a low ball figure, even in the state of the economy today. It is true that your agent works on commission and a higher price is better for her commission rate, however, your agent has a legal obligation to represent you and also realizes that if they don’t make a sale they will get 0%. Please don’t automatically assume your agent is isn’t looking out for you. If you really don’t think your agent is good, you can "fire" her and find another agent. However, most likely if you make an offer on any of the homes your original agent showed you, she is entitled to a portion of the commission. Read over your agency agreement for more information. You can also speak with the Broker of her agency if you have concerns.
Me said:
Feb 04, 09 at 11:07 amIf your offer was rejected, chances are there won’t be anything in writing. He only has to show you a counteroffer. If you think the agent is scamming you, then you don’t have a very good agent or relationship with your agent and you may want to look for a new one.
Did you pay the agent any money in advance? In my experience, buyers don’t pay their agents for anything. The agent’s fees come from the seller. May be different in Massachusetts.
Heisenberg said:
Feb 04, 09 at 1:46 pmPerhaps you need a new agent.
As I understand the law, verbal rejection is sufficient in rejecting an offer. Personally, I’m a bit surprised that a bid that’s only $15,000 under the asking price was rejected. I know people who submitted offers for $50,000+ under asking and had their offers accepted.