Multiple Offer Snafu
Dear Phyllis,
I enjoy reading your questions and answers.
My son and daughter-in-law have been looking at homes for two months. They struggle because most homes sell quickly. Recently, they lost a home they loved, and we are still confused about what happened.
They submitted an offer and learned there were five total offers. Then the seller’s agent issued a counteroffer to all buyers at $950,000. The sellers required removal of the inspection contingency within five days. They also refused termite repairs. In addition, they requested a 30-day closing because the home was vacant. The seller gave them three days to respond.
Both my son and daughter-in-law work. As a result, they could only schedule inspections on weekends. My son asked his father to attend the inspection in his place. They confirmed availability for both inspections. After they worked out the logistics, they accepted the counteroffer on the third day. However, before they could proceed, the seller’s agent told them the seller had already accepted another offer. This situation feels confusing. Left Behind
Dear Left Behind,
The seller had the right to accept a counteroffer returned to them sooner than yours because it was a multiple counteroffer. Your son was not the only buyer given a counteroffer. Just because he was provided three days for a response didn’t mean the seller had to wait. Because the home was vacant, the seller was likely anxious to wrap up the paperwork and open escrow.
Also, we don’t know if the offer the seller accepted was higher than $950,000, or to a cash buyer who could close sooner.
Why not ask your Realtor to contact the seller’s agent and ask why the seller decided not to wait? Also, just to make sure something shady didn’t happen, your agent should check after this sale closes escrow to determine how long the escrow took, the final selling price, and the selling agent. If the home was sold by the listing agent who didn’t wait for counters, it may be questionable.
Good luck to your family, and if you have any more questions, please reach out to me, [email protected]
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