Should I inquire about the status of a real estate offer?

Question

I made an offer on a piece of land 3 days ago and have not received a response. I am worried that inquiring about the status will make us seem desperate and decrease our negotiating power. At the same time, when I made the offer, she said we had competition and to be prepared to lose (which I am not). Our offer was 30% below asking price because the land needs $$$ (in addition to the cost of building a home), to run utilities, pave a driveway, etc. This cost comes out to about 30% of the asking price. We also had some contingencies. If the agent is indeed telling the truth, I don't want them to take too long to counteroffer because they may be telling the other party what we offered in the hopes of starting a bidding war, which I would hate to get into. Should I call her and set a deadline for a response?

FYI: The seller's agent wouldn't let another agent show us the property, we had to go through her directly, so she is acting as a dual agent representing both the seller and us.

Answer 1

I think you're just going to have to sit on this and be patient. I agree you might just be tipping your hand and appear too anxious. What really puzzles me is how the listing agent was able to con you into not letting your own agent show you the property. Is that even legal where you live? Since when can you not have your own agent represent you? Cause if it's not I'd report that agent to the real estate board and really go after that agent. That sure isn't how it works where I live. This way the listing agent (seller's agent) doesn't have to split the commission.



Where I live agents are not permitted to tell other buyers who have put in an offer what the other offers are. I don't know if they can even tell you if there are other offers higher than yours. They might just say that some one else came in with a better offer and the house is gone.

One thing that I can't comment on is whether or not your offer of 30% below asking is a fair offer in today's market. Is the market depressed in your area? How long has the property been on the market? Have they reduced the price already?

What you can try is withdrawing your original offer, and making a new offer but make sure you have an expiration date on it this time.

Answer 2

You say (seem to say) you are not prepared to lose but at the same time you offered 30% below market. I understand that the place needs alot of work, but typically the seller will understand that and have already factored that into their ask price.



So, I'm not suggesting you should raise your price and its certainly fine to offer 30% below market, but if you do offer 30% below market and there is much interest from other people - you are probably going to lose. You see, its pretty rare to offer 30% below market, I think its fine and you can get some great deals, but lots of people are embarresed to do it. Thus, if you have a fair amount of competition its a pretty good bet they are offering alot closer to the ask price and therefore they are the leading bidders and will probably get the place. The fact that you are giving the agent dual status (ie double commission) but they still haven't gotten back to you suggests to me that they are possibly trying to negotiate the terms with another offer, a offer that may be well above yours and therefore they consider more serious. I mean why even bother with an offer 30% below market if you have another one 10% below market - you'll probably never get the first offer up to the 2nd one.



So, I would inquire with the agent and pretty much tell the agent that if you have not heard anything by tonight you will pull the offer. They may at that time tell you they are working on another offer (may even tell you what the other offer is for) and hopefully will give you an idea of what you need come up to in order to be in the running. If you won't go up to their price or they flat out won't give you an answer, just pull the offer and move on - its isn't happening. When you pull the offer, however, be sure to tell the agent that you still are interested in the property and that if the seller changes their mind and decides they do have some interest in your offer, please give you a call. Every so often you may get that call - but again, don't count on it.



PS - To late for this property but as someone else said. Get an agent who will represent you, its not a great idea to use the sellers agent as they are typically working more in the sellers best interests than yours.

Answer 3

Whoa... time out! You can have your own agent. I don't care what state your in! It's just that the seller's agent had to SHOW the property, not have offers put in.



You have your own agent, working for you, they make the appointment for showing the property. All three of you are there. You, your agent, and the seller's agent.



Get a gold of the state real estate commission to check out my facts and to see what you can do.



PS You can ask about your offer, but if the agent is "dual agent" for all these other people, Only they know what's going on and you will never know.

Answer 4

That is an awful offer. Land does not include driveways, utilities, etc etc etc. Your justification for the drop is not valid.



You will like loose this even if you are the only buyer.



But, also, it is not legal for the agent to require dual agency.



She just wants to keep the whole 10% (commission on landsales).



I would get my own and tell her you will take it up with the real estate board.

Answer 5

If you didn't include a deadline for response then you won't get one. The dual agent thing is very suspicious and I would have your agent contact this other person as well as contacting the local real estate board and reporting the selling agent.

By all means have your agent check and see what the status of your offer is.



Good luck.

Answer 6

You must cross on your states department of licensing internet site to look the agenda. In NY the final appraisal exam is on Christmas Eve. If your state does no longer have any scheduled for the tip of the yr then you'll must take the brand new experiment. Also, you must uncover out what requirement your state has for the 2008 necessities. In NY some thing you conclude earlier than 2008 sticks ie. in case you completed the categories then you do not must take the brand new ones to get the license.

Answer 7

call and act as if you found another parcel you want to make an offer on. If they are not going to take it. Put it on them to get back to you faster. Also contact the agents broker and let them know of her antics. It is not right for her to play dual agent. And you are right to be concerned.

Answer 8

What time limit did you include in your offer? Wait it out.