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Frustrating! (Just needed to vent!)
So DH and I started the home buying process and we put an offer on a condo we really loved. It's been well taken care of, but was about $10K above our budget. It's been on the market for awhile and the lady had bubble wrap ready to go in her dining room so we decided to put in an offer $10K below asking and our agent was going to tell their agent that that was the most we could afford, period.
This was on Tuesday. Since there was other activity over the weekend, we figured that she would probably wait to see if she got other offers, which is understandable. Well, our agent was having trouble getting just a confirmation from the other agent that our offer was even received.
I just got an email from our agent saying that the other agent just got back to her. The other agent claims that she has been sick so she didn't see the faxed over offer until she went in today, our agent's emails went to her spam, and I'm not sure how she missed our agent's voicemails. So she'll be bringing our offer to the seller tomorrow along with another offer that came in today. Our agent reminded her to tell the seller that ours came in first.
I'm being realistic here - the likelihood that the other offer is lower than ours is very low. I know that it was a super long shot, but it was nice to be sort of hopeful about it and it just stinks that the circumstances are what they are. I know that there are others out there for us, but it's still a bummer.
Vent over. Thanks for 'listening.' 
Re: Frustrating! (Just needed to vent!)
That is annoying - I hate when agents pull that crap. We had one go on a "ski trip" for four days. We were the first offer in and they totally used it to start a frenzy. We ended up in a five way bidding war that we did not win.
I hope it goes better for you! Maybe the other offer was lower - you never know!
Good luck.
IF you don't get it (although I hope you do), next time I'd offer below what my top end is. Leave some room for negotiating!
The house we bought was $25k above our top #. We bid $45k below asking. We ended up right at our top #....
~Benjamin Franklin
DS dx with celiac disease 5/28/10
It sounds like their realtor say the price and decided to wait until a better offer came in before she would show it to the seller.
Because she was playing games with your offer which had been submitted days/week before she sent it for review, you can go against the realtors board(dont remember the name of it) to say she was unethical.
When I bought my house, my realtor had to use that threat that her client was going to go to the realtor board in order to get the selling realtor to stop playing games. We put in the first offer, the sellers realtor didnt show the offers to the sellers, and then two days later another offer came in, followed by two more that weekend. She said she sent all the offers to the bank(it was a short sale) first so they could approve the offer they wanted. Not how a short sale works. Well she was basically waiting to see who would back out to send an offer to the sellers and the bank, and see if additional offers would come in (never listed it under contract, left it on the market). Three weeks later she still hadnt done anything, and we found another house so we backed out, leaving one person left who she finally listed the house under contract and sent to the bank for approval.