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Being prodded into a bidding war?
DH and I made an offer on a house last night. Last week while we were looking, the realtor told our buyer's agent that there was a previous, still standing offer on the house but it was so low they hadn't even bothered giving a counter offer.
Instead of countering our offer today, they told us that we came in a little lower than they'd like and to give them a last, best offer. They were also going to offer the same to the folks to gave a previous, too-low offer. They want to have a ratified contract wrapped up by 3-4pm today, and came at us with this around noon EST.
I'm a little outraged as it is obvious they are trying to instigate a bidding war and make us put down a too-high, panicked-we-won't-get-the-house offer.
We're already gotten back to our agent, but we barely increased our offer (and told him to tell them it's OUR LBO, take it or leave it). If they aren't going to negotiate on good terms, why should we bother playing their games, right?
Re: Being prodded into a bidding war?
You're "outraged" by that? HHing is going to be a long road for you.
It's NBD. They asked for best and final to cut to the chase. Normally, you'd have to swap counter offers for days. It actually works in your favor that the other offer is so low - they'll get your not-much-increased offer and the other "they'd have to come up a mile which is unlikely" offer.
Don't get emotional when buying a house. Offer what you want to pay.
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Our agent swears that more agents don't like bidding wars, but I don't believe it. We've run into a few too many shady characters in our house search so far. It's pretty gross.
It sounds like you've got a level head in all this, which is great. I think having a take it or leave it attitude is the best way to make sure you don't pay more than you want to. It might mean not getting the house, but if you put your best offer out there you can't go wrong.
DH and I are on the same page at this point - we'll offer what we want and if we don't get it, it won't be the first time and there will be other houses.
I'm not in a screaming fit or anything, but I would have much preferred to offer them something higher if they had given us a real counter offer. Playing us off another person without giving a hint as to what they'd like to see, I don't feel like they are working with us in good faith to get the amount they want. I like folks to be upfront with me. I've walked away from big sales before because the sales person was being bull-headed about negotiating with real numbers. Haven't regretted it yet.
They didn't want to even counter with the offer that is was so low, but now they want to? I would be mad too. Stick to your guns, whatever is meant to be will be.
I am very leery of agents also, the only one that is going to have your best interest at heart is you.
I don't know that I see this as a bidding war. If they were saying "We have another offer higher than yours... give us your best", that's a bidding war.
But the other offer was so low, they wouldn't even entertain it. I suspect yours is quite a bit lower than they expected and perhaps are realizing maybe they aren't going to get the price they want, but they don't feel like dickering around - so they are telling everyone "best offer" to try and end this sooner rather than later.
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It's not a big deal. When we put the offer on this house, it was submitted on a Saturday. It was a REO forclosure so we knew that the offer would not be presented to the bank until Monday and we also knew that at least 8 other people were scheduled to see the home that weekend. Our realtor told us that the typical way it would work when multiple offers were on the table was for each to give best and final and the bank would make their choice. In our case, we were the only offer on the table come Monday morning when negotiations began.
If you want the house, give your best and final and hope for the best.
If you don't want the house, rescind your offer and move on.
Simple as that
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