bidding
Started by leeza
about 18 years ago
Posts: 3
Member since: May 2007
Discussion about
Wondering if anyone has had the experience of submitting a legitimate bid to a seller's agent and then never hearing back from them?
It's the most subtle way of saying...."Um, thanks but no thanks."
Was your bid accompanied by an "earnest money" check?
Did the offer include a "time is of the essence" clause setting a time frame for the offer to be accepted or it would expire?
Always give them a time limit in negotiations. At the very least, they can say they need more time.
However, don't be afraid to call them and find out what's up.
If they don't answer fast, withdraw. There's plenty out there to choose from.
Sign of a bad agent. get another.
No check was asked for by the agent. And no, I didn't give a time limit. I just wondered if this is a usual thing. I thought they would get back with at least an email making up something!
It is possible the agent never got your e-mail. I would have your agent submit the bid over the phone.
Alright. First, NY practice is NOT to give "earnest money" checks. This isn't an HGTV show based in Canada. I have no idea what that cliff702 is talking about in that regard. If a couple of days have gone by without any word, it does not put you at any negotiating disadvantage to have your own agent (or yourself if you have none) just speak to the seller's agent and ask what the status of your offer is. If you do not wish to withdraw it, give a firm, clear expiration date and time of the offer, as in "We'd like to keep the offer on the table until the close of business tomorrow; after that we are withdrawing the offer." If you don't hear from them again, move on. Something is wrong. If you can't reach the seller's agent by phone, put it in writing and email him/her or his/her agency.
You may know this, but some brokers simply like to have an offer on the table--no matter how low or unqualified the buyer--so they can tell other prospective buyers that the apartment is being bid on. You may be getting used in that way. If it is simply miscommunication or the seller was out of town for a couple of days, fine, the broker can tell you that when you call.
I would not generally keep an offer open more than a few days to a week. Ideally your offer would not be on the table with an open house taking place, but if that happens, I certainly wouldn't allow two open houses to float by while my offer was 'being considered.'
The agent probably got tied up at their tanning salon or getting their leased Lexus detailed. Then again, they might have been at a photo shoot for those pics for the D'Agostino's carts. There's only so much time in the day, you know.