An accepted offer

This happens all the time, and it makes me crazy. If a binder were attached (not so in NYC, hence the reason this B.S. happens all the time), then seller would be unable to accept any "last minute offers". There's no contract until it's signed by both parties.

I "lasat minute offers" in quotes, as I feel such offers don't actually exist. It's a way to squeeze more money out of a person whom the seller already knows is interested.

Two ways to handle: (1) call their bluff and say "I can't go higher, let other offer have the apartment" (then you must be willing to walk away), or (2) continue to negotiate, knowing full well you're dealing with people who are shady and whose word is meaningless.

I feel for you --- it sounds like this nonsense happens around 85% of the time, and it drives me absolutely nuts.

Sorry, should read: I say "last minute offers" in quotes, as I feel such offers don't actually exist.

nothing shady about this - free market. Nothing is set until contracts are signed.

J, indeed it's a free market. What makes it shady is somebody saying "I accept your offer", and then not accepting your offer. It's not illegal, it's just.....shady.

I would declare the other bid is not superior until you have confidence it is at least equal in all other areas - financing, qualifications of buyer, ability to pass board.

Then try to create whatever leverage you are comfortable with- put a bid in on another apt and declare it to your Seller, put a deadline to sign on the Seller.

great idea crescent and then lose the apartment. While this could be a bluff, it is rarely done. The seller knows he is risking it and you may walk.

lucy, this is a normal event in business. everything is subject.

If it's as simple as "I don't want to lose the apt", then bid up.

If you want to make sure you aren't being screwed, do my suggestion #1 - that is not walking away- it's biding time and ferreting out information. If they really wanted to take this new bid without full due diligence on buyer, then they would not have given apt55 the chance to bid higher and would at least allow apt55 to ask a question or two.

It could well be a true higher bid- but apt55 is ahead in the process and needs to use that advantage to whatever means is possible. It's also quite possible that it is a higher bid and the Seller is torn about what to do and the broker suggested, "well, let's use it to see if the original bidder will raise".

However, if the new broker is also from the same firm as the listing agent, that could place you at an undeserved disadvantage.

The sale is for an older person who is under legal guardianship. The lawyer has a fiduciary responsiblity to take highest offer. I understand that. I just thought once an offer was accepted that was it, ( as far as price negotiations.)Oh well...live and learn. But still very disappointed.

apt55, are you represented by a broker?

There's the last-minute-all-cash-buyer tactic that is popular.
They may pull that one.
and as JButton says, it's all part of the negotiation.

se has several threads on this topic.

No. I am not represented by a broker. The broker has a dual role, which I was aware of. It is actually to the brokers disadvantage as now the commission will be split and the price increase will not make enough of a difference.

25 years ago we were helping a family friend just starting in the business when we were looking for our first home. She pulled this same shit on us. She's now the head person over at Corcoran.
We were young but not naive, we walked.

This has happened to a number of my friends. Each said they had no interest in bidding war, remained firm, and gave a deadline when the offer would expire. Only one lost the apartment and it came back to her months later when the high bidder failed to close. The others were able to close at their original offer price or less.

I had an accepted offer on an apartment that sat on the market with no real offers for over 8 months. My offer was all cash. The seller accepted my offer, I signed the fully negotiated contract, and sent in my deposit. The seller, their attorney, and their broker went dark for 10 days. They didn't answer phone calls, texts, or emails. On day 10 I was told that they had 2 other cash offers all higher than mine, but they were giving me the opportunity to match. I decided to match them, but then chose to walk away after feeling like I got taken advantage of. I saw a short while later that the apartment sold, so they clearly weren't bluffing.

The morale of the story is that nothing is concrete until both parties sign the contract. So bid up if you really want it, or call their bluff and be prepared to lose it. Those are the choices.

Yes this is super weird here, and in my view totally unethical (irrespective of legal niceties). I would often go see places and then they'd say: well we do have an accepted offer- and I would just be so pissed, because what does it say about you if you have reached an agreement and then continue to show the place? Inevitably they wait until they get a few offers, and then start with the bidding war attempt. The whole while you're wondering if this other person/people exist. They likely do, but for sure you end up blindly bidding each other up, probably for no good reason.

Here is another annoying one. Went to see places in DUMBO and this place was advertised: http://streeteasy.com/nyc/sale/649252-condo-37-bridge-street-dumbo-brooklyn

So go up to take a look (incredible view) and then they say, well this place has an accepted offer, and we have two backup offers, so it is not available. Ok, why are you still showing it then? More this, was a good four/five months ago or something. But either they lied about all the offers (I actually know that not complete fabrication because as we're looking the buyer came in with his architect) or they are enticing you with the offers of these incredible views and then show you the crappy ground floor units they have left.

If you're willing to walk away, then its totally fair game for you to play games back and tell them you'll match and then don't sign anything and drag it out to try to make the others walk. Basically goes both ways.

ottawa, the buyer can walk before a contract is signed too. what is to say that would not happen? hence you keep showing the apartment until all sign.
forget playing nice, everybody wants to make the most money they can. expecting anything else is foolish.

this happened to me twice --

once when i put in an offer on a house -- and the seller shopped the offer for 20 days all the while "negotiating " the final contract with another buyer.

When selling in Manhattan 2 verbal accepted offers -- were also negotiating offers with two other sellers and my apt was lifted from the market --

The third offer signed and closed.

A very jarring experience -- sorry for your disruption -- but a dually signed contract is all that matterrs.

Brokers are scumbags bottom line. Know that going into any negotiation witj one. And, although this is common in real estate, it is not "standard business practice". It other business relationships matter for a reason. In RE it's one transaction and the broker will try lie cheat or starve there mother to get a higher price for the seller. Walk away another apartment will come your way at a cheaper price.

>Walk away another apartment will come your way at a cheaper price.

Will that apartment also be represented by a broker?

I can understand a change in a verbal agreement. This had gone further. The laywers were talking and sending contracts, amendments, etc back and forth. Dus diligence was done and completed. And legal fees incurred! I wish the broker had informed me of this potential. Do not even know that this was in the realm of possibilities. Maybe I could have pressed the lawyyer to act quicker.

JB: Yes, I know. But still unethical in my mind. And this seems to be a very uniquely NYC thing, and pretty sure folks everywhere have same profit motive, but seem to play by different rules. I know that I would have freaked out if I saw that there was an open house or something between the time I came to agreement and had contract signed.

On my example, they had an accepted offer and multiple back-ups that they implied were just as good. This now for almost six months? Clearly something beyond the usual example discussed here, but a different version of realtors being douches.

Brooks2
about 1 hour ago
Brokers are scumbags bottom line. Know that going into any negotiation witj one. And, although this is common in real estate, it is not "standard business practice". It other business relationships matter for a reason. In RE it's one transaction and the broker will try lie cheat or starve there mother to get a higher price for the seller. Walk away another apartment will come your way at a cheaper price.

cocksucker brooks blaming the brokers, not the sellers. stupid narrow minded hate filled piece of shit.

while it is not nice and i don't like it, I have heard cases where buyers backed out last minute plenty of times or requested lower prices for whatever reason. didn't we have a post here how someone wanted lower price because a comp was listed too low? is that ok?

walk.

Yes, JButton. I don't recall who posted it, but KeithB. commented about the client who made him walk the plank with a lower offer than the accepted offer. KeithB. got some more money for his client but it wasn't easy.

Keith didn't try to lie, cheat or starve anybody. He did it at the request (demand, actually) of the client.

Or whatever side of the deal. a client thinks the deal is done. The other sees something and wants to offer less. These brokers walk the plank with the bad, surprising news.