I need REAL ESTATE help from the pros ! Maybe legal help !
08-07-2002, 10:02 PM
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I need REAL ESTATE help from the pros ! Maybe legal help !
My girlfriend is trying to buy a house . She made an offer to realtor and all of the sudden ,they say they just got another bid thats alot higher and if she wants it she better jump !
How can I find out for sure there IS another bid ? There must be a way . I know they can't tell us how much or probably who , but there should be some kind of proof that a bid exists . I don't mind bidding but not just to through it away if there is no other person involved . How can I find out ? Who over sees the realtors ? Kind of like an internal affairs ,government watch dog ! She is suposed to get back to them in the morning ! I need help quick . PLEASE !
I just want to see proof that there is a bid . Thanks OSO ! Don't let me down .you haven't yet ! JOE
How can I find out for sure there IS another bid ? There must be a way . I know they can't tell us how much or probably who , but there should be some kind of proof that a bid exists . I don't mind bidding but not just to through it away if there is no other person involved . How can I find out ? Who over sees the realtors ? Kind of like an internal affairs ,government watch dog ! She is suposed to get back to them in the morning ! I need help quick . PLEASE !
I just want to see proof that there is a bid . Thanks OSO ! Don't let me down .you haven't yet ! JOE
08-07-2002, 10:38 PM
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Boot, I design & build large custom homes & have ALOT of dealings with realtors.
As I understand it, it is highly illegal to tell someone there is another bid if one doesn't exist.
If someone really is trying to "up" the ante, they are risking loosing their license as well as a few yrs behind bars.
If it was a boat broker, I could see it happening but in realestate, I highly doubt it.
Good luck to you
As I understand it, it is highly illegal to tell someone there is another bid if one doesn't exist.
If someone really is trying to "up" the ante, they are risking loosing their license as well as a few yrs behind bars.
If it was a boat broker, I could see it happening but in realestate, I highly doubt it.
Good luck to you
08-07-2002, 10:39 PM
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We are in the middle of buying a house for my wife's Dad so I am living this **** daily.
I guess she had a contingency in the contract? Meaning it wasn't a cash deal. They can accept her offer with the understanding that if a deal comes forward that is cleaner... no contingency or for more money, she will have 72 hours to meet the new deal or walk away.
You need a good lawyer. Let me know if you need a phone number for a guy in Toms River that specializes in Real Estate.
In this world, the deal aint done time the closing is complete. They should have to tell you what the new offer is. You need to meet it, not beat it.
Hey but what do I know???
PS, spoke to Mike. He will be the warm up act for the race next Friday. Thanks.
I guess she had a contingency in the contract? Meaning it wasn't a cash deal. They can accept her offer with the understanding that if a deal comes forward that is cleaner... no contingency or for more money, she will have 72 hours to meet the new deal or walk away.
You need a good lawyer. Let me know if you need a phone number for a guy in Toms River that specializes in Real Estate.
In this world, the deal aint done time the closing is complete. They should have to tell you what the new offer is. You need to meet it, not beat it.
Hey but what do I know???
PS, spoke to Mike. He will be the warm up act for the race next Friday. Thanks.
Last edited by Ron P; 08-07-2002 at 11:04 PM.
08-07-2002, 10:45 PM
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Boot, Are you saying that they accepted your girlfriends offer and are now saying they have a higher one? Or has there response only been that they have a higher offer on the table?
08-07-2002, 10:51 PM
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Boot,
If she made an offer in writing then the seller usually has 24 or more hours to reject, counter or accept the offer depending on what the contract said. If there are more than one offer outstanding then the realtor must provide both to the seller but has no obligation to show it to you as you are not part of that contract. The seller then can accept any offer and does not have to accept the higher one. It may contain stipulations that are unacceptable to the seller such ans contengent on selling another house and so on. In fact showing you the offer is probaly a bad idea because then the agent is not acting in the best interest of the person making the other offer and I believe would be open to a possible lawsuit from that potential buyer for disclosing privledge information.
I always tell people don't get caught up in games that are being played, would you be comfortable in a car dealership hearing this same line? It's no different here, Always be prepared to walk away. If you just couldn't live w/o the house then you should have agreed to the listing price and had the agent present it the same day along with your earnest money. If the seller has already accepted your offer and your earnest check has been received as your consideration then I believe you have enforce your contract and seek the purchase of the house or damages for breach f contract.
If she made an offer in writing then the seller usually has 24 or more hours to reject, counter or accept the offer depending on what the contract said. If there are more than one offer outstanding then the realtor must provide both to the seller but has no obligation to show it to you as you are not part of that contract. The seller then can accept any offer and does not have to accept the higher one. It may contain stipulations that are unacceptable to the seller such ans contengent on selling another house and so on. In fact showing you the offer is probaly a bad idea because then the agent is not acting in the best interest of the person making the other offer and I believe would be open to a possible lawsuit from that potential buyer for disclosing privledge information.
I always tell people don't get caught up in games that are being played, would you be comfortable in a car dealership hearing this same line? It's no different here, Always be prepared to walk away. If you just couldn't live w/o the house then you should have agreed to the listing price and had the agent present it the same day along with your earnest money. If the seller has already accepted your offer and your earnest check has been received as your consideration then I believe you have enforce your contract and seek the purchase of the house or damages for breach f contract.
Last edited by Von Bongo; 08-07-2002 at 10:54 PM.
08-07-2002, 10:53 PM
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Thanks DJD , THats what I'm thinkin ! If I could only find out .......
And if they're lying ??
Well then ,we'll be buying a much bigger home AND a 47' apache !
HI Ron ! We just put in the bid and I guess it's fare game untill it is signed by the seller . We put that they had 5 days to answer our bid . YOu have to give them a few days . I said 1 day the realtor said no .
We have lost a couple houses to this bidding **** already ! It's gettign old . AT least those ones I know they had a legit offer becuase it was sold ! This one I dont' know .........
Best of luck at the races ! I'm glad mike can help . I'm working day and night on my motors trying to beat the snow ! You may see me in a week or so ! I hope !
Anyone else have an idea to find out if in fact an offer does exist .I don't need prices ( but that would be nice
) I just want to know if we are getting screwed into coughing up more money for nothing . THanks
And if they're lying ??
Well then ,we'll be buying a much bigger home AND a 47' apache ! HI Ron ! We just put in the bid and I guess it's fare game untill it is signed by the seller . We put that they had 5 days to answer our bid . YOu have to give them a few days . I said 1 day the realtor said no .
We have lost a couple houses to this bidding **** already ! It's gettign old . AT least those ones I know they had a legit offer becuase it was sold ! This one I dont' know .........
Best of luck at the races ! I'm glad mike can help . I'm working day and night on my motors trying to beat the snow ! You may see me in a week or so ! I hope !
Anyone else have an idea to find out if in fact an offer does exist .I don't need prices ( but that would be nice
) I just want to know if we are getting screwed into coughing up more money for nothing . THanks
08-07-2002, 10:59 PM
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Hi I'm a realtor in VA. Our market may be a little different then yours in NJ. My advice is to ask your realtor to provide you a current CMA ( market analysis) of the subject property, deside what price you would be comfortable with and keep in mind you may lose the deal with a low bid. No one wants to over pay, sorry to say but that is the risk of buying real estate. Don't sumit an offer too high that you will regret buying the property. Our market here in VA is very hot, some neighborhoods/properties are selling in hours so their is little negotiation time. So my best suggestion is offer what you feel is right for your budget. If your agent is a "Realtor" the have a code of ethic which requires them to be honest about the conditions of the negociation process ie:the other offer. There are Realtors and Real Estates agents make sure you know the difference. A Realtor is bound by a code of ethics by the state and real estate agents are not. If you have a good Realtor representing you then they should be able to inquire enough with the listing agent to at least find out where you need to be on your offer and make recommendations to you and your girlfriend on what you should do. Good luck. I hope it all works out.
08-07-2002, 11:00 PM
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Wow ,everyones awake now !
The offer was given with a small deposit of good faith. It was not accepted ,it was just given and received .
von bongo, The realtor we are using is not the listing realtor . We have our own which I THINK I trust . Problem is he has to play ball with the selling realtor . And I beleive it is a bank owned house . That is confusing because it lists a persons name ,but they said it belongs to the bank ? REPO ? House is empty for some time and all services are off . (elctric ,water , gas )
?????????????????????????????????????????????????: confused:
The offer was given with a small deposit of good faith. It was not accepted ,it was just given and received .
von bongo, The realtor we are using is not the listing realtor . We have our own which I THINK I trust . Problem is he has to play ball with the selling realtor . And I beleive it is a bank owned house . That is confusing because it lists a persons name ,but they said it belongs to the bank ? REPO ? House is empty for some time and all services are off . (elctric ,water , gas )
?????????????????????????????????????????????????: confused:
08-07-2002, 11:04 PM
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Boot,
That could be, the court house records just may not be current to show the bank in title, I know here it can take up to 2 weeks to show a change of title. If you know and trust your agent then he/she is probaby acting in good faith.
A lot of good information and advice here, sounds like your doing all you can.
That could be, the court house records just may not be current to show the bank in title, I know here it can take up to 2 weeks to show a change of title. If you know and trust your agent then he/she is probaby acting in good faith.
A lot of good information and advice here, sounds like your doing all you can.
