You are here:

Real Estate: California/We were told our offer was accepted but they continued to take offers.

Advertisement


Question
Hello! We live in Hawaii. We found a great price on a solid home here but were told several offers had already gone above the list price of $765,000. We promptly got together with our Realtor and put an offer in of $800,000 before the deadline. We are preapproved and have money to put down. We agreed to all  of their terms. After the "presentation," I received a call from our Realtor that there were 10 other offers over asking price, but that our offer was accepted. He said they will be counter offering us, but not changing anything about the price. Just "little things that are basically semantics," he said. Yet we didn't get the offer. I called later in the day to find that the Realtor continued to accept offers after the presentation. Ours no longer is the highest. I know this is legal since we only got a verbal agreement. But my question is -- is this accepted practice? If so, why the deadline? why the presentation? We are now up over $38,000 over asking price. I suspect to hear tomorrow that yet another offer has been placed. Please advice. And thanks!! Kim

Answer
Hi Kim.

'Sorry for the delay. It's just after 8 in the morning in CA.  Deception should not be standard business practice regardless of the area you live in! I absolutely agree with your points!  It's difficult to know whether the listing agent or the seller was the  over zealous one in this transaction.  The seller could be the driving force to keep going and the agent unable to convince them of what is right and wrong to do with people's lives. Regardless, you got run through the wringer.  I'm so sorry....

Suggestion for the future should this behavior look like a trend in your area:  Have your Realtor explain to the seller and or agent during the presentation what has happened to you in the past. Then put a VERY short deadline for acceptance in the offer. Example: at the end of presentations for that day.  Any counter would be done the same day, you will need to be on call for that.  Your Realtor can work out the details.

Bottom-line is -- legal? Yes. Ethical? Not in my opinion. If the listing agent is a member of the National Association of Realtors the incident  should be reported. What is suppose to set a Realtor apart from a real estate agent is the promise to work in an ethical manner.  As you have reported this transaction, in my opinion, that did not happen.  You or your Realtor can do the reporting.

Good luck, Kim! Please don't be too discouraged. As your know, the turtle  won the race <smile>.
Kathryn

Real Estate: California

All Answers


Answers by Expert:


Ask Experts

Volunteer


Kathryn Hisert; Realtor

Expertise

Everyone deserves an answer! My rounded background will provide you with information beyond ‘just’ buying and selling. I can answer questions regarding short sales, foreclosures, deed-in-lieu, home staging, vintage home related concerns, most mortgage related questions, and divorcing couples’ housing options. I am a research oriented individual who strongly believes in connecting all the dots and providing as much, or as little, information and communication my clients want or need. My expertise is in San Diego and Santa Clara Counties.

Experience

I started in the mortgage industry in January 2002. In November 2004 I earned my real estate license. The combined experience has provided me with experience within multi-faceted programs including, FHA, VA, 'hard money', private financing, short sales, foreclosures and conventional lending programs and purchasing guidelines. My clients experienced a 'one-stop shop'. Since July of 2010 I have concentrated strictly on being a Realtor with niche markets in vintage homes and divorcing couples.

Organizations
N. San Diego County Association of Realtors California Association of Realtors National Association of Realtors

Publications
www.HouseInDivorce.com

Education/Credentials
CDPE: Certified Distressed Property Expert CREDS: Certified Real Estate Divorce Specialist ASP: Accredited Staging Professional

©2016 About.com. All rights reserved.