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  1. #1
    Join Date
    Jun 2007
    Posts
    3

    Default Seller Raised Price By 20%

    Hello,

    I recently put an offer in on a house. I offered 5k over the listing price, with no contingencies. The house has allot of deferred maintenance and almost
    30k in damage according the pest report. There is also a trailer, and a broken down car on the property, in which I accepted responsibility for the cost of removal of these items.

    The seller came back with a counter offer that was 20% higher that the listing price. Had I known that is the price range it would be in, I never would have considered even looking at the property. This property is in the SF Bay area.

    I offered everything I could to secure the deal, but now I get back this counter offer that seems irrational. I know there was only one more offer on the house, and ours was signed by 2 of the 3 heirs to the property, the third person did not sign and raised the price via a counter offer. (on the counter offer only the third heir signed) Is this legal/ethical. I know you can sell a house for what you want, but it seems to me in a slow market, price should be determined before the listing, not after 2 offers are received.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Seller raised Price 20%

    maybe the 3rd guy didn;t like you and wanted you to pay more.

    It may not be ethical but it is not illegal.

    What the 3rd guy has done is give the agent a payday. Since there was a willing and (presumably) able buyer that offered full price no contingency offer, the agent provided the service contracted and is due his/her commission.

    It sounds like an internal struggle for power.

  3. #3
    Join Date
    Jun 2007
    Posts
    3

    Default Re: Seller Raised Price By 20%

    Thanks for the reply. I was told by the listing agent that our offer was by far the best. No contingencies, pre qualified, Good faith deposit. The last person in the 3 just decided that she wants more money. The other counter offer was refused so I do not know how to pursue it, or if I should just look elsewhere and make my offer void.

    I am contimplating sending back my original offer as a counter to there counter, even though I am insulted by the 150k price hike. Almost every house listed in the area has a price reduce sign on it and have been sitting on the market for months.

  4. #4
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Seller Raised Price By 20%

    Quote Quoting stitch_2007
    View Post
    I do not know how to pursue it, or if I should just look elsewhere and make my offer void.

    .
    Not much to pursue unless you are willing to up your ante to some level above what you have offered.

    Other than that, you should have placed a time limit on your offer so it would extiguish automatically. 24 to 48 hours is typically acceptable unless the sellers are difficult to contact.

    If you leave it on the table longer or especially if it does not cancel automatically, you could have difficulty getting your deposit back should they change their mind, especially after you may have offered on another property.

  5. #5
    Join Date
    Jun 2007
    Posts
    3

    Default Re: Seller Raised Price By 20%

    Thanks,

    I have to submit my counter by 5:00 pm today. I think I will just throw back my original offer and have it expire by tomorrow at 5:00pm. The person is crazy, and if the house was underpriced when listed, they would have allot more than 2 offers on the table in the 40 days it has been on the market. I thought an offer of over the listing price with no contingencies would have sealed the deal, but I guess they didn't set the initial price at a level that they are comfortable with now.

    I have offered all I can, and had the house been listed at what the counter came back at, I would not have even looked. Once again the $$$$ wins.

    I appreciate the response.

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