There was a foreclosure listed with a local real estate agency… My wife and i put an offer of 32000 on this property…The asking price was only 29000…Our realtor advised us to offer more than the asking price if we really wanted it…
2 days later our realtor contacted us and said our offer was one of 4 offers… One offer was below the asking price, one was just over, one backed out… Our offer was the highest… The realtor selling it told our buyers agent that they were going to resend offers and that if we offered 500 more we would get it… So we upped our offer to 32500 only to find out the next day that someone (another realtor) offer 36000 and got the property…
ellis23981 - the only thing that shouldn’t have happened is a realtor stating that if you do so and so you will get your offer accepted… If he really said it, he probably over committed, which he shouldn’t have done in the first place. Having said that, we all need to realize that we are dealing with human beings and even if he didn’t want to give you a 100% assurance, he might have came across that way. Bottom line - whenever you are negotiating don’t consider anything that is said as final. If you don’t have it in writing it is not final… Period!
Don’t be too upset with this deal. You will find another one - maybe one that is even better.
I agree with j1dias - I do think it is more of an ethical/ fiduciary duty issue rather than a legal issue. I feel the agent should not have advised you to put in a higher offer but to submit your offer and wait for a counter. Otherwise, it’s all just hear say. Who knows what the listing agent really told your agent.