Posted by
Message
CQQ
LSU Fan
Member since Feb 2006
16736 posts

Real Estate Advice - Re-approaching seller after offer declined
Back story -

We looked at a house three times before deciding to put an offer in. We need to sale our house in order to buy it. Our house is in the same school districts as theirs, good part of town, should sell quickly etc. So our agent texted their agent asking if an offer with a contingency would be considered. After 2 days of no response, we decided to put a formal offer in. First offer was 3% off listing. It was declined with no counter offer/feedback. A few days go by and we decide to put a full price offer in. Offer is immediately declined because they don't want to wait on us to sell our current house.

I'm unclear on why someone would decline a full price offer even if it has a contingency attached. If they would have gotten a better offer in that 60 day contingency term, they would have come back to us to remove the contingency, we would say we can't & they can go ahead and take the better offer. At least they'd have a full price offer in hand.

Anyway, this happened about 3 weeks ago and the house is still on the market. I asked my agent if he thought there was a time frame where we could re-approach the seller's agent to let them know we are still interested. He felt like we got 2 hard no's and it's over. Doesn't feel like he's working with our best interest at times so my question is, is there a time where we should re-approach the sellers without it sounding like we're desperate for their house?


TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
31238 posts

re: Real Estate Advice - Re-approaching seller after offer declined
Is the agent in question also selling your house?


Replies (0)
Replies (0)
10
The Spleen
Alabama Fan
Member since Dec 2010
23953 posts
 Online 

re: Real Estate Advice - Re-approaching seller after offer declined
So your house isn't even on the market? As a seller, especially in a seller's market, I'd be hesitant to accept an offer with a contingency if the offer came from someone whose house isn't even on the market yet. But it's also possible they're being unreasonable, and/or getting bad advice from their agent.

If you really want the house, ignore your agent's advice and make another offer. But maybe before you do, put yours on the market to show them it's a serious offer. If you think you can find another suitable house, move on.


CQQ
LSU Fan
Member since Feb 2006
16736 posts

re: Real Estate Advice - Re-approaching seller after offer declined
It's not on the market because we have a good house, planned on waiting another year or two before upgrading to the 'forever' house but this one came on the market and made us consider moving that time frame up due to size, yard, schools, etc. Not saying I'm desperate to get this house at all costs but I'm also not going to list my house and waste my agent's time if I know I'm not moving for any house other than this one. That said, I guess I see the hesitancy to accept an offer with a contingency if the house isn't even listed.

The offer was made on a Friday with a note that we would have ours on the market by Monday.




The Spleen
Alabama Fan
Member since Dec 2010
23953 posts
 Online 

re: Real Estate Advice - Re-approaching seller after offer declined
Gotcha. I'm not a real estate expert, so just trying to give some perspective from the seller's point of view. I don't see any harm in making another offer, though I'm not sure how you could "sweeten" the previous deal any. I'd imagine if they got desperate enough they'd have their agent reach back out to yours to see if there was still interest. But I also know real estate agents are hesitant to re-cross bridges that have already been crossed for some reason.

I do know if you really want to make another offer, your agent must act on your request despite his/her opinion on it.


Replies (0)
Replies (0)
10
TJG210
LSU Fan
New Orleans
Member since Aug 2006
25855 posts

re: Real Estate Advice - Re-approaching seller after offer declined
I’m an agent on the side and would never tell me clients just to drop it. Did he give you any indication on what the other agent was telling him?
How close are you to selling yours? Is it even on the market?
This post was edited on 5/13 at 11:16 am


Replies (0)
Replies (0)
00
ProudLSUMom
LSU Fan
Pass Christian, MS
Member since Sep 2007
3028 posts

re: Real Estate Advice - Re-approaching seller after offer declined
How badly do you want the house? Can you afford/qualify for a bridge loan? I would only do this if I knew for sure my house would sell in less than 60 days.



Coomdaddy
Kentucky Fan
KY
Member since Aug 2017
183 posts

re: Real Estate Advice - Re-approaching seller after offer declined
They are receiving bad advice in my opinion. It costs them 0 to accept your offer and continue marketing their home. If another buyer comes along at any agreeable offer, you have 24 hours to buy or kick rocks. Don't know why it's such a big deal honestly.


CQQ
LSU Fan
Member since Feb 2006
16736 posts

re: Real Estate Advice - Re-approaching seller after offer declined
That was kind of my thought. Get your full ask in hand with an opportunity to continue marketing it for 60 days in an effort to get above ask.

3 downvotes?


Replies (0)
Replies (0)
20
CQQ
LSU Fan
Member since Feb 2006
16736 posts

re: Real Estate Advice - Re-approaching seller after offer declined
quote:

I’m an agent on the side and would never tell me clients just to drop it. Did he give you any indication on what the other agent was telling him?

Just that they were not willing to consider contingency offers

quote:

How close are you to selling yours? Is it even on the market?

No


quote:

How badly do you want the house? Can you afford/qualify for a bridge loan? I would only do this if I knew for sure my house would sell in less than 60 days.


Not bad enough to risk paying 2 mortgages for multiple months with 3 kids


TD SponsorTD Fan
USA
Member since 2001
Thank you for supporting our sponsors
Advertisement
TJG210
LSU Fan
New Orleans
Member since Aug 2006
25855 posts

re: Real Estate Advice - Re-approaching seller after offer declined
What’s keeping you from putting what you own on the market? If you at least took that step it may get things moving a little.
This post was edited on 5/13 at 1:27 pm


CQQ
LSU Fan
Member since Feb 2006
16736 posts

re: Real Estate Advice - Re-approaching seller after offer declined
I guess just the amount of work to organize, clean, stage, market, etc. all while knowing they won't accept an offer unless our house is under contract. We're not going under contract on our current house unless we were to buy this house.

If the offer would have been accepted, our home would've been ready to list in 2-3 days. They could've secured a full ask offer while still trying to sell. If they would've come to us and said hey we have another offer (full price offer with no contingency, higher offer, etc.) they could've gone that route.
This post was edited on 5/13 at 12:43 pm


LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
15128 posts

re: Real Estate Advice - Re-approaching seller after offer declined
What's the market like in your area?

Is the seller using an agent?

You said it's been three weeks since your contingent offer... how long was it on the market before that?

Sounds to me like the seller isn't really all that inspired to sell. If they get a perfect deal, they will, but they aren't inspired enough to actually work with someone.

I've seen it before.

If the market is hot and their house is a gem and priced right, it would be under contract within 3 weeks.


Replies (0)
Replies (0)
60
flash
Army Fan
NOLA
Member since Sep 2005
426 posts

re: Real Estate Advice - Re-approaching seller after offer declined
quote:

If the offer would have been accepted, our home would've been ready to list in 2-3 days.


How is the seller supposed to know this?
It's hard enough to take a contingent offer from a buyer whose house is already on the market. Homes that are "sold but continuing to show" attract less potential buyers who may otherwise be interested, but don't want to waste their time looking at a house they might not be able to get. If you want the house at least list yours before you make another offer.


Replies (0)
Replies (0)
30
blueboxer1119
LSU Fan
Baton Rouge
Member since May 2013
1106 posts

re: Real Estate Advice - Re-approaching seller after offer declined
Once a house is "contingent" all traffic stops. Nobody will look at a house they believe to be under contract.

Purchase agreements fall through regularly, so having to navigate 2 is no bueno.

I wouldn't accept a contingency offer either. Regardless of the number. I've learned the hard way...


LSU1018
LSU Fan
Baton Rouge
Member since Feb 2007
6666 posts

re: Real Estate Advice - Re-approaching seller after offer declined
I agree, I wouldn’t accept a contingent offer unless their house was under contract.


Replies (0)
Replies (0)
30
highcotton2
Auburn Fan
Alabama
Member since Feb 2010
5528 posts

re: Real Estate Advice - Re-approaching seller after offer declined
quote:

is there a time where we should re-approach the sellers without it sounding like we're desperate for their house?


Yea, when you have sold your house and have the money to buy their house.


Replies (0)
Replies (0)
61
baldona
Auburn Fan
Florida
Member since Feb 2016
9113 posts
 Online 

re: Real Estate Advice - Re-approaching seller after offer declined
There's nothing wrong with putting in another offer, worst they can say is no.

I wouldn't accept a contingency offer either unless I was desperate. They already got a full price offer from you, the seller is likely confident they will sell at almost full ask soon.


Replies (0)
Replies (0)
00
CQQ
LSU Fan
Member since Feb 2006
16736 posts

re: Real Estate Advice - Re-approaching seller after offer declined
quote:

Once a house is "contingent" all traffic stops. Nobody will look at a house they believe to be under contract.


Good point, thanks for the feedback. What's with the downvotes though damn


way_south
Member since Jul 2017
345 posts

re: Real Estate Advice - Re-approaching seller after offer declined
No agent would recommend a client accept a contingent offer on a house if the purchaser's house isn't even on the market. It would just takes there place off everyone's radar List your house, get pre approved, and make an offer. If your house is nice, maybe the'll accept, who knows, up to them.


Replies (0)
Replies (0)
20
first pageprev pagePage 1 of 2next pagelast page

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram