Home Buying: Bidding Concerns

S

SaintDude

Miss Deaf Texas++
Veteran XX
Morning peoples. I have a question to you home owners out there. My wife and I were working on buying our first home. We finally found something we loved this week after shopping over the last 6 months. Things, unfortunately, went pear shaped. Here are cliff notes:

- Asking price was 220k
- We bid first, 210k and were asking for closing costs. Buyers market right?
- 24 hours later a second bid comes in that is "slightly better" and cash. No details.
- Our agent says the sellers agent wants our best counter offer.
- We were willing to pay asking price from the get go. We bump to 221k to push it slightly over and offer to pay closing costs.
- Bad news comes in last night. Cash offer of 220k is taken because they can close two weeks sooner. We have no chance to counter again.

Needless to say we're not happy. I realize why a seller might be inclined to do it. 1k for an easier close and all. I was just wondering if there are any laws saying that first bids get right of final counter offer or anything. Just kinda frustrating that we got our bid in first and ultimately slightly higher and we still get fucked. At this point I'd like to just put a counter in of 225 or more just to have these guys hork out more of their money.

It's also massively frustrating that the other party paying cash is probably a contractor looking to flip it. 1960's ranch, one owner, clean, livable as is with tons of room for upgrades and improvements in one of the nicest areas we've been looking.

Bummed out saint today. :(
 
FUCKING FIRST

Edit: Wait, that sucks. But I bet you'll be stoked when you get a place.

Sorry I'm a friendgot.
 
Move on, plenty of other houses. You'll find another house that you like just as much if not more. The first place we put an offer on got rejected because the Bank that had ownership of it wanted 75,000 more than it was worth. About a year or two later, a friend of ours actually bought it (for 100,000 less than the bank wanted) and fucking hates the place. Horrible neighbors, lots of problems. Glad I didn't get it.
 
god that sucks.

you should get all left eye lopez of TLC fame on everyone & burn that motherfucking house to the ground.

 
move on dude

the winner had cash and bid the asking price, you lose. if i was the home seller i would've done exactly the same thing
 
sorry bro.

bought my first house in september and my process went really smoothly, other than some minor paperwork gaffes on the title company's side of things.

wasnt in the market to buy. drove by saw the sign. slammed on brakes. looked around a bit, and then contacted my sister who is a real estate agent. just asked what the price was and such for shits. still no intention to buy. price was well within my means, and the house was really nice, so i had all the inspections done and toured a couple times. closed 30 days later. i was the first offer, and the house had only been on the market for 20 days or so. badabing, badaboom.

sucks about the bidding thing though. good luck with the next one you find.
 
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I see tons of cash offer buyers not following through. You can ask your agent to keep in touch with the listing agent and see if they actually open escrow and receive a deposit. If not, then you can be first in line if it falls through.

But no, there is no law saying they have to sell it to you or give you preference because you bid first. That's just dumb. It's their house. They can sell it to whoever they want.

Also, if I were selling a house, I would still take the $220k cash offer over a $225k offer with a loan.
 
Obviously we have to move on. Problem is we're in a section of VA that has a lot of shit areas nearby also we we really have to cherry pick where we can live. The three "good" areas are obviously the more expensive. Most of the places we've been looking at have been in a bad location (good neighborhood but near main roads or corner lot), slightly higher than we can afford but would offer below their asking price (not much luck there) or in many cases are complete dumpster fires.
 
MotB Chaos said:
I see tons of cash offer buyers not following through. You can ask your agent to keep in touch with the listing agent and see if they actually open escrow and receive a deposit. If not, then you can be first in line if it falls through.

But no, there is no law saying they have to sell it to you or give you preference because you bid first. That's just dumb. It's their house. They can sell it to whoever they want.

Also, if I were selling a house, I would still take the $220k cash offer over a $225k offer with a loan.
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We already told our agent that our offer is still on the table should the cash bid fall through. She mentioned that sometimes people might do that to "win" the bid then start re-negotiating terms, time frame etc. once the seller is on the hook.

Oh and I do agree with you man. It's still f'ing frustrating heh. It would have been the same money in their pocket, just delayed two weeks. Problem is the owner isn't in charge of this process right now. Elderly, out of state, someone managing the sale for them etc etc.
 
More like elderly, in a home, kids are selling off the house and need cash fast, owner dies soon after of "natural causes"

That's just how real estate is

Those monsters don't deserve your money man
 
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