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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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WWYD- Best and Final Offer...???--UPDATE-- Now what?
The house we were interested in- and subsequently outbid on- may once again be available.
Apparently the other buyers are having contract issues and second thoughts.
The realtor we were working with called me today and said that the sellers agent wants our "best and final offer" and that there will be no more negotiating.
We never did negotiate- we never even made a formal bid on the house- just a verbal with a request for a counter (we knew we were low).
Does this seem ok to you? Should I give them our Max or shave a little off the top? Is it fair that we don't have the chance to negotiate?
Our max is 19,000 less than asking- and the offer they accepted is 14,000 less than asking.
I'm confused.
UPDATE: So I called the REA back and told him what our MAX was. He said ok- and asked for the name/number of our attorney. I got an attorney from my dad and called him up. He said that (A) there should be no reason to have an attorney until a deal is made and (B) to NOT offer our max. He said we should raise the original bid by $10 thousand and see what happens.
So, DH called the REA and told him that the attorney advised us to offer less and he said "Well, you're going to lose the house."
I don't know what to think or who to believe! Of course if I can get the house for under our max, I want to!!
Am I being stupid by not going with our max on the advice from the attorney?
Message edited 5/20/2009 11:39:14 AM.
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Posted 5/19/09 8:08 PM  |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: WWYD- Best and Final Offer...???
Where are you looking? I think we might be bidding on the same house!
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| Posted 5/19/09 8:29 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: WWYD- Best and Final Offer...???
if you REALLY want this house, offer your max and tell them that's the best you can do. but be prepared to walk away. 
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| Posted 5/19/09 8:54 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: WWYD- Best and Final Offer...???
i am finding out the hard way if you want the house go for what you can afford and if its their high asking then go for it.
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| Posted 5/19/09 9:01 PM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: WWYD- Best and Final Offer...???
Posted by Salason
Where are you looking? I think we might be bidding on the same house!
West Islip 
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| Posted 5/19/09 9:25 PM |
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ChrisDee
My Girls
Member since 11/06 9543 total posts
Name:
Christine
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Re: WWYD- Best and Final Offer...???
It just means they want your best offer and letting you know that they do not want to negotiate. So offer what you are willing to pay and see what happens.
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| Posted 5/19/09 9:36 PM |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: WWYD- Best and Final Offer...???
I think that they may be looking to have you come up to the other offer- BUT, I would definately offer your top and just say- this is it, this is our best offer, we can not go any higher and like a pp said- be willing to walk away
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| Posted 5/20/09 8:34 AM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: WWYD- Best and Final Offer...???
Posted by kahlua716
The house we were interested in- and subsequently outbid on- may once again be available.
Apparently the other buyers are having contract issues and second thoughts.
The realtor we were working with called me today and said that the sellers agent wants our "best and final offer" and that there will be no more negotiating.
We never did negotiate- we never even made a formal bid on the house- just a verbal with a request for a counter (we knew we were low).
Does this seem ok to you? Should I give them our Max or shave a little off the top? Is it fair that we don't have the chance to negotiate?
Our max is 19,000 less than asking- and the offer they accepted is 14,000 less than asking.
I'm confused.
they called you back I wouldnt go up to your 19k, maybe another 8k.
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| Posted 5/20/09 10:09 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: WWYD- Best and Final Offer...???
Posted by belladi
Posted by kahlua716
The house we were interested in- and subsequently outbid on- may once again be available.
Apparently the other buyers are having contract issues and second thoughts.
The realtor we were working with called me today and said that the sellers agent wants our "best and final offer" and that there will be no more negotiating.
We never did negotiate- we never even made a formal bid on the house- just a verbal with a request for a counter (we knew we were low).
Does this seem ok to you? Should I give them our Max or shave a little off the top? Is it fair that we don't have the chance to negotiate?
Our max is 19,000 less than asking- and the offer they accepted is 14,000 less than asking.
I'm confused.
they called you back I wouldnt go up to your 19k, maybe another 8k.
I agree this happened to us also we got into a bidding war and then that seller back out and they came back to to us and we said sorry we are done with that home I'm not playing games. I wouldn't go up to your max.
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| Posted 5/20/09 10:45 AM |
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Re: WWYD- Best and Final Offer...???
When we bought in NJ 2 years ago we had one chance to make an offer so it had to be the best and final. I really don't see anything wrong with it. I liked it because we bid what we felt comfortable with and if they really want the sell they will accept if not, not a big deal.
When we sold, it was irritating to me to go back and forth. I really just wanted a best and final offer.
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| Posted 5/20/09 10:56 AM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Update in original post
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| Posted 5/20/09 11:39 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Posted by kahlua716
UPDATE: So I called the REA back and told him what our MAX was. He said ok- and asked for the name/number of our attorney. I got an attorney from my dad and called him up. He said that (A) there should be no reason to have an attorney until a deal is made and (B) to NOT offer our max. He said we should raise the original bid by $10 thousand and see what happens.
So, DH called the REA and told him that the attorney advised us to offer less and he said "Well, you're going to lose the house."
I don't know what to think or who to believe! Of course if I can get the house for under our max, I want to!!
Am I being stupid by not going with our max on the advice from the attorney?
The RE wants your attorney's info to see if you are serious and "prepared" to start the process if you can agree on a price.
I would offer what you feel the house is worth. A lot of times if a RE says "you are going to lose the house"... they usually come crawling back a week later.
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| Posted 5/20/09 11:43 AM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
This is how REA make their money. If they don't try to get the best price for the seller then they aren't doing their job. They also make less money on their commision. You just offer what you two feel comfortable with. But you have to know you might have to walk away. Your attorney wants to make you happy and he is probably advising you the right way. IMO! GL!
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| Posted 5/20/09 12:21 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
They were willing to take $14k less than asking and you were offering $19k less than asking..
Screw it they are playing games... Dont go above or over.. Come up the difference of 5k between the 2 offers and tell the real estate agent to kiss your ***.
Thats ridiculous... How long ago was the offer accepted
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| Posted 5/20/09 12:50 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Remember the REA works for the seller. The more she gets you to spend...the more she makes in commission.
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| Posted 5/20/09 1:27 PM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
This pretty much goes against what everyone is saying BUT...if you really love this house, don't risk losing it over a couple of thousand dollars. IMO, offer your Max and see what happens. When it comes down to closing, there are so many fees and so much money out of pocket  At that point, you realize that a few thousand dollars really doesn't make a difference.
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| Posted 5/20/09 1:37 PM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Posted by belladi
They were willing to take $14k less than asking and you were offering $19k less than asking..
Screw it they are playing games... Dont go above or over.. Come up the difference of 5k between the 2 offers and tell the real estate agent to kiss your ***.
Thats ridiculous... How long ago was the offer accepted
Well, we never offered @ our max. We went in really low and were then outbid by alot (the other buyers raised their original bid- which was equal to ours- $35000!!)
It just doesn't seem to make sense- if the other deal is falling through- won't the sellers be back to square one to begin with? They'll have no choice but to negotiate with a whole new set of interested buyers.
I guess we'll see what happens. 
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| Posted 5/20/09 1:39 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Posted by kahlua716
Well, we never offered @ our max. We went in really low and were then outbid by alot (the other buyers raised their original bid- which was equal to ours- $35000!!)
It just doesn't seem to make sense- if the other deal is falling through- won't the sellers be back to square one to begin with? They'll have no choice but to negotiate with a whole new set of interested buyers.
I guess we'll see what happens.
Unfortunately games are played. You really have no idea if the agent is telling you the truth or not about what was offered by the other buyer. This is how they (the REA) gets you to come up in price and the REA and seller are happy. I would just bid what you feel comfortable bidding right now. There are so many houses out in the market. But, if you really really want this house, then if you both want to raise the price, then raise it. But the seller and REA win at this point. It's just a big game that is played. If they really want to sell, they will accept your offer, if not then you have to walk away. If you come up to where the REA wants you to be, but you and DH aren't comfortable with the price, that isn't a good thing. Things come up after buying a house. Things that you never saw, so if it's dream house and the inspection goes well, then go for it, but if it's not your dream house and there might be problems, I would bid lower. We had a lot more to do then what we expected in the beginning, so for us we were happy that we held our ground when we were placing our bid. This way we had more cash in the bank for things that we needed to do to the house. This is completely my opinion on all of this.  Good Luck!
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| Posted 5/20/09 2:18 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Posted by SpiceGirl
Remember the REA works for the seller. The more she gets you to spend...the more she makes in commission.
it's not really based on comission- by law they are obligated to get the most money for the seller and look out for the sellers best interest (the difference in comission in this case is max $150)
example- let's say you (the buyer) mention to the sellers agent that your credit isn't so good and getting approved for a loan is questionable
the sellers agent HAS to tell this to the seller
that's why buyers agents are out there- they work for the buyer -
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| Posted 5/20/09 3:14 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Posted by kahlua716
Posted by belladi
They were willing to take $14k less than asking and you were offering $19k less than asking..
Screw it they are playing games... Dont go above or over.. Come up the difference of 5k between the 2 offers and tell the real estate agent to kiss your ***.
Thats ridiculous... How long ago was the offer accepted
Well, we never offered @ our max. We went in really low and were then outbid by alot (the other buyers raised their original bid- which was equal to ours- $35000!!)
It just doesn't seem to make sense- if the other deal is falling through- won't the sellers be back to square one to begin with? They'll have no choice but to negotiate with a whole new set of interested buyers.
I guess we'll see what happens.
Im confused you offered $350k and the other buyers offerd $350
Do you want this house, I would come up a little and see what happens, tell them thats your final offer
Message edited 5/20/2009 3:55:50 PM.
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| Posted 5/20/09 3:54 PM |
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
When we put in our initial offer the REA asked for our attorney's name. I don't know if its normal. But when the offer was accepted he got the contracts immediately.
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| Posted 5/20/09 4:04 PM |
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NASP09
...
Member since 6/05 6030 total posts
Name:
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Re:
Message edited 3/4/2010 8:06:54 PM.
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| Posted 5/20/09 4:39 PM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Posted by belladi
Posted by kahlua716
Posted by belladi
They were willing to take $14k less than asking and you were offering $19k less than asking..
Screw it they are playing games... Dont go above or over.. Come up the difference of 5k between the 2 offers and tell the real estate agent to kiss your ***.
Thats ridiculous... How long ago was the offer accepted
Well, we never offered @ our max. We went in really low and were then outbid by alot (the other buyers raised their original bid- which was equal to ours- $35000!!)
It just doesn't seem to make sense- if the other deal is falling through- won't the sellers be back to square one to begin with? They'll have no choice but to negotiate with a whole new set of interested buyers.
I guess we'll see what happens.
Im confused you offered $350k and the other buyers offerd $350
Do you want this house, I would come up a little and see what happens, tell them thats your final offer
No- the other buyers offered $380,000. We made a verbal offer of the same- but asked for a counter. Then the other buyers raised their bid to $415,000. Which is just over our budget.
The sellers accepted the bid and they were going ahead with the other buyer. Yesterday- the seller's REA called ours to say that the other buyer's were having contract issues and second thoughts and the sellers want our best and final offer.
So, technically, we never even made a formal offer on the house.
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| Posted 5/20/09 5:04 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
Posted by kahlua716
Posted by belladi
Posted by kahlua716
Posted by belladi
They were willing to take $14k less than asking and you were offering $19k less than asking..
Screw it they are playing games... Dont go above or over.. Come up the difference of 5k between the 2 offers and tell the real estate agent to kiss your ***.
Thats ridiculous... How long ago was the offer accepted
Well, we never offered @ our max. We went in really low and were then outbid by alot (the other buyers raised their original bid- which was equal to ours- $35000!!)
It just doesn't seem to make sense- if the other deal is falling through- won't the sellers be back to square one to begin with? They'll have no choice but to negotiate with a whole new set of interested buyers.
I guess we'll see what happens.
Im confused you offered $350k and the other buyers offerd $350
Do you want this house, I would come up a little and see what happens, tell them thats your final offer
No- the other buyers offered $380,000. We made a verbal offer of the same- but asked for a counter. Then the other buyers raised their bid to $415,000. Which is just over our budget.
The sellers accepted the bid and they were going ahead with the other buyer. Yesterday- the seller's REA called ours to say that the other buyer's were having contract issues and second thoughts and the sellers want our best and final offer.
So, technically, we never even made a formal offer on the house.
I dont think I would go thtat high.. If you arent comfortable with it... You can make your final offer of 380 and see if they counter if they dont keep looking....
You dont need to be desperate in this market
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| Posted 5/20/09 10:18 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: WWYD- Best and Final Offer...???--UPDATE-- Now what?
what was the asking price?
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| Posted 5/20/09 10:26 PM |
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