@Spencer OBrien Think of it this way - your offer is exactly what the name implies - an offer. It has no legal contractural standing until acceptance. An offer to sell is not an absolute auction. And even if it was, how would you prove damages?

You had the opportunity to bring your highest and best offer. You gave it and you didn't get the property. On what basis would you complain? Agents are required to present all offers to the owner up until the time one is accepted and the buyer is notified of the acceptance. If another offer came in before the owner accepted the offers on the table he is within his rights to accept it. Move on and find another.

Look like someone made a higher offer. Move on to the next deal. Joe Gore

But don't give up !!!! We have lost deals a number of times for a variety of (suspect) reasons BUT before or on the day of the close the buyer maybe forced to back out. One we bid on SOLD for $72,000 but failed to close & we got it for $45,000, cash, no conditions, close in 30. Last week there were several competing highest & best offers. Yet my low offer was accepted on a small farm for $50,000 less than the buyer paid in 2008. The only reason (I can think of) was we intimated to the seller that we wanted to keep the old groundskeeper who had lived onsite for >19 years.

Thanks to everyone for the replies! I will be moving forward, but before I did I wanted to be sure there was nothing I could do. Thanks again! I love this forum!

@Spencer OBrien Probably most people on this board have experiences such as these, leaving them scratch their heads. Last year, I negotiated for 6 months on a property (asking price 190k - my best offer was around 168k). Including not one, but two "best and final" calls. Never got under contract. Now, according to tax records, I find out that it eventually sold to someone else for 78k - yep, almost 100k below my best offer (and no, my offer did not have any weird conditions attached - in fact it was an all-cash offer, so not even financing clause)! Now, THAT's fishy! Probably nothing illegal though - seller can do what they wish. Me: moving on!

I understand what you are saying but what difference does it make you bid your highest and best---right. If you read what I wrote again carefully you will see I stated agents are required to present all offers until the seller selects his choice AND informs the purchaser until that time he is free to choose what ever offer he or she wants it doesn't have to seem fair to you nor does he need for you to understand. It is his choice.

@Martin Scherer My complaint is that they had closed the highest and best period and reopened it with no notification 10 days later. It seems fishy to me that they are able to accept another offer without replying or notifying the existing offers. What keeps the listing agent from calling up a friend the day after the highest and best day and telling them to bid X to get the house? I will move on, this just seems fishy to me.

This just happened to me, too. Put it behind you. It stinks...

Updated over 11 years ago on 06/20/2014. Most recent reply

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Spencer OBrienPoster

Investor
Wylie, TX

Buying & Selling Real Estate

Legal recourse?

Spencer OBrienPoster

Investor
Wylie, TX

Posted June 19, 2014 14:09

Is there any legal recourse available for the follow situation? I had made and offer on a house but there were multiple offers so they came back and said submit your best and highest by x date. This was about a week ago and I had not heard anything. My realtor contacted me today and said they had reopened the bid yesterday and someone made a higher offer. I never had it under contract but it was just between myself on one other person on the first highest and best. They ended up placing it under contract with someone completely different. This is extremely frustration as it was a great deal. The listing agent had even told my realtor she was advising them to take my offer. Is there anything I can do? It's Fannie Mae owned.

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Matt Devincenzo

Investor
Clairemont, CA

Matt Devincenzo

Investor
Clairemont, CA

Replied June 19, 2014 14:21

Nope.

Any willing seller (which includes FNMA) can choose who they sell to and for how much. Just because you were in the highest and best last go around doesn't give you any legal right to get "dibs".

Also realize you're not "bidding" where the highest offer wins, you're negotiating. They could have chosen a lower offer than yours for whatever reason, because the other person negotiated a lower price by giving in on something you didn't.

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