Sellers Playing Chicken. Call Their Bluff?

2 Replies

This morning I put in an asking price offer on an MLS-listed house with an escalation cost to nearly 10% above asking price. (There were multiple offers.) It's a well priced property, and my numbers still work at the high end of the deal.

I just got a call from my realtor telling me that the sellers want best and highest by 5 PM tomorrow with no escalation clause.  She thinks that the other offers were probably at or below my offer, so they're hoping to just get me to offer a higher amount.

I figure my options are:

A) Resubmit my original asking price offer.
B) Offer a couple thousand more than asking price.  I'm not willing to just flat out offer the full amount of what I would have escalated to.
C) Tell them they have my best and highest offer, and that I need a response by 5 PM today or I'm pulling the offer.

I feel like option C could pressure them to make a decision immediately rather than wait for other offers (potentially higher than mine) to come in.

You likely will just eliminate yourself from the bidding.

Originally posted by @Will Johnston :

This morning I put in an asking price offer on an MLS-listed house with an escalation cost to nearly 10% above asking price. (There were multiple offers.) It's a well priced property, and my numbers still work at the high end of the deal.

I just got a call from my realtor telling me that the sellers want best and highest by 5 PM tomorrow with no escalation clause.  She thinks that the other offers were probably at or below my offer, so they're hoping to just get me to offer a higher amount.

I figure my options are:

A) Resubmit my original asking price offer.
B) Offer a couple thousand more than asking price.  I'm not willing to just flat out offer the full amount of what I would have escalated to.
C) Tell them they have my best and highest offer, and that I need a response by 5 PM today or I'm pulling the offer.

I feel like option C could pressure them to make a decision immediately rather than wait for other offers (potentially higher than mine) to come in.

I think your thinking is misguided on Option C.  Why would they accept your offer today without seeing what the other offers are tomorrow.  You said your agent believes that some of the other offers matched yours.  They'd be stupid to accept your offer without finding out if the others were willing to up their offer. 

Submit your offer again, if you that's what you want to pay, but don't put a new time on it.  I agree with Wayne in that if you do that you'll likely be eliminated altogether.

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