Seller claimed final offer?

[Jennifer Cheu]

Hi BP community,

I am in the midst of buying a 3 family property, the list price is $440.  My initial offer on the house was at $420k, which was beat by an above list offer.  Lucky for me, the offer from the other party fell through, and I am now the only party involved in this discussion with the seller. 

After waiting almost a week, my buying agent tells me that seller came back with a final offer of $435k.  No option to counter.  Is that acceptable for them to do??  I had less than 24 hours to accept, and I did not see a formal counter in writing.  Is this common??

[Mike Cumbie]

Hi @Jennifer Cheu

Yeah they threw a verbal offer. Then can do that if they want. Personally I like my stuff in writing then after we have something going on a mutual respectful discussion then we can verbal a bit to hammer out the details and write up a final that is all complete. 

As far as a week later giving a final verbal after telling you "no, go home", because theirs fell through..... it's all a matter of style. It sounds like you were not given the respect you feel that your offer deserves which may be a viable feeling. However it is business, do you still like it at 435? Do you like it at 427K? If you want to make another offer they can't tell you what it is (They can ignore it if they choose but ignoring offers coming in at 95% of list is bad business), they only control what they put on paper. You can resubmit your original offer with a new date.

Good Luck and keep emotions out of it and you got this!