My wife and I are purchasing a home and put an offer in Sunday for a purchase price of 170K with an escalation to 180K originally. We didn't hear back from the listing agent until Tuesday afternoon. We were told that the seller DOES NOT do Dotloop to sign contracts and the agent did not present our offer until that Tuesday along with all of the rest of the offers.
We increased our escalation to 190K on Monday morning because we felt it was not high enough. When our agent told the listing agent that we increased and would be sending our new escalation clause shortly, the listing agent responded, "Don't. She does not understand escalation." Our agent tried reaching out to the listing agent in multiple ways but never was responded to.
We ended up losing the offer and when our agent asked if it beat our 190K, she did said no it didn't but the seller took a better offer for them. We are feeling like the selling agent never truly presented our offer because she never explained our escalation and it was rejected using Dotloop which she did not use.
Is there anything we can do about this? Is this a common thing to happen?
We don't accept escalation clauses on our listings and no seller or agent is required to accept them. While the listing agent may appear to have been the issue, it seems like a double-dip of being too cautious on your end (escalation instead of a best and final offer) and your agent not following the requested protocol by the listing agent. Sending the offers through DotLoop is annoying for listing agents who have never used it and they will not see it. All offers should be sent via email, with one PDF with all documents included (as well as cover letter) and then a text to confirm receipt. I don't see anything in your post that indicates the listing agent did something wrong. Many sellers don't look kindly on escalation clauses because they think of it as a game and would rather have someone who comes in hot with a good letter, a good offer, and a good POF/financing. Too many buyers try to get too cute and the market does not support that right now.