Seller Raised List Price Above My Offer after I Submitted

Member since 2020 · 2 posts · 0 votes

Hi all. Has anyone experienced or had a deal and can explain their experience with a selling realtor who raised their list price after receiving my offer to slightly above mine?

I recently put in an offer on a place that was at least 10K above asking/list price. One of the sellers is also a real estate agent. When my agent reached out, the sellers said they have only gotten low ball offers and would consider accepting if they got an offer above the list price. I submitted my offer and within 5 hours of me submitting my offer, the list price on the house has now changed to $1K above my offer price.

Has anyone dealt with an issue like this before? Can real estate agents legally use an already submitted offer like this and bump up the price? Does this happen often?

0 Reply

31 views

2 Replies

Jump to latestLatest

Sort by

Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
5y
@Eva Lai What ever the case is going on here (feels sketchy to me) don't get pushed around by the seller. If they want to play games, change list prices, or require stupid terms don't play along. Stick to YOUR NUMBERS and don't pay a dime more. Don't be afraid to walk. REI is all about numbers and building a trust worthy team. The negotiation and seller you're dealing is not treating you well.

Cheers.
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
5y
I suspect that who ever the owner is ( listing agents dont call the shots unless they are also the owner) the owner can do whatever they want prior to accepting a contract that is presented to them.. I think they can change list price they can counter.. they could remove it from the maket etc.. I do recall though that if a property has a legal listing agreement and buyer comes in at list price and seller terms that the agent has earned their fee.. this could be old school my days of selling real estate 30 to 40 years ago.. but I seem to recall that.. so thats different than what a seller can do with the listing price..
keep in mind with lumber doing what its doing for me who is activily building I have been raising prices almost weekly for some models of homes One day it was 550k the next day it was 575k then a week later I raised it to 600k and sold it at 600k.. the agents can look at listing history and they will ask and we just tell them whats happening in the lumber markets and the supply chains like pipe is going to go up anything plastic roofing material is going up etc etc. Try to buy appliances I have to order my appliance package's 4 months in advance and my vendor told me NO refrigerators you have your buyers source their own.. ON high end like Wolf sub zero it can be 6 to 9 months lag time..
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.