Offers technically have to be in writing. Verbal offers don't mean anything. However, the listing agent is contractually obligation is to the seller. Not the buyer. Their job is to market the property.
If you want to submit an offer, you should use an agent to submit it for you or submit one yourself.
You don't save any money going through the listing agent. Dual agency in Illinois is legal, but it has to be agreed upon by both the sellers and the buyers. Many offices just don't allow it due to the conflict of interest.
Sounds like your $500k offer came in the same time a wholesalers much higher offer did. They didn't go back to you because they had the better offer. The wholesaler is now trying to sell it for $630k. Sounds like it won't sell, but I'm sure the wholesaler has his standard "outs" and has not put down anything for EMD. offer the wholesaler $500k no contingency and see what he says?
A phone call is not an offer. Calling someone else unethical because you are not familiar with how to make an offer wont get you far in this business.
just wait for it...it might come back ..as far as the seller you were dealing with i know there are avenues you can go thru to ensure you are dealing with the rightful owner or if the contractor is being truthful
it seems like alot of ppl in real ESTATE see numbers then get naive
Yes. Like I said earlier. You can submit an offer on your own, but it has to be submitted in writing. Verbal offers don't mean anything unless you have a solid relationship with the agent, and even then, it eventually needs to be put in writing.
That being said, written offers are present to the seller. Seller makes the call on what to accept. Agents don't. What agents do is try to go through the offers to validate how serious they are - preapproval letters, bank statements and other proof of funds, and/or what other agents say about their clients. Essentially, what offers have the best change of getting to the closing table, which isn't always the highest offer.
@Kate J. The agent may be clueless and not realize he tied it up with a wholesaler.....let the agent know this, show him the wholesaler’s offer price and submit a “back up” offer....not one that sits in the agent’s inbox, but an agreement signed by the seller putting you in contract should the first one not close.
I work with wholesalers in my area. Offer is an offer.
Takes 10-20 minutes to make an offer and send if over electronically.
You didn't submit an offer.
You're making a lot of assumptions. But, assuming you're correct about the price is too high, then all you can do is shoot over your offer and it will go into backup. If the seller decides to budge then they'll entertain the offer.
Sellers don't always make decisions that make sense.
@Kate J. While it's common for agents not to present offers. It looks more like you were simply outbid on this one.