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what can I do when I put a bid in on a house and someone else put a bid in on it also?
I put a bid in on a house about 2 weeks ago that is going through a short sale. I got a call today from the realtor saying that she got another bid on the house. How can I find out if there really is someone else that put a bid in on it and if I already gave the realtor a earnest check does that count for something? How do I get my own agent now when she has all of the paperwork written up and she has the earnest check?
8 Answers
- LandlordLv 71 decade agoFavorite Answer
All bids come with an earnest check, that is meaningless. Until escrow is opened with a signed sales contract they are free to collect as many offers as they want. You have to have highest and best to win.
- Simpson G.Lv 71 decade ago
You made an offer on a short sale house WITHOUT a buyer's agent? That's incredibly stupid.
You can't 'find out' if there is another bid for sure. The earnest check will show the bank and seller that you are interested, but doesn't really do much unless the other party doesn't choose to do the same.
At this point, you can get attempt to get another agent, but she's going to have to split the commission with the current agent.
If you really want the house, you can ask the agent to ask the bank/seller to counter your offer if the other offer is higher.
If the other offer is accepted, then you will get your earnest money back and you should start to find a new agent for yourself.
Edit: Nice try. Answer restored.
- Anonymous1 decade ago
Giving an ernest check does not make the place yours. They are free to take other bids until one is accepted. You have to deal with the bidding war or find another place to buy. Biding wars happen all the time and is just something you may have to deal with if you want to buy a house.
Source(s): I'm a property manager & I watch too much HGTV - RetiredDebtFreeLv 61 decade ago
The problem with not having a contracted Buyer's Agent is that realtors always work for the Seller. So you now have to trust the realtor who does not have your interests first. Nothing you can do except ask for a counter offer and meet that if it is offered to you.
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- real estate guyLv 71 decade ago
First, it's too late to get your own agent.
2nd, make your final best offer.
This is a short sale. The regular "rules" don't apply. You can't steal the house and also get fair treatment, like one contract at a time and a quick answer.
Multi-contracts and very very long time frames are the costs of buying a short sale. Not to mention a lot of other problems.
- troLv 71 decade ago
this happens often and if your bid is the lower of those submitted the owner or seller has the right to take which one they select
you should get your earnest money back
- acermillLv 71 decade ago
You can only choose to believe her or NOT believe her. Other offers and their contents are strictly confidential and she is required to maintain such confidentiality. You can hire your own buyer agent to represent you now, BUT that agent's commission will come out of YOUR pocket, since the listing agent is now entitled to the full commission for that listing. (You tendered an offer with her, and that gave her rights to the full commission.)
The listing agent is NOT required to give your buyer agent .copies of anything. You do not have copies of documents signed ? I am guessing you went into this offer completely blind and uneducated, and you now will pay the price.