Question: Recently we viewed a home and fell in love with it. Our
agent advised there was a bid placed by another party. We in return also placed
a bid. I called my agent the next morning and gave him our top dollar. However,
the house was sold to the first bidders, and we were never asked to counter
bid! Is there anything we can do about this situation? We are heartbroken that
we didn't even get a chance to raise our bid.
Answer: All sellers have different motivations and interests. It
may well be that the first bid met all the owners' criteria and that they no
longer wished to continue marketing the home.
Could they have gotten
more money? Perhaps, but selling a home involves a certain psychological cost
and some owners simply want to sell as quickly as possible and move on. You were told
that there was an existing bid on the property -- a bid that could be accepted
at any moment prior to withdrawal. Your bid was not made until the next morning.
It's perfectly possible that the first bid was accepted even as yours was being
developed. Once a bid has been accepted, the property is under contract and the
sellers have no obligation to consider other offers. Lastly,
price is only one consideration in an offer. While a higher price is surely an
enticement, there may have been other factors which attracted the sellers.
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