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I made an offer on a house that was listed at 175,000. My offer was $165,000 Plus closing costs.

The price of the home has dropped to $168,900. I have not heard if they have accepted my offer or not. Can I re submit another offer based on the new price??
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July 19 2010 - Fresno
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Answers (9)

Is this home is a short sale or REO? Has the listing agent submitted the offers to the bank? If so, then it's probably too late. If not, you should have the opportunity to re-submit your offer. I would talk to your agent as quickly as possible, he should be able to tell you if it's possible or not. Good luck!

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September 14 2010
If this was an offer on a home being sold through a short sale the bank may take 2 to 4 weeks (if not longer) to get back to you.  Talk to your agent to get updated
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August 30 2010
I am assuming you made the offer through an Agent.  Your agent should be coaching you through this process.  Your offer is so close to the new asking price, that I can't imagine it would be rejected, but your agent should confirm that they got your offer.  Offers usually expire after three days, so you might need to resubmit.  If the agent who submitted the offer hasn't followed through for you, get a new agent.  I think a great way to find one is to go around to open houses and interview them.  When you walk into an office, in most companies you will be directed to the agent who is "up", whether you like it or not.
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August 03 2010
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Perhaps the closing costs are getting in your way.   A 165k offer with closing costs is  a $157k offer if 5% closing costs are considered.
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July 24 2010
Something sounds awry.  Although sellers are not required to respond to any offer listed in our local MLS except those at the listed price and at terms "acceptable to the seller", you'd think you would have heard something - especially since the price has since been lowered.  You or your agent should always get at least a verbal confirmation of receipt of your offer by the seller - simply faxing or emailing the offer doesn't guarantee it was received.  Did you ever get a confirmation?  Consider withdrawing your current offer (if it didn't have an acceptance termination date) and submitting a brand new offer at your best and highest price - make sure you complete all required paperwork in your offer. Maybe increase the down payment to get the seller's attention, and make sure your prequalification letter is current & attached. If you're using an agent, make sure you get timely feedback and advice; if not, you might want to consider hiring one who will work to your satisfaction. 
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July 24 2010
are you working with a realtor?
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July 19 2010
YES YOU CAN RESUBMIT YOUR OFFER. MAKE SURE YOUR AGENT HAS  CHECKED TO SEE WHAT KIND OF FINANCING IS ACCEPTED. PERHAPS IT IS A CASH DEAL ONLY OR FHA 203K ONLY DUE TO CONSIDERABLE REPAIRS NECESSARY. PERHAPS THE OFFER WAS SENT IN INCOMPLETE WITHOUT ALL THE REQUIRED ADDENDA PER THE LISTING AGENT. YOUR AGENT CAN ALSO SHOOT AN EMAIL OVER TO SEE IF YOUR FIRST OFFER WAS RECEIVED.
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July 19 2010
I am assuming that you are working with a Selling Agent.  Have your agent call the listing agent to get a status of your offer for you to understand what is really going on.  It looks like that they have not accepted an offer since the listing price has been dropped.  For all you know, your offer may not have been received after all.  The current listing price is too close to your offer price.  Someone has to compromise at this point, so your best bet is understanding the status of your offer and what the seller is really willing to accept.

Hope this helps!
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July 19 2010
If they have not accepted, you can resubmit.  It just depends how "bad" you want the home.  Resubmitting an offer for lower may put you on the bottom of the list if there is a multiple offer situation. 
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July 19 2010
 
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