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Offer and counter offer

While waiting for buyer no 1 to accept a counter offer, I received a much better offer from buyer no 2. Now one agent says it's ok, one agent says it's not (to go with buyer no 2).
  • December 11 2012 - Union Hill-Novelty Hill
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Answers (7)

Profile picture for nwhome.us
Good luck!
  • December 11 2012
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Profile picture for user827139
Thankfully the first buyer backed out. So I'm out of the problem zone. Whew!
  • December 11 2012
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This happened to one of our buyers lately.  Our buyer made an offer.  The seller made a counter offer.  Our buyer accepted the counter offer exactly as is.  The seller's agent called us to ask if the counter offer had been accepted.  We said yes.  The seller's agent asked us if the buyer had changed anything at all, even a word.  We said there were no changes.  We asked what was going on.  She said her seller had received a full price offer.  The seller's agent said your buyer has the fully executed contract, so the seller will proceed with your buyer. The transaction closed and our buyer is living in the home.
  • December 11 2012
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Profile picture for nwhome.us
In real estate the phrase "time is of the essence" is no small concept. 

If you ever have a question about the information that your agent is giving you go to their manager, NOT another agent. Another agent is interfering with the transaction and that is a legal term.  Yours agent's manager is actually the responsible party on your side of the transaction and will know if you still have time to get a recision to buyer #1.
  • December 11 2012
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This is a very tricky situation.  You want to make damn well sure you dont' sell your home twice.  Make sure you legally withdraw your first counter offer using a counter offer withdrawl of offer or counteroffer form 36A and get a fax receipt confirmation.  This doesn't have to be signed by the first buyer.  Then just to be sure make the 2nd better offer "subject to withdrawl of first counter offer."

Good luck!
  • December 11 2012
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Profile picture for LumleyTeam
It is okay if you sent a rescission of your counter offer to the first buyers agent. You or your agent need to have proof that the rescission was delivered to that agent before they accepted your counter offer and before accepting the second offer.
  • December 11 2012
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Thanks for posting  your question on Zillow.com!

I am going through this very same thing now!

I have a listing that received a cash offer.  While negotiating another cash offer, much better & almost full price, came in.  We went back to both and asked for "highest & best".  We are literally signing the second buyer's offer now.

Congrats and best of luck to you!
  • December 11 2012
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