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What are the real estate rules for rejected first offers on a house?

0 votes

We submitted a first offer on a house for $15K less than asking price, much to the dislike of our "buyers agent" who suggested that we offer closer to asking price. The offer wsa submitted at 10pm, by 8am the following morning, we found out that it was not accepted and that we needed to submit another offer at the price our agent originally said. There is nothing in writing showing that it was rejected?

Is there real estate laws / rules that if an offer is submitted in writing, it must be rejected in writing? Or were we just scamemd by our money hungry agent? (in Massachusetts)

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asked Feb 25, 2017 in Business and Finance by DOROTHY
edited Feb 25, 2017

6 Answers

0 votes
I love it how you put it "buyers agent" yeah you have figured out there is no such thing.
No. they do not have to reject it in writing.
NOBODY will ever work harder for your money than you do.
If It was a $200,000 house and it had been for sale for 3 weeks, of course there is nothing wrong with offering 7 to 10% less than asking price, of then they will counter offer somewhere in between,
chances are HIGH yoru agent and the sellers agent have talked and they know how much the seller will accept.
answered Feb 25, 2017 by Raymond L.
0 votes
ignore the talk. if you already have a competitive analysis from your 'real estate broker' then you know what houses are going for, and if you low balled, the seller may not want to low ball again. you are either going to walk away or put in another offer. I sense the agent wants a bigger commission and you need to pony up to the competitive analysis pricing or walk away. no law against walking away although your broker may be frustrated without the sale
answered Feb 25, 2017 by B
0 votes
The seller should have initialed the section at the bottom of the last page where it reads about rejection of the offer.If no yell at the realtors.Low ball offers lose 99% of the time and you are wasting your Realtors time.
answered Feb 25, 2017 by A
0 votes
Acceptance & rejection offers must be in writing. Verbal pre-notifications are okay but must be followed up with written documentation to protect both buyer and seller. As a buyer, I always required a written confirmation especially if my offer was verbally accepted. Verbal offers aren't worth the paper they're written upon - zip. Otherwise, there will certainly be a disagreement between the parties. A seller's agent is ethically required to present all offers to the seller unless they don't meet the seller's "reserve asking price". You should have your own agent to present your offer to the seller's agent, never deal with a seller's agent - conflict of interest.
answered Feb 25, 2017 by Dan B
0 votes
No it does not have to be in writing. There is a time limit on offers and if it is past the time limit then it is an automatic rejection. Sometimes people who do not accept an offer do not bother with the paperwork to reject it.
answered Feb 25, 2017 by Donald B
0 votes
Your agent is working for you. They know the market better than you. I know this because if you wanted a meaningful answer, you'd have included meaningful details. Like, how big a discount was the $15K? Your agent wants you to close a deal so they can get paid (By the seller), suspected your offer was poor, and was proven correct. They're giving you sound advice.
No, there is no requirement that an offer be rejected in writing. There's nothing saying that it be rejected at all. The seller can just ignore it.
Ease off on the paranoia and conduct a business transaction.
answered Feb 25, 2017 by anonimitie
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