Why isn't our offer accepted?! ~ San Jose

I will TRY to keep this short:

I found the dream house with the husband. Listed $788K. We saw it before the open house. Our realtor called the seller to offer $850 no contingencies. The seller said no. We said okay $900k but with an appraisal contingency. He said, “I’ll call you back in an hour.”

He never called back. He had the open house. We submitted an $850 offer. Seller called us after the open house to consider the $900K contingent offer. We submitted the offer. MEANWHILE, he will NOT release ANY of the inspection paperwork after our many inquiries.

Our agent gets a call from the seller saying he went with an offer of $935k with no contingencies. That’s that UNTIL…

My HUSBAND calls him. He pretends to be a new buyer and asks if the property is still available. The seller says yes it is. Husband asked what the top offers are, seller says in the high 800’s and encourages my husband to submit an offer for $900k.

Here is my question WHAT THE HECK IS GOING ON HERE!?

My speculation is listing agent is trying to get as many offers as possible and set buyers up for bidding through multiple counter offres.
In my opinion, they have offer higher than 900k.
Otherwise, they were not confident about your loan? How much downpayment did you offer? Sellers prefer 30% or more downpayment to be safe with loan in case of lower appraisal than offer price.

Unprofessional, and liar listing agent. IF they did not like the offer, they should say so. Not “gone with another offer”

There are a lot of crooks out there. Happened to me about six years ago on a condo bid. It’s now appreciated ~150% :disappointed:

Just move on. The best is yet to come.

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Maybe the listing agent doesn’t like your agent?

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Yes, we were sort of scraping the barrel for the 20% we had. We just do not have enough liquid cash with the market as hot as it is to compete.

Trying to stay strong.

At first I was heartbroken but now I just have a headache! Keep your darn house I don’t want to play these games!

I think they just used our offer to inflate other peoples offers and never really considered us.

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Forget this home and greedy seller, go to your next pick!

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I think every seller is greedy. =)

That is the issue. If the appraisal comes back at anything below 900k you would have to pay that in cash. Since you don’t have it, the seller would need to take a lower than agreed to price. In this market, you really need to show 25%+ to accommodate any appraisal issues. I think the sellers are looking for a stronger offer.


Yes. Normally, sellers (and LA) will have their own appraisal value and list around that amount.

In this case, they keep on increasing one by one counters until current buyer is frustrated.

I have seen similar cases,many times, we used to walk out of the home, the seller finally settles a price less than our offer.

I remember a case, the home was listed 750k (2011 period), they lifted the price until 860k (our offer), when they wanted further to 900k, we walked out. Finally, I saw the home was sold at 820k.

In 2004, a home was listed at 950k Cupertino, multiple rounds lifted to 1080k (our offer), they further negotiated to have 1.1M, we walked out and finally sold to 1020k.

This is very common, but they eventually land at regrettable price. The best is to move out to next home when it reaches uncomfortable price.

In both the cases, we submitted offers to other homes and settled within our limit.

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I guess this is the case.
I was in the similar situation (or worse because they broke the deal a few days after i accepted their counter offer and deposited EMD. LA even set up the appointment with appraiser from my lender) a couple of months ago but i am under the contract with much better deal now.
I am sure you will find the better one!

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You don’t need to put it all as downpayment, you need to show you have sufficient financial assets, no?

Yes, just needs to show it, but if they start seeing funds from 401k or questionable sources, they can see weakness. The seller wants the confidence that if the appraisal comes in lower, the buyer can absorb all of that (even on a non-contingent offer).

And every buyer too. Basic human nature


Exactly. Seller is just selling for the highest price the market will bear. Buyers are trying to “steal” for below market price. Both are greedy, which is perfectly fine. That’s what makes America great.

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Greed is good… Gordon Gecko

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Greedy landlords, that’s what we hear from media and nextdoor all the time… they don’t think it’s good

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Rent control is demanded by greedy tenants.
Greed is a normal human trait. What is an aberration is the government deciding winners and losers and stopping development.

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