Seller is shopping my offer...should I rescind? - Posted by DaniB

Posted by DaniB on October 14, 2003 at 08:31:36:

to develop a backbone? I constantly have to fight to free myself
from my past. The J. O. B. I used have relied on my acquiescing to
my superiors,so I really need to set the limits. I fight this battle

However, the more I get burned, the more I’ll develop that elusive
backbone! Tough way to learn, though.

Seller is shopping my offer…should I rescind? - Posted by DaniB

Posted by DaniB on October 13, 2003 at 13:07:55:

Last Thursday I placed a very good offer on a home in foreclosure. Sellers requested I put the offer in writing, which I did. This morning they told me they are talking to other investors and basically shopping my offer.

I didn’t have a time listed on the offer for them to accept. However, should I just send a fax notifying them that effective tomorrow at 12:00 noon my offer is rescinded? They are meeting with another investor tomorrow. Or, should I just rescind the offer now. There ARE other fish in the sea. Getting tired of this.

What do you think?

Re: Seller is shopping my offer - Posted by Brent_IL

Posted by Brent_IL on October 14, 2003 at 02:58:25:

This is just food for thought since you made your offer directly. I present almost all of my offers in person. After our discussion ends, the expiration date that I write on the contract is ten minutes into the future. If I’m rejected at that point, all of the paperwork goes home with me. I leave nothing behind. There is nothing to be shopped or picked apart that remains with the sellers. If they reconsider and request a call-back, we start over again, albeit at a lower range.

Re: Seller is shopping my offer… - Posted by David B

Posted by David B on October 13, 2003 at 18:41:23:

These sellers seem rather sophisticated for people that are about to be foreclosed on. I’m new to foreclosures. How did you find the foreclosure and contact these sellers? Is it typical that other investors also approach a pending foreclosure and you wind up in a bidding situation?


Re: What i do - Posted by DavidV

Posted by DavidV on October 13, 2003 at 17:27:05:

What i now do…“This offer is good for 72 hours, after that Mr. seller my offer goes down $500”.

Re: Seller is shopping my offer rescind? - Posted by Dimpil

Posted by Dimpil on October 13, 2003 at 16:24:48:

As a loan officer, when someone shops me, I always let them go because IF they feel they could do better then so be it.

As an investor, I’d do the same thing, let them go and move on. Their home isn’t the only home around and you do not want to get into a bidding war over a investment property. Heck if the other investor offers 500 more then guess what? They’ll shop that also.

As a homeowner, I’d want the best and the most I could get regarless of your feelings.

Just my 2cents.

I guess I answered my own question - Posted by DaniB

Posted by DaniB on October 13, 2003 at 13:52:35:

I just rescinded my offer. Life’s too short to wait for the sellers to shop my offer to see if they can get a better one when the auction is next week! I need to learn to stop giving control over to the sellers. Won’t happen again.

Must be a Monday.

Excellent idea! - Posted by DaniB

Posted by DaniB on October 14, 2003 at 08:19:13:

Thanks for your suggestion. I ususally do present in person, the
sellers agreed to my proposal, but wanted everything in writing
faxed to them. Again, I let them take control rather than set the
rules for acceptance. I know better, but I didn’t follow my own

I’ll follow your advice in the future.

Re: Seller is shopping my offer… - Posted by DaniB

Posted by DaniB on October 13, 2003 at 19:19:04:

There are a lot of investors in my area who are working with the same information. The sellers think they have a great house, it has some equity so they wanted to get a bidding war going I guess. Problem is, with a foreclosure property you need to get the deal done AND make sure the foreclosure is stopped. If the other investors don’t have any experience with HUD1s the sellers are out of luck, because that is what will need to be submitted in order for this particular bank to call a halt to the auction.
Oh well, it’s not my problem now…

I get foreclosure listings directly from the county Public Trustee offices. They either fax, email or mail the lists weekly. Or you can go directly to the county public trustee office and review the lists there. You should be able to do the same where you live. I haven’t had much luck with online foreclosure list services since I found that a lot of the information is old.

Good luck.

Thanks for the advice - Posted by DaniB

Posted by DaniB on October 13, 2003 at 18:34:20:

The sellers sent me a nasty vm claiming they were not shopping
my offer, but were just talking to another investor tomorrow. I
can only assume they were looking for a better offer… In any
event, I allowed the sellers take control and should have set up
the offer to expire. You live and learn.

Re: Thanks for the advice - Posted by Dimpil

Posted by Dimpil on October 14, 2003 at 05:15:11:

Shopping, talking to another investor. I’m sure your offer would have never came up!

You made your decision, stick with it and move on.

My first home we bid on fell through because the bank wanted yet another offer, I offered 50 the first time then 60 the second time. The house needed about 15 in work. They still have not sold the property. You don’t know how many times I want to go back and offer 45 because I feel they should be desperate by now, but I refrain from my childish thinking and I learned that if my first offer is rejected move one. I have my game plan and I have to make people (banks, sellers, etc) follow my rules not theirs.

Re: Thanks for the advice - Posted by Heather -Tx

Posted by Heather -Tx on October 15, 2003 at 15:07:06:

On Bank REO’s that I put offers in on, I resubmit my offers every 3 to 4 weeks, sometimes for the same, sometimes less… and even a little more if I didn’t use my MAO the first time.
Until it’s sold, they get my offer every 3-4 weeks… I figured sooner or later they are gonna sell to someone for less. THe ones priced right are gone within a day. SO I keep throwing mine out there… and maybe when they get ready to get real, my offer will be on the top :slight_smile:
Totally different in the way I deal with normal sellers, and banks. Banks are very impersonal, and you never know what they are thinking. Sellers sometimes you do… and when they start shopping my offer I just figure if they don’t find better, they will maybe call me back and look for another offer from me, albiet a little lower than the first.

Heather Zaal

why on earth not? - Posted by Anne_ND

Posted by Anne_ND on October 15, 2003 at 12:23:31:

‘childish thinking’ could make you a lot of money. Make the offer. What are they going to say? Yes or No.

good luck,


Re: Thanks for the advice - Posted by jasonrei

Posted by jasonrei on October 15, 2003 at 10:20:46:

I once bid $39k on an REO. Rejected. 8 months later it was still up and I bid just under $35k. Accepted.

Re: Thanks for the advice - Posted by DavidV

Posted by DavidV on October 14, 2003 at 09:20:37:

Actually not a bad idea to submit lower offers 30-45 days after one is rejected. Some people actually set up a bidding schedule for every 30 days until a property sells. All they can do is say no.