Made an Offer - Time to Vent

[joelp]

So I made an offer on a contact this morning ...

And about three hours later received an e-mail from the real estate agent with a counter-offer from the seller ...

I was busy with work and didn't see the counter-offer until a little more than an hour after it was sent to me ...

But I immediately proceeded to accept the counter-offer, and sent an e-mail to the agent ...

Thinking we were finally going to become DVC members, I told my wife and DD - who were both appropriately excited ... &

A few minutes later I received an e-mail from the agent saying the sellers had accepted another offer ... ... with difference in price being only $200 (that's right - $200!! - not $2,000 ... $200!!)


So my question is: does this frequently happen?

If a seller makes a counter-offer, shouldn't the prospective buyer be given a reasonable amount of time (say - at least 1.5 hours! ) to accept/reject the counter-offer?

If not required "legally", isn't that just "common courtesy"?

Shouldn't there be only one offer "on the table" at a given time?

Or - is this simply how a certain agency (who shall remain nameless) - or the individual agent - operates? With other agencies having a process that has a little more "integrity" to it ... ?

I mean - we're only talking $200 here!!

Okay - I'm done venting ...

 

[princesscinderella]

I'm of the philosophy that until the buyer and seller have both signed the contract that anything can change.

 

[ELMC]

So I made an offer on a contact this morning ...

And about three hours later received an e-mail from the real estate agent with a counter-offer from the seller ...

I was busy with work and didn't see the counter-offer until a little more than an hour after it was sent to me ...

But I immediately proceeded to accept the counter-offer, and sent an e-mail to the agent ...

Thinking we were finally going to become DVC members, I told my wife and DD - who were both appropriately excited ... &

A few minutes later I received an e-mail from the agent saying the sellers had accepted another offer ... ... with difference in price being only $200 (that's right - $200!! - not $2,000 ... $200!!)


So my question is: does this frequently happen?

If a seller makes a counter-offer, shouldn't the prospective buyer be given a reasonable amount of time (say - at least 1.5 hours! ) to accept/reject the counter-offer?

If not required "legally", isn't that just "common courtesy"?

Shouldn't there be only one offer "on the table" at a given time?

Or - is this simply how a certain agency (who shall remain nameless) - or the individual agent - operates? With other agencies having a process that has a little more "integrity" to it ... ?

I mean - we're only talking $200 here!!

Okay - I'm done venting ...

Ok, first off....WOW that is a lot of emoticons. Now that that's out of the way, sorry to hear that you didn't get the contract you wanted. From my experience, what happened to you is extremely common and not a cause to be upset. Resale brokers are required to present all offers to a seller. I'm sorry to say that just because you made an offer on a contract does not give you "dibs" on that contract until you are done negotiating. Just like buying a house, offers and counteroffers go back and forth fairly rapidly from multiple bidders. Actually, it can be even faster than buying a house.

My best advice is to take a deep breath, realize that this is only one of many DVC contracts that can work for you and learn from this experience. When you're bidding on a DVC contract you need to stay in very close communication with your broker until the contracts are signed because anything can, and will happen. Good luck next time around!

 

[AllieV]

Wow, that is fast. It took 3 weeks to get 3 contracts bid on back and forth. Very slow communication. I didn't give the agent my email, though. I gave my cell phone and kept it on me, so I got every call right away.

 

[goldenears]

I completely understand your frustration over this situation. When I first started the process of buying an add on through resale I was more than surprised at how the process worked. Originally, I was comparing it to buying a house. In your situation, when buying a house, a real estate agent typically comes back and asks for both offering parties to give their best and final offer (at least this is how it has been handled any time that I have bought property in the area of the country that I live in). This is NOT how DVC resale works. In my experience, buying DVC through the resale market takes A LOT of patience and as ELMC mentioned, constant communication. Another contract will come along. I wish you the best of luck!

 

[disneynutz]

It's not a done deal until you get your account and the points are loaded. Emotions in a business transaction will only hurt you so try to relax and look for the best deal, you will become a owner, but it might take some time. The transaction is about money, period. The owner didn't know if you had moved on and they had another offer in the works. Like Disney, they don't care who they sell to, they just want to sell.

Bill

 

[permavac]

Unfortunately OP, this is how resales work. Several offers can be on the table for one contract at any given time - especially for the more "desirable" contracts, the faster it will sell. Timing is a huge component when buying resale. Incidentally, this goes for sellers as well. When I was in the process of buying resale (a little over a month ago), I would make offers on a few properties at a time. If a seller was slow to get back, I would move on to the next one, which may have left a seller with calling back to accept my offer only to find out that I had made a deal with someone else (don't know if that happened - the broker never mentioned it). While it can be very frustrating, even 15 minutes can make a difference. Hang in there though - as others have pointed out - another contract will come along with your name on it... Good luck!

Terri

 

[fmer55]

So I made an offer on a contact this morning ...

And about three hours later received an e-mail from the real estate agent with a counter-offer from the seller ...

I was busy with work and didn't see the counter-offer until a little more than an hour after it was sent to me ...

But I immediately proceeded to accept the counter-offer, and sent an e-mail to the agent ...

Thinking we were finally going to become DVC members, I told my wife and DD - who were both appropriately excited ... &

A few minutes later I received an e-mail from the agent saying the sellers had accepted another offer ... ... with difference in price being only $200 (that's right - $200!! - not $2,000 ... $200!!)


So my question is: does this frequently happen?

If a seller makes a counter-offer, shouldn't the prospective buyer be given a reasonable amount of time (say - at least 1.5 hours! ) to accept/reject the counter-offer?

If not required "legally", isn't that just "common courtesy"?

Shouldn't there be only one offer "on the table" at a given time?

Or - is this simply how a certain agency (who shall remain nameless) - or the individual agent - operates? With other agencies having a process that has a little more "integrity" to it ... ?

I mean - we're only talking $200 here!!

Okay - I'm done venting ...

Let me preface by saying i am not a stoogy old-timer, i am 42 yr old adult. Whenever i need something done immediately i make a phone call, i do not email, i do not text, i do not fax. I feel your pain and understand you have other priorities in your life, but perhaps the sellers main priority is to sell their DVC interest. I feel bad for you because this whole process can sometimes make you. Best of luck with your next offer

 

[heynowirv]

Ok,IMHO the fact that they came back with a counter offer should've at least given you a reasonable amount of time to get back to them .I also don't understand why these negotiations weren't just done over the phone instead of e-mails.But as others have said ,move on there's probably a better contract over the horizon.

 

[DougEMG]

I'd have to say that I'm surprised that the broker didn't give you a little more time to counter than just a hour. Best thing in the world for the broker is to have two buyers bidding each other up.

Better luck next time.

 

[joelp]

Thank you all for your advice, commiseration, and "good lucks" ...

I'm not actually all that upset about losing the contract - we're not planning our next WDW until Nov 2013, so I have plenty of time ...

And I wouldn't be upset at all if the seller had rejected my offer outright ...

And if I hadn't been home with my sick DD (who thoughtfully has passed her cold on to me in the past few hours ... ) I would have been at work. And with my schedule for the day - conference calls from 9:30 to 12:30, training from 1:00 to 4:00 - I wouldn't have been available ... So I can chalk this up as a learning experience ... (including: let Mom staty home with the sick DD so she catches her cold!!)

The agent may have tried to call me (he didn't say) - but I was on a conference call for three hours so he wouldn't have been able to get through anyway ...

Which leads to: "Rules to Make an Offer on Most DVC Resale Contracts":

(1) If you're not going to be available 60-60-24-7 ... don't bother making an offer that day ... (i.e. take your cell phone to the bathroom ... )

(2) This is not a "negotiating" process. You will have only 1 shot at a contract, so "Hit it with your best shot! And fire away!" ... (OK - I'm dating myself here ... )

(3) Maintain very (VERY!) close communication with your agent by any and all means (i.e. make sure he/she takes his/her cell phone to the bathroom ... ) or, to paraphrase Groucho Marx: "If I hold you any closer, I'll be on the other side of you!" (really dating myself there ...)

(4) Don't hesitate to make offers on multiple contracts at the same time - the other guys and gals (buyers and sellers) will be doing the same.

(5) If at first, second, third, fourth, fifth, sixth ... you don't succeed ... (and there's always Vero Beach ... )

(6) + Does anyone have anything else to add?


Thanks again!

 

[Jason@dvcstore]

So I made an offer on a contact this morning ...

And about three hours later received an e-mail from the real estate agent with a counter-offer from the seller ...

I was busy with work and didn't see the counter-offer until a little more than an hour after it was sent to me ...

But I immediately proceeded to accept the counter-offer, and sent an e-mail to the agent ...

Thinking we were finally going to become DVC members, I told my wife and DD - who were both appropriately excited ... &

A few minutes later I received an e-mail from the agent saying the sellers had accepted another offer ... ... with difference in price being only $200 (that's right - $200!! - not $2,000 ... $200!!)


So my question is: does this frequently happen?

If a seller makes a counter-offer, shouldn't the prospective buyer be given a reasonable amount of time (say - at least 1.5 hours! ) to accept/reject the counter-offer?

If not required "legally", isn't that just "common courtesy"?

Shouldn't there be only one offer "on the table" at a given time?

Or - is this simply how a certain agency (who shall remain nameless) - or the individual agent - operates? With other agencies having a process that has a little more "integrity" to it ... ?

I mean - we're only talking $200 here!!

Okay - I'm done venting ...

I can only speak for The Timeshare Store, Inc.®(and I am 99% sure it was The Timeshare Store, Inc.® you were dealing with). In this case actually there were 2 offers presented to this seller in a matter of about an hour. The seller countered the offers and before any of the these buyers called back or emailed back to purchase another buyer had called in to buy the property at full price.

A property becomes "sale pending" for a buyer when the buyer and seller have come to an agreement. For example, you call up and say I want to buy this property at full price (then marked sale pending for you), or you make an offer to the seller and when presented with the offer the seller says "I will take that offer" (then marked sale pending for you). If you make an offer, seller counters and then you decided you want to move forward with their counter offer and the property is still available (then the property marked sale pending for you).

I hope that clears things up. Be advised I did not try to call you as you had emailed the offer, I responded via email and was expecting you to respond via email (which you did but was already "sale pending"). I wasn't expecting the property to sell in the meantime and since our communication started via email I thought that was the way you wanted it to continue so if you had wanted me to call I apologize for that as well.

I hope you are able to find some points soon that will meet your needs.

Jason Erpelding
Lic. Real Estate Broker Associate
From The Timeshare Store, Inc.®

 

[goldenears]

I can only speak for The Timeshare Store, Inc.®(and I am 99% sure it was The Timeshare Store, Inc.® you were dealing with). In this case actually there were 2 offers presented to this seller in a matter of about an hour. The seller countered the offers and before any of the these buyers called back or emailed back to purchase another buyer had called in to buy the property at full price.

A property becomes "sale pending" for a buyer when the buyer and seller have come to an agreement. For example, you call up and say I want to buy this property at full price (then marked sale pending for you), or you make an offer to the seller and when presented with the offer the seller says "I will take that offer" (then marked sale pending for you). If you make an offer, seller counters and then you decided you want to move forward with their counter offer and the property is still available (then the property marked sale pending for you).

I hope that clears things up. Be advised I did not try to call you as you had emailed the offer, I responded via email and was expecting you to respond via email (which you did but was already "sale pending"). I wasn't expecting the property to sell in the meantime and since our communication started via email I thought that was the way you wanted it to continue so if you had wanted me to call I apologize for that as well.

I hope you are able to find some points soon that will meet your needs.

Jason Erpelding
Lic. Real Estate Broker Associate
From The Timeshare Store, Inc.®

Thank you for your willingness to share how things work from your side.
I am wondering, however, why the first person to submit an offer is not given the opportunity to pay the full price (if they choose) when a situation like this occurs? Is it simply that time = money and once you get the asking there is no obligation to any other willing buyer(s)?

 

[RayJay]

Thank you for your willingness to share how things work from your side.
I am wondering, however, why the first person to submit an offer is not given the opportunity to pay the full price (if they choose) when a situation like this occurs? Is it simply that time = money and once you get the asking there is no obligation to any other willing buyer(s)?

I don't think this is any different than regular real estate transactions, the sellers agent is looking to get best price for the seller and whoever gets the offer in first and the seller accepts, that's the way it goes.

Second, it goes both ways, a buyer can offer and seller refuses. Seller changes their mind cause it doesn't sell and goes back to buyer to give the original offer but the buyer has gone else where.

RayJay

 

[Jason@dvcstore]

Thank you for your willingness to share how things work from your side.
I am wondering, however, why the first person to submit an offer is not given the opportunity to pay the full price (if they choose) when a situation like this occurs? Is it simply that time = money and once you get the asking there is no obligation to any other willing buyer(s)?

You're welcome. In hindsight I should have said to the buyer in the email (or when talking to them on the phone) "Be advised I am going to present your offer to the seller, however, at any moment a buyer may come along and pay full price in which case they would be then be the buyers of the property or another higher offer may come along before I am able to reach the seller and most likely the seller will accept the higher offer." That is what I should have said to the buyer so that they are aware. A situation like this rarely happens (typically happens with 25 to 75 point listings first hit the market so if these listings are not overpriced they typically sell at asking price) Majority of time when I say this to the buyers there response is "I totally understand." Again my mistake for not sharing that with the buyer this today.

We work as a transaction broker representing both buyer and seller. We are simply trying to get the two sides to come together. It has nothing to do with time = money. The seller has listed a property and if someone comes along paying their asking price we mark the property sale pending for that buyer.

Jason Erpelding
Lic. Real Estate Broker Associate
From The Timeshare Store, Inc.®

 

[Jason@dvcstore]

I don't think this is any different than regular real estate transactions, the sellers agent is looking to get best price for the seller and whoever gets the offer in first and the seller accepts, that's the way it goes.

Second, it goes both ways, a buyer can offer and seller refuses. Seller changes their mind cause it doesn't sell and goes back to buyer to give the original offer but the buyer has gone else where.

RayJay

At The Timeshare Store, Inc.® we actually work as a Transaction Broker.
As of July 1, 2008, Florida Realtors operating as Transaction Brokers no longer had to present a Transaction Broker Disclosure to clients, customers, or prospects. Transaction Brokerage is now the default relationship between Realtors and buyers or sellers.

Jason Erpelding
Lic. Real Estate Broker Associate
From The Timeshare Store, Inc.®

 

[Jason@dvcstore]

I'm sorry to say that just because you made an offer on a contract does not give you "dibs" on that contract until you are done negotiating.

ELMC really sums it up best with this quote.

Jason Erpelding
Lic. Real Estate Broker Associate
From The Timeshare Store, Inc.®

 

[RayJay]

At The Timeshare Store, Inc.® we actually work as a Transaction Broker.
As of July 1, 2008, Florida Realtors operating as Transaction Brokers no longer had to present a Transaction Broker Disclosure to clients, customers, or prospects. Transaction Brokerage is now the default relationship between Realtors and buyers or sellers.

Jason Erpelding
Lic. Real Estate Broker Associate
From The Timeshare Store, Inc.®

Yes I completely understand that. I should have clarified at the end, but your not going to sell it at the lowest price when 2 buyers bid? Right? Or is it whoever gets the seller to agree first?

Thanks Jason

 

[ELMC]

I can only speak for The Timeshare Store, Inc.®(and I am 99% sure it was The Timeshare Store, Inc.® you were dealing with). In this case actually there were 2 offers presented to this seller in a matter of about an hour. The seller countered the offers and before any of the these buyers called back or emailed back to purchase another buyer had called in to buy the property at full price.

A property becomes "sale pending" for a buyer when the buyer and seller have come to an agreement. For example, you call up and say I want to buy this property at full price (then marked sale pending for you), or you make an offer to the seller and when presented with the offer the seller says "I will take that offer" (then marked sale pending for you). If you make an offer, seller counters and then you decided you want to move forward with their counter offer and the property is still available (then the property marked sale pending for you).

I hope that clears things up. Be advised I did not try to call you as you had emailed the offer, I responded via email and was expecting you to respond via email (which you did but was already "sale pending"). I wasn't expecting the property to sell in the meantime and since our communication started via email I thought that was the way you wanted it to continue so if you had wanted me to call I apologize for that as well.

I hope you are able to find some points soon that will meet your needs.

Jason Erpelding
Lic. Real Estate Broker Associate
From The Timeshare Store, Inc.®

Jason,

I appreciate your willingness to bring clarity to the process from your perspective. I just hope that people realize that you are going out of your way to offer this explanation and it is just that...and explanation and not a defense. The fact of the matter is that sometimes this business moves fast. If I were to be a seller (and I am not) I would take a hard offer that is on the table over a possible higher payout through a pending negotiation any day of the week. People need to realize that there are more people involved in this than just themselves and the seller and act accordingly. Nobody gets preferential treatment, time outs, or wait time. If you want a contract, bid to win. If you want a good deal, accept the fact that you might be outbid. Personally I have been outbid and have contracts closed on me without notice and I have won contracts thus shutting other people out. It's all fair and it's all part of the process. When it happens it's time to move on...win or lose.

Thanks again, Jason, for taking the time to explain the process.

Dan

PS In the interests of full disclosure, I have not purchased any resale contracts through The Timeshare Store Inc. Furthermore, I have no relationship with them and I do not have any bids pending with them.

 

[Jason@dvcstore]

Yes I completely understand that. I should have clarified at the end, but your not going to sell it at the lowest price when 2 buyers bid? Right? Or is it whoever gets the seller to agree first?

Thanks Jason

You're welcome. All offers are presented to the seller (if we have more than one). Then the sellers, of course, take the highest offer. The multiple offers situation typically happens when the seller doesn't answer their phone (we have to leave a message) or don't respond to our email ASAP or some sellers are on a cruise (lucky). For example, I took an offer tonight at 5:30 pm and I called the seller ASAP. The sellers wanted to think it over and said would call back before 9. I explained this to the buyers and also explained to the buyer that if another offer comes in it would have to be presented to seller or if another buyer called in to pay asking price it would be sold to them. The buyer understood. The seller called back at 7:30 and countered. The counter was given to the buyer and they accepted.

I hope that makes sense. My sentences might be running together.

Jason Erpelding
Lic. Real Estate Broker Associate
From The Timeshare Store, Inc.®