counter offers

[mom2z]

What is the name of your state? PA

We made an offer on a house Wednesday evening and it was submitted first thing Thursday. We asked for a response by Friday noon. When our realtor called the seller's realtor that Friday afternoon she was told that he mentioned to the seller the deal and he was very interested, but they haven't been able to get together to go over the paperwork. Saturday morning our realtor again called and the seller's realtor said he was having trouble getting a time to meet with his client. That Sunday the seller decided to hold the open house that had been planned in advance (surprise, surprise). That evening the seller's realtor told our realtor that they had another bid on the house. Someone at the open house bid $1,000 over our bid and if we'd like to up our bid they'd be happy to accept ours.

Is this allowed? I mean it's one thing to stall for time to hold the open house and seek other bids, but our bid was already more than their asking price so I have a feeling that since we were outbidded that the new bidders had to know what our offer was. Then their realtor flat out told us their offer and asked us to beat it. This is obviously unethical, but is it illegal? We couldn't afford to go any higher and lost the house.

Thanks

 

[HomeGuru]

What is the name of your state? PA

We made an offer on a house Wednesday evening and it was submitted first thing Thursday. We asked for a response by Friday noon. When our realtor called the seller's realtor that Friday afternoon she was told that he mentioned to the seller the deal and he was very interested, but they haven't been able to get together to go over the paperwork. Saturday morning our realtor again called and the seller's realtor said he was having trouble getting a time to meet with his client. That Sunday the seller decided to hold the open house that had been planned in advance (surprise, surprise). That evening the seller's realtor told our realtor that they had another bid on the house. Someone at the open house bid $1,000 over our bid and if we'd like to up our bid they'd be happy to accept ours.

Is this allowed? I mean it's one thing to stall for time to hold the open house and seek other bids, but our bid was already more than their asking price so I have a feeling that since we were outbidded that the new bidders had to know what our offer was. Then their realtor flat out told us their offer and asked us to beat it. This is obviously unethical, but is it illegal? We couldn't afford to go any higher and lost the house.

Thanks

**A: it is not illegal.

 

[Seanscott]

When the new bidder (I suspect there isn't one) backs out, then lower your offer by $5,000.

 

[HomeGuru]

Writer, you are better off not dealing with that Seller and listing Realtor anyway.

 

[HomeGuru]

When the new bidder (I suspect there isn't one) backs out, then lower your offer by $5,000.

**A: please read the last sentence of the writer's post.