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Subject Expert
Why did you allow the seller a week to find a better offer? When we have made offers they were good until 8pm that day and when accepted we had a signed agreement the day the offer was made.
Coach
Is the agreement in writing? If not, just offer a lower price that what you agreed on and hope no one else comes in with a competitive offer.
When you said "agreed" you mean they accepted your offer via writing?
1) you need an agent. It's typical for the buyer to prepare an offer that is then signed by the seller
2) while you don't have recourse you can refuse to budge. There's clear risks and rewards here-- but it's likely they just sell you the house rather than going back to market.
Agree. Your agent didn't follow standard procedure and you just found out why that standard exists.
Mentor
If it’s not in writing and signed by both parties you are out of luck. I would say, stick to the price you initially agreed to and see if you call the sellers bluff, but be prepared to lose the house if they actually have a higher offer.
The agreement is not in writing, they said they were preparing the contract.
Yes, buyers agent should prepare and send it when you submit the offer, and typically with a deadline.
If its not in writing I don't think you can do much
Coach
Depends on the state.
Coach
So you didn’t have a binding agreement. You’re looking in summer with low inventory. Buying in the hottest sellers market probably ever. You have zero leverage. And they asked for more money? You pay the price, or come back with leverage. Eventually these rates will bite into demand and there will be some balance. If I needed a place to live right now I’m probably renting and investing in the S&P 500 index until demand comes down. I’m definitely running the numbers. If I absolutely need to buy there are better deals in winter and that’s only a few months away.