Good day All, I don't know if this has been asked/answered I tried to follow the whole thread but its just too many pages and I hope you do not mind offering your guidance.
In the second week of this year I signed and offer to purchase for a house I fell in love with. My offer was the first offer on the house. On guidance of the estate agent the lapse date of the OTP was 8 days. The agent never took any initiative to get back to me and I strongly feel my offer was used to solicitor for other stronger offer.
On day 3 after signing the OTP I reach out to the agent to check on any feedback from the sellers, I was advised that the seller was considering my offer and they liked the offer.
On day 4 I followed up I was advise there was now another offer on the table which was very close to mine but the sellers liked mine, I should do a pre-qual and put in a deposit. I asked the agent to ask the sellers to respond with a counter offer so that we could negotiate. The agent never got back to me.
On day 6 I followed up with the agent, they asked me what would be my best offer, I verbally advised a figure that was slightly more than the original offer. They again advised that my offer was very close to the other offer and I stood a strong chance.
On day 7 I followed up again, I was advised that the seller was still thinking of my offer and they are considering removing the solar system from the property in order to accept my offer, I asked that the seller provide a counter offer with those conditions as I could take that into consideration again there was no response from the Agent.
On day 8 the D-Day I waited all day until 8PM the lapse time and got no response from the Agent, tried to call the Agent they did not respond.
On the next day I called the agent and they told me the offer was declined and they now had another offer on the table. I asked the agent if I could put in another offer and agent advised that the offer should be close to the asking price or should be the asking price. I advise the agent that I will be putting in another offer at Asking Price and they said that was fine. After 20 minutes when I was done completing the new offer the Agent told me that the seller just accepted another offer. Later on after an hour the Agent advised that they had submitted my offer although they had another accepted offer. The next day I received my signed offer accepted by the seller but as a back-up offer.
The agent never took initiative to give me feedback without me following up, and I feel that had the agent managed communications better, even communicating that my offer was rejected when they received the feedback from the seller on the day the seller rejected the offer could have allowed me to put in another offer before the seller accepted another offer.
Do I have any options to challenge the acceptance of the other offer on the grounds that I was never notified on time. The agent also advised that my current offer is way stronger than the other offer meaning that had the seller received it before accepting the other offer my offer would have been accepted.
What are the chance of a back-up offer being successful. The other offer is by a small business, in this climate what is the likely hood of a small business getting close to 100% bond?
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