Oceanside, NY asked in Real Estate Law for New York

Q: We overbid on a house, are there any strategies to bring down the price we offered? It was our agents listing. See below

We found a property of interest in East Northport Long Island. Price on property was listed for $425K with property tax of $4781/yearly. This was also a listing of our agent. She informed us there are multiple offers since the property was priced below market value. We had offered 525K & they accepted our offer. Now I think about it we jumped the gun. We love the property because it’s such a steal for .25 acres and under 5K for property tax. After doing some research we realized agents may use phantom offers to trick us bidding the highest price. We would like to know are there any strategies or loopholes that can help us potentially bring down the price we offered. Advice is much appreciated!

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1 Lawyer Answer
Michael David Siegel
Michael David Siegel
  • New York, NY
  • Licensed in New York

A: It depends if you signed a contract or not. No contract, just change your bid. If a contract you are stuck.

1 user found this answer helpful

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