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!
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
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
