open house/purchase

[momm2500]

What is the name of your state (only U.S. law)? PA

a house was just placed on the market for 7 days and then they held an open house.
i went to the open house. we want the house. when i talked to the agent that was there showing the house (not actual listing agent, just another agent in the same office) indicated that an offer was made at last min. the night before. it wasnt even the asking price and I explained that i would give asking price. Can they still hold an open house and mislead people on? There were over 20 people there for the open house. is that considered false advertising? we now have to wait and see if the inspections go thru and if they still want the house.

 

[nextwife]

No, it's not "false advertising". Newspaper classified are submitted several days before the paper comes out. An ad cannot be "pulled" Saturday night or Sunday Morning.

And, yes, homes do get sold to secondary buyers.

And, if YOU were the seller, wouldn't you want to accept an offer even though it's the Saturday before the scheduled open house, rather than "wait and see" what happens at the open house?

One other thing to remember: two offers for the same sale price are not necessarily equal offers. An offer contains much more. Terms, conditions, occupancy, disclosures, financed or cash, type of financing. Inclusions and exclusions. Where I work, a cash, non continguent offer witha fast closing may be more desirable than a secondary market, mortgage broker financed offer for more, because of all the last minute demands the mortgage investor often starts making on the seller. Sellers do not want to renegiate after the fact, so a cash offer might be preferred, or even one with a known, local brick and mortar lender who wont start messing up the deal by telling the seller to do a bunch of stuff to a property they already discounted due to condition (as an example). Additionally, at least in our world, many mortgage broker deals seem to drag out longer, and we see more "conditional approvals: that still call for a mess of conditions to be met, rather than getting all the buyer documentation up front and not needing those conditions in their approvals.

 

[FlyingRon]

Unless the offer was ACCEPTED, the house is still on the market.

In *MOST* places, you can even continue to market the house that's under contract. (In some places, the signs must come down once the house is under contract).

 

[nextwife]

Accepted or not accepted, they can still hold an open house, and it is NOT false advertising.

 

[CLJM]

Accepted or not accepted, they can still hold an open house, and it is NOT false advertising.

Quite right.
As a Realtor, I have held many "open houses" even with the "SOLD" sign displayed prominately, but most assuredly for a house "under contract" but not yet gone through the inspections, or remedied the contingencies,etc. It is only a "done deal" when the closing takes place---till then, usually back up offers are always welcomes.

oh...and, Momm2500---shame on that agent that gave you privledged information against the best interests of the seller ! And...if you WERE to deal with that agent and buy that house, understand that agent works in the best interests for the SELLER, not you, the buyer.

 

[HomeGuru]

What is the name of your state (only U.S. law)? PA

a house was just placed on the market for 7 days and then they held an open house.
i went to the open house. we want the house. when i talked to the agent that was there showing the house (not actual listing agent, just another agent in the same office) indicated that an offer was made at last min. the night before. it wasnt even the asking price and I explained that i would give asking price. Can they still hold an open house and mislead people on? There were over 20 people there for the open house. is that considered false advertising? we now have to wait and see if the inspections go thru and if they still want the house.

**A: I agree with the other posters. In addition OP, you are free to place a back up offer for full list price.