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Old 05-20-2010, 01:55 PM
 
Location: Barrington
45,680 posts, read 33,930,575 times
Reputation: 15222

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Quote:
Originally Posted by Shenandoah10 View Post
I've put a contract on 3 properties (2 forclosures and 1 shortsale) that have been listed for a few months each. The properties start at reasonably high prices, falling sharply by 2-3 week periods thousands of dollars at a time.

I have excellent credit, can almost pay the same as case (home equity loan) and have offered the full price on the houses. On each occasion the house that I was told had no offers is mysteriously under contract as soon as I put a bid in.

I'm beginning to think that the realtors are taking advantage of this unstable market to get some bargains either for themselves or for friends and relatives. Could this be true?
When property is priced in " the zone" it tends to go under contract quickly, regardless if it is a foreclosed or traditional listing. Cash and the ability to close quickly often trumps other offers, even those willing to pay more. It's all about the certainty of closure.

There is a lot of money on the sidelines in some areas, waiting for the right opportunity and when they present themselves, they pounce on it.

Absolutely nothing unethical about this.
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Old 05-20-2010, 01:58 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,898,249 times
Reputation: 2193
It could also be that once the price hits a certain low point, more potential buyers step up and you get multiple offers. Full price may not cut it in those situations.

Edit: What MaM said .
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Old 05-20-2010, 08:48 PM
 
Location: Columbia, SC
9,069 posts, read 18,042,836 times
Reputation: 6689
Quote:
Originally Posted by rjrcm View Post
It's not like all Realtors have enough investment $ to buy up properties. Many can barely make a decent living. If some can afford to buy, why not? Or if they know people that want to buy, why not again? Sort of fits the job description.
Right. Truth be told, I'd think the % of agents that have the ability and desire to purchase investment properties is rather small. Of course there are some and it does happen, but not all that often. You don't have to worry about agents getting first dibs on the good properties and only second hand things they passed on hitting the market. The best thing a buyer can do is hire an agent, get set up on MLS mailer, don't wait to look if something attractive hits the market, and be ready to write if you like it.
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Old 05-21-2010, 09:52 AM
 
Location: Salem, OR
13,994 posts, read 32,823,989 times
Reputation: 12728
Quote:
Originally Posted by Trump View Post
Yes, it is true in some cases. Those (real estate agents) that have already weighed in on this topic have already admitted as such. I wonder if it's possible to rein in an agent with a non-compete clause?

Actually I do think that if you are looking for real estate as an inventor, you'd want to have a clause in your buyer agency agreement there that your agent won't compete with you for properties.
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