Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
we paid a 250 dd fee when we put an offer in on a house and we received a 300 dd fee when an offer was put in on our house. this is recently, but when it was still a buyers market.
we actually ended up walking away from the house we put an offer in for a variety of reasons which were not apparent to us when we put in the offer. so....I would suggest doing the 1k if you are comfortable easily walking away from it if the inspection and rest of due diligence reveals stuff that you just don't want to deal with and/or the seller refuses to fix and/or a quirk that you have decided you cannot live with.
$250 was hard enough to walk away from so 1k really would have hurt. keep in mind, you are still paying for the inspection on top of the 1k...
$1,000 is high unless it were multiple offers and you absolutely loved the home. I just sold one a couple days ago in the same price range with multiple offers and we wrote $500 for DD. She was willing to go higher, but I felt it was enough to get accepted and it did.
If your agent says it is too high, counter back with a lower DD amount and be prepared to walk away. Don't ever let the deal die on your side, always counter back and let them kill it if they want. Why do you need 30 days? If you can do three weeks I would go that route with $300-$400 and see what the seller says.
I can tell you that I trust my agent more than I'd trust any other agent. I am a believer in not completely trusting anybody other than family (and even then...). I am also a strong believer that even if I completely trusted my agent, just relying on their personal opinion and judgement alone is a bad idea. Multiple viewpoints is never a bad thing if viewed in the correct context.
If you could expand on what would make you not hesitate vs would not agree to give a 1k DD fee (assuming the purchase price is not under market) that would be very helpful.
If you trust your agent more than any other, 'nuf said.
It is wrong for another licensee to coach you, when you already have an agreement with a licensed agent, and any other licensee by default represents the seller.
If you trust your agent more than any other, 'nuf said.
It is wrong for another licensee to coach you, when you already have an agreement with a licensed agent, and any other licensee by default represents the seller.
Uh oh, Bo...you and me are going to Realtor jail! Can you do nails???
But that's the point. I'm definitely not interfering with another agent's signed relationship. I still want to see the part where it says we represent Sellers if we don't have an greement with a Buyer, but that's probably for the R/E forum.
evaofnc gave some excellent general advice for anyone in any situation
I required 1K for our home when we sold and I got it. We had multiple offers over a years time with rediculous requests after we went under contracts. We had someone ask us to provide a new roof because our roof was 20 years old. We had no leaks and the inspector noted that there werent any active leaks but due to the age it "could" be an issue down the road(30 year roof). We refused and the people walked. We had another request we put granite in the kitchen.
Finally we got an offer as I was about to pull the house off the market. My condition was that we get a 1000 bucks because 250-300 is not more then dinner at Sullivans and I was sick of rediculous requests from people who weren't seriously looking to buy. If you plan on buying the home, i think it is reasonable
But that's the point. I'm definitely not interfering with another agent's signed relationship. I still want to see the part where it says we represent Sellers if we don't have an greement with a Buyer, but that's probably for the R/E forum.
evaofnc gave some excellent general advice for anyone in any situation
It is wrong for another licensee to coach you, when you already have an agreement with a licensed agent, and any other licensee by default represents the seller.
This wasn't my intention, I didn't realize you were a realtor at the time (despite your title). I'm really only looking for personal perspectives - I wasn't asking you as a realtor but as a fellow consumer.
Quote:
Originally Posted by BoBromhal
Bo?
I ain't given no advice here.
But that's the point. I'm definitely not interfering with another agent's signed relationship. I still want to see the part where it says we represent Sellers if we don't have an greement with a Buyer, but that's probably for the R/E forum.
evaofnc gave some excellent general advice for anyone in any situation
Pretty much this. Also agreed on eva.
Quote:
Originally Posted by danmcb26
Finally we got an offer as I was about to pull the house off the market. My condition was that we get a 1000 bucks because 250-300 is not more then dinner at Sullivans and I was sick of rediculous requests from people who weren't seriously looking to buy. If you plan on buying the home, i think it is reasonable
Sorry, I think that's ridiculous. If we go out to eat, we drop $50 max. $300 for a meal is a once/twice a year thing and not easy for us to just walk away from - and I say this as a pretty hard core foodie.
It honestly sounds like your potential buyers were looking for an excuse to back out, which is unfortunate. As far as I'm concerned, we're buying the house in the condition we see it in with the trust that the integrity of the house is intact. I understand asking for 2k+ of earnest money after inspections have been done, but as it is I'm beginning to think this due diligence fee is apt to be abused as a tool to force buyers to swallow issues that are not apparent without inspection.
But that's the point. I'm definitely not interfering with another agent's signed relationship. I still want to see the part where it says we represent Sellers if we don't have an greement with a Buyer, but that's probably for the R/E forum.
evaofnc gave some excellent general advice for anyone in any situation
"It is important for you to know whether an agent is working for you as your agent or simply working with you while acting as an agent of the other party."
There aren't a lot of other choices.
...
"For example, you may want them to represent only you (as a buyer’s agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller’s agent or subagent). Some agents will offer you a choice of these services. Others may not. "
...
"Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer’s agent, they may not give any confidential information about you to sellers or their agents without your permission so long as they represent you. But until you make this agreement with your buyer’s agent, you should avoid telling the agent anything you would not want a seller to know. "
While it may be more broadly accurate for consumers to infer that an agent they have not engaged has more responsibility to their counterpart party, the OP has identified as a Buyer, and it is smart to assume that there is no confidentiality from Sellers in the forum.
Just as we use the inaccurate colloquial expression "I sold * houses," the colloquial expression that we by default "represent the seller" conveys applicable information and should be heeded by consumers.
I am willing to defer to the OP's agent who has earned trust and respect from an ethical perspective. And IMO, I did the right thing to remind the OP that I am not the buyers' agent.
This wasn't my intention, I didn't realize you were a realtor at the time (despite your title). I'm really only looking for personal perspectives - I wasn't asking you as a realtor but as a fellow consumer.
...
Thanks everyone.
I bought a printer toner cartridge on EBay today. I can tell you it was a great consumer experience.
As a licensee and a Realtor, there are boundaries to what I can share or prompt.
But, I am comfortable saying, I hope it all works out for you!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It has been a very long month!!! 
