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Old 10-19-2012, 07:57 AM
 
Location: Sierra Vista, AZ
16,116 posts, read 20,148,778 times
Reputation: 8204

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My wife got a number in her head that she wanted to spend. She offered that price on about ten houses, over the whining of the agents involved. Eventually the offer reached a widow whos house was paid off and everyone, exxcept the agent, waas happy
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Old 10-19-2012, 08:09 AM
 
28,383 posts, read 67,919,335 times
Reputation: 18189
Default Exactly!!!!

Quote:
Originally Posted by jghorton View Post
I agree! -- Unless you are serious enough about buying the property to make a written offer with a deposit, why should the seller negotiate anything. On the other hand, once you establish yourself as a qualified buyer, with a serious, written offer -- then, it is incumbent upon the seller to give your offer some serious consideration. Even if they counter, the negotiation is still only beginning.
Every once in a while inexperienced buyers assume "this is pretty like buying a car, right?" -- no, it's not! Cars, even fancy collectible cars, do not come with anywhere near the legal pitfalls for sellers and buyers. The vast range of emotions that often get all whirled around with the huge financial stakes are NOT really appropriate for "verbal negotiations".

The process of WRITTING DOWN THE TERMS OF AN OFFER is far from a game. It is the only responsible way to protect the rights of the seller AND the buyer from being stepped on, often with HUGE economic consequences.

Any decent buyer's agent ought to explain this early in the process...
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Old 10-19-2012, 08:47 AM
 
Location: Kansas
19,189 posts, read 14,062,995 times
Reputation: 18141
Quote:
Originally Posted by jghorton View Post
I agree! -- Unless you are serious enough about buying the property to make a written offer with a deposit, why should the seller negotiate anything. On the other hand, once you establish yourself as a qualified buyer, with a serious, written offer -- then, it is incumbent upon the seller to give your offer some serious consideration. Even if they counter, the negotiation is still only beginning.
It was our intention to make the offer in writing BUT the real estate company contacted the seller to start the counter-offer process. It is the fault of the realtor that they do not have a written offer and earnest money. We have actually been buyers about 6 times now so we are not new to the process. I was very specific on the details of our purchase to the real estate agent.

One more time, it was our intention to sign a written offer with a deposit but the agency began the counter-offer process after the message that I left on the cell phone giving the amount we were offering went to the agent. The agent knew the EXACT amount that we could spend since it is cash.

Love the post concerning the wife that offered the set amount on 10 different houses! Priceless.

I think since there were not that many properties in our price range that they were looking at a minimum of stringing up along.

We were told that the seller would come down to our price but I am guessing they did not clear that with the seller. You do miss things by not being on the scene. Body language, etc.

So, instead of being at the appointment, I got my $500.00 and an German apple cake in the oven looking at couple of different cities where I hope the ethics will be more in line with mine. I did call and leave a message with my explanation and I was nice about it so no harm.

Last edited by AnywhereElse; 10-19-2012 at 08:57 AM..
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Old 10-19-2012, 10:15 AM
 
Location: Columbia, SC
8,844 posts, read 17,440,566 times
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So you're upset and verbal offer/counter offer process and are now judging the ethics (where I didn't see any wrong doing based on the info you provided) of an entire location based on 2 people? If you want to make a low offer and get upset when a seller counters back you won't be buying a home any time soon. If you want your first offer accepted then make it full price. You're being a big baby about this. Grow up and go make the counter if it's the home you like. It's a negotiation process so negotiate.
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Old 10-19-2012, 10:42 AM
 
Location: Danbury CT covering all of Fairfield County
2,179 posts, read 5,756,859 times
Reputation: 956
Have your agent pull comps, and be prepared to negoiate to pay what the comps are showing the value as. People aren't in the business of giving their home away. At the end of the day, cahs is equal to a mortgage that most buyers have to get, and cash is only really an advantage is sellers need out ASAP and the property is in a state of disrepair where financing will not be an option.
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Old 10-19-2012, 11:23 AM
 
Location: St. Louis, MO
4,009 posts, read 5,171,833 times
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AnywhereElse- I haven't read the other responses but my husband and I had a fixed cash budget and the same thing happened to us. *However* our Real Estate Agent evidently knew what she was doing- even though she was showing us houses at a higher price point, they were ones that she legitimately thought we could get down to our price range. It turns out, she was right.

Sometimes you have to trust your real estate agent- if she's knowledgeable of the area and a particular property market- she probably also knows when something is overpriced.

I doubt she's playing a game, the seller is probably wanting too much $ for the house.
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Old 10-19-2012, 11:31 AM
 
3,404 posts, read 4,138,299 times
Reputation: 2397
If they don't want to sell it for price you are willing to pay, how is that your agents fault? I don't see anything about the story that is unethical.
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Old 10-19-2012, 11:40 AM
 
Location: Central Texas
19,879 posts, read 36,385,911 times
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Why did your agent start negotiations without submitting a written offer?
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Old 10-19-2012, 12:51 PM
 
3,404 posts, read 4,138,299 times
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Quote:
Originally Posted by TexasHorseLady View Post
Why did your agent start negotiations without submitting a written offer?
I have asked verbally on some things at first to see if it is even worth taking the time to write it. I have also been asked the same sort on listings I have. I think where you run into problems is asking verbally without OKing it with a buyer first and I as a selling agent I would never give a verbal acceptance. There are other things in a contract besides numbers. It is best to say, "That would be worth looking at, please write it and send it over."
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Old 10-19-2012, 01:49 PM
 
Location: Kansas
19,189 posts, read 14,062,995 times
Reputation: 18141
Quote:
Originally Posted by Brandon Hoffman View Post
So you're upset and verbal offer/counter offer process and are now judging the ethics (where I didn't see any wrong doing based on the info you provided) of an entire location based on 2 people? If you want to make a low offer and get upset when a seller counters back you won't be buying a home any time soon. If you want your first offer accepted then make it full price. You're being a big baby about this. Grow up and go make the counter if it's the home you like. It's a negotiation process so negotiate.
Should the real estate agent have told us that we should be able to get the house for the amount we had told him that we could pay in cash? No, he should not because obviously by the verbal counter made by the seller, the real estate agency had not cleared this with him. See, I consider being ethical as not making things up in order to promote one's agenda. What is the purpose of showing a property that the buyer cannot afford other than steering the buyer to one of their own properties and hope the buyer, me in this case, is fibbing about the amount of cash we have to spend like they are about the seller being willing to meet our budget? We cannot "negotiate" funds that we do not have. Now, with the answers that I am getting, I understand that this practice is common.
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