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Old 10-19-2012, 02:53 PM
 
Location: Kansas
19,189 posts, read 14,193,738 times
Reputation: 18151

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Quote:
Originally Posted by jdhall1 View Post
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.
Ah, yes. From what I see here, most sellers are listing at or below the county appraisal and this seller is above by a few thousand. Another advantage of a cash deal is that a lot of buyers aren't getting the loans they are applying for and in order for the property to qualify for a government loan, there would be a list of items that would have to be taken care of before the house would qualify. So?
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Old 10-19-2012, 02:53 PM
 
Location: Columbia, SC
8,873 posts, read 17,519,119 times
Reputation: 6265
Quote:
Originally Posted by AnywhereElse View Post
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.
The agent showed you a house they thought they may able to negotiate down. You don't know if you don't try. The agent doesn't know what the seller will or won't sell for and you don't either because you chose to get your panties in a bunch and a quit negotiating. Like I said, put on your big girl pants and make a counter even if it's your highest and best.
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Old 10-19-2012, 02:58 PM
 
Location: Kansas
19,189 posts, read 14,193,738 times
Reputation: 18151
Quote:
Originally Posted by Zyngawf View Post
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.
The agent said they would be willing to come down and this turned out to be untrue. Keeping in mind that this is all happening "in-house" in a very small agency in a smaller town that has only a small amount of listings. We told the agency how much we could pay. The agency called to see how much more we were willing to pay. Perhaps, English is their second language because, obviously, they are not hearing what I am saying and repeating. To me, to steer someone to a property they cannot afford and tell them otherwise in hopes of shaking loose some cash that might be on hand is unethical, maybe not in a legal sense, but I don't want to deal with someone that won't listen to me. We were mislead by the agent in hopes of steering us to this property - ya'll think this is right?

It was the agency's choice to start negotiations before a written offer was in place.

We have bought and sold at least 6 properties that I recall over the years. Realtors used to be different.
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Old 10-19-2012, 03:08 PM
 
Location: Blue Ridge Mntns., NC
10,328 posts, read 14,210,781 times
Reputation: 8878
Quote:
Originally Posted by AnywhereElse View Post
So, what is this game called in the real estate world? We gave the our realtor a set amount that we could pay in cash for a house, set, make a point this was it. We asked to see a house that was close in price to what we were going to pay out for a house but we weren't sure about it so the realtor suggested another property that was higher. I had saw the higher priced property but not paid any attention because I did not believe the owner would probably go down enough unless he was pressed to sell but our realtor said we should look at it because they thought he might go down to our price. Well, we looked twice and made a verbal offer and he countered, too high not even in the middle area but high. So, now they want us to get it all in writing with an earnest deposit and put it forth anyway. Was going to do it but I don't really trust the agency now since it looks like a "game" and we don't have time for a "game" since we need a home because ours sold almost 4 months ago. The offer we made was just a little over the county appraised value and they seem to be about right on the mark since I have looked through the records and asking prices of homes in the area. So, what kind of game is this? I don't think this was just a mistake and I believe we were mislead in hopes of hanging onto the possibility of a sale.

So pray tell... Did you negotiate the sale price on your house 4 months ago? or did you get a buyer who walked right in and gave you cash at full price? Or were you playing games.

Bottom line: Stop your whining! You are getting excellent advice from everyone on here; but you don't want to listen to the professionals. Either negotiate the price of the house and pay what the house is worth to you, or forget it! Go find something else.
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Old 10-19-2012, 03:15 PM
 
Location: Columbia, SC
8,873 posts, read 17,519,119 times
Reputation: 6265
Quote:
Originally Posted by AnywhereElse View Post
The agent said they would be willing to come down and this turned out to be untrue. Keeping in mind that this is all happening "in-house" in a very small agency in a smaller town that has only a small amount of listings. We told the agency how much we could pay. The agency called to see how much more we were willing to pay. Perhaps, English is their second language because, obviously, they are not hearing what I am saying and repeating. To me, to steer someone to a property they cannot afford and tell them otherwise in hopes of shaking loose some cash that might be on hand is unethical, maybe not in a legal sense, but I don't want to deal with someone that won't listen to me. We were mislead by the agent in hopes of steering us to this property - ya'll think this is right?

It was the agency's choice to start negotiations before a written offer was in place.

We have bought and sold at least 6 properties that I recall over the years. Realtors used to be different.
Oh, you thought the seller would just bend over and give you their bottom dollar without trying for more? They made a counter to your offer and the agent did their job in relaying it. Also, that's not steering if you want to be technical. I don't see anything to get upset about. It's business and you're handling this poorly and you're too emotional right now. It appears to be clouding your judgment. Buy it or not, it's no consequence to me but I'm here to be your reality check for the day.
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Old 10-19-2012, 05:37 PM
 
Location: Kansas
19,189 posts, read 14,193,738 times
Reputation: 18151
Quote:
Originally Posted by QuilterChick View Post
So pray tell... Did you negotiate the sale price on your house 4 months ago? or did you get a buyer who walked right in and gave you cash at full price? Or were you playing games.

Bottom line: Stop your whining! You are getting excellent advice from everyone on here; but you don't want to listen to the professionals. Either negotiate the price of the house and pay what the house is worth to you, or forget it! Go find something else.
When we sold our house, we were asking a more than reasonable price and yes, the buyer offered a full price offer. I don't play games. Try coming to one of my yard sales!

As I said, we opted to "forget it" and I wasn't asking for advice but what kind of "game" this was.

I guess it was a mistake to tell the realtor how much we could spend in the first place and I guess the next time I will go out of my way not to use the agency that represents the buyer for any property we are interested in but that will entail calling a different agency for possibly each home.

Planning to drive around looking to see what we have in "For Sale By Owner" and checking the classified of small town papers. Real estate auctions here are popular right now so will look those over also.
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Old 10-19-2012, 05:46 PM
 
Location: Kansas
19,189 posts, read 14,193,738 times
Reputation: 18151
Quote:
Originally Posted by Brandon Hoffman View Post
Oh, you thought the seller would just bend over and give you their bottom dollar without trying for more? They made a counter to your offer and the agent did their job in relaying it. Also, that's not steering if you want to be technical. I don't see anything to get upset about. It's business and you're handling this poorly and you're too emotional right now. It appears to be clouding your judgment. Buy it or not, it's no consequence to me but I'm here to be your reality check for the day.
Actually the "steering" took place when we contacted the realtor about a property not for sale by their agency and I know this happens but the fact that we were steered toward a property we could not afford is the issue there. I'm not handling anything poorly. I guess they bet their money that we will liked the house enough to shake down a family member for additional cash? Guess they lost.

From what I gather from the above posts is that the offer we made was too low so they called to see what the seller had to say. His was only a tiny move in our direction on $$$. OK, they then called us to see if we wanted to counter and I said "no". End of transaction. We were mislead and that is the issue. The house is a "white elephant" and there are plenty more out there. I am a "white elephant" kind of person.
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Old 10-19-2012, 07:23 PM
 
Location: The Triad (NC)
26,970 posts, read 58,377,789 times
Reputation: 29535
Quote:
Originally Posted by AnywhereElse View Post
From what I gather from the above posts is that the (verbal) offer we made was too low (and/or too vague) so...

His was only a tiny move in our direction on $$$.
OK, they then called us to see if we wanted to counter and I said "no".
End of transaction.
Another poster (long island guy?) also asserts that this sort of repeated verbal back and forth is the
norm where they are too as opposed to the actual written contract with terms specified and earnest money...
as it seems to be the norm everywhere else in the world.

One or the other of these must be wrong.
hmmm
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Old 10-19-2012, 07:24 PM
 
3,402 posts, read 4,161,869 times
Reputation: 2399
Quote:
Originally Posted by AnywhereElse View Post
The agent said they would be willing to come down and this turned out to be untrue. Keeping in mind that this is all happening "in-house" in a very small agency in a smaller town that has only a small amount of listings. We told the agency how much we could pay. The agency called to see how much more we were willing to pay. Perhaps, English is their second language because, obviously, they are not hearing what I am saying and repeating. To me, to steer someone to a property they cannot afford and tell them otherwise in hopes of shaking loose some cash that might be on hand is unethical, maybe not in a legal sense, but I don't want to deal with someone that won't listen to me. We were mislead by the agent in hopes of steering us to this property - ya'll think this is right?

It was the agency's choice to start negotiations before a written offer was in place.

We have bought and sold at least 6 properties that I recall over the years. Realtors used to be different.
I guess I'm not clear what really happened. You mentioned putting something in writing with earnest money. Is it more than you want to offer? If so, why are you considering doing it?
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Old 10-19-2012, 07:29 PM
 
3,402 posts, read 4,161,869 times
Reputation: 2399
Quote:
Originally Posted by AnywhereElse View Post
Actually the "steering" took place when we contacted the realtor about a property not for sale by their agency and I know this happens but the fact that we were steered toward a property we could not afford is the issue there. I'm not handling anything poorly. I guess they bet their money that we will liked the house enough to shake down a family member for additional cash? Guess they lost.

From what I gather from the above posts is that the offer we made was too low so they called to see what the seller had to say. His was only a tiny move in our direction on $$$. OK, they then called us to see if we wanted to counter and I said "no". End of transaction. We were mislead and that is the issue. The house is a "white elephant" and there are plenty more out there. I am a "white elephant" kind of person.
Ok somewhat clearer now.

Did they ever show you the house you first called about?

As far as the rest of the story there aren't any agents that can control what a seller will do. It didn't work out, but unless they refused to show you that first house I don't see what it so wrong with what happened. Not all offers work into a deal.
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