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Lesson for sellers: Never respond to a verbal offer with anything other than "put it in writing and I'll respond."
Lesson for buyers: If you've offered your top dollar verbally, don't walk away from a counter you don't like without putting your original offer in writing and restating "take it or leave it."
For all we know, this seller would have eventually gotten down to the buyer's offer but naturally wanted to try to get more so he started with a tiny reduction. The buyer will never know because he walked away rather than putting his original offer in writing and sending it over restating "take it or leave it." I've seen huge gaps in offer and asking get closed after initial baby steps. Keep negotiating until it's obvious a compromise can't be reached..
A verbal offer is no offer. Your offer and all the other terms contained in the offer must be in writing. Make your offer on your terms...price, closing date, home inspection, attorney approval, etc. Then stop talking. He who speaks first loses in most negotiations. You said it was your bottom line, then you must truly act like it is your bottom line. If you agent doesn't get it....then I believe that agent isn't working for you, but the seller. Your agent's job is to ethically attempt to secure you a product you desire at the price you are willing to pay without duress.
It has been our experience that no matter what you tell them you can spend, they always try to get you to spend more. I told the agent before hand what we could spend and the agency still tried to shake us down for more and that is where the issue lies.
Was your agent friends w/ the seller or something? Because otherwise what great incentive is there to try to string you along for a little more cash?
Assuming the agent really only takes home 1.5% of the closing price, for every extra $5,000 he gets you to spend on the house, he makes a whopping $75. So unless he's stupid or friends w/ the seller, his incentive is probably to make sure a deal happens, not "string you along for more" if it hurts the chance the deal closes. Then he risks alienating and losing you at worst, or spending more of his time and gas taking you to see more places at best.
Saw a house on a for sale by owner website last Friday evening, called the seller directly, met him Saturday and again Sunday afternoon to really go over the house. Got a contract on Monday and we close today at 4:30 pm. I did notify the realtor that we were in the process of doing this and thanked him for his effort. I guess when it is right, it's right. The couple had went into a nursing home and had lived in the house since 1969. A beautiful job of siding the house was done in 2007, it has a couple apple trees, berry bush, an award winning tree in the front yard but the inside is not updated which I love since it has the old cupboards and all the cute little nooks and crannies. Lots of storage and even a fireplace! And, we got an antique piano in the deal in really good shape! I was leery of the process buying directly from the seller, which in this case was the son of the couple, but after reading all I could on the internet and meeting the seller, well, we just decided to go for it.
Saw a house on a for sale by owner website last Friday evening, called the seller directly, met him Saturday and again Sunday afternoon to really go over the house. Got a contract on Monday and we close today at 4:30 pm.
Congratulations on finding the right home for you. I hope everything works out well. You obviously had a bad experience with a bad agency / agent. I do not see any issue with the agent showing you a property that was priced higher than your price point, as long as there is the possibility of negotiating the price down. The first offer should have been below your max budget and submitted in writing. It is your agents responsibility to advise you and represent your best interests. S/He failed. In the future, if you have the need to buy or sell real estate, take the time to interview a few agents. Get recommendations from friends, family, co-workers and church members. There are plenty of good agents out there that know what they are doing and will represent you properly.
We closed without a problem. Went and checked out the house and start moving in Sunday after hauling possessions here. I guess my issue is that I don't play games and am always upfront and 99.9% of the time I am open and honest and that just doesn't sell anymore. Thanks everyone for comments and advice. It will give me info to pass on to others because in about 7 years, I become a full-time RVer and workamper - my dream!
It is amazing to me that 99.99% of the people that start a thread blasting their real estate agent always have a new thread, within a few weeks, of some amazing story of a house they found on their own, was priced perfectly and how the closing was so simple and amazingly quick. The percentage is just amazingly high, the bad experience with the real estate agent must have some magical powers.
72 hours from contract signing to closing is pretty amazing. Did you happen to work an inspection or appraisal into that 72 hrs?
...72 hours from contract signing to closing is pretty amazing. Did you happen to work an inspection or appraisal into that 72 hrs?
Given the OP's dislike for negotiation, they likely paid asking price with cash, no appraisal, and did their own inspection without a professional inspector (they "went and checked out the house"). I hope they actually got a good home at a good price.
It is amazing to me that 99.99% of the people that start a thread blasting their real estate agent always have a new thread, within a few weeks, of some amazing story of a house they found on their own, was priced perfectly and how the closing was so simple and amazingly quick. The percentage is just amazingly high, the bad experience with the real estate agent must have some magical powers.
I can't say I've observed the same thing. I have noticed a lot of people posting on here about a bad experience, getting solid advice from people here, and then using that advice to find the right agent which leads to a smooth transaction. The majority of people here give solid real estate advice. Of course there are a few people on here who insist on giving out advice even though their experience and knowledge is extremely limited. These people tend to give out less than ideal advice.
Quote:
Originally Posted by Mike1306
72 hours from contract signing to closing is pretty amazing. Did you happen to work an inspection or appraisal into that 72 hrs?
I was thinking the same thing. If the OP was paying cash they may not have wanted an appraisal, but unless they were planning an extremely major renovation then they should get an inspection done.
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