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Old 03-05-2013, 03:40 PM
 
Location: Columbia, SC
10,926 posts, read 21,893,370 times
Reputation: 10554

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Quote:
Originally Posted by longislander2 View Post
Perhaps it occurs less often than we think, but it probably happens frequently enough to make a lot of buyers suspicious. It's happened to me enough times for me to believe they all can't be coincidences.

Maybe there should be some unbiased central registry where bids are received and recorded, and where buyers can confirm that multiple bids have been placed on a home without knowing the amounts or names of the bidders....
I've had more than one instance the last few years where I had multiple offers that weren't accepted so the property never sold. I'm sure it made me look like a liar but it happens right now. It would be interesting if bids could be registered but it could deter the public from making offers because there are other reasons besides price that an offer may not be acceptable. Also, sellers may reject an offer early on that they may take as time goes by. My company uses a multiple offer contract that we have all parties sign off on.
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Old 03-05-2013, 04:43 PM
 
6,904 posts, read 7,554,322 times
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Quote:
Originally Posted by longislander2 View Post
1. We expressed interest in one property that has been overpriced and on the market for about 350 days. As soon as our agent inquired, we were informed by the sellers' agent that there is suddenly another all-cash buyer interested in the property. Surprise! Surprise! It's amazing how these competing buyers suddenly pop out of thin air on homes that have languished. . . Does anyone wonder why the real estate business doesn't have a better reputation?
I just had exactly the same thing happen to me! I found what looked like a perfect house on-line. It had been on the market for 159 days (and actually is priced lower than the range I am looking in). I contacted the listing agency I didn't yet have an agent to work with in that town) and 9 days later got an e-mail connecting me with another realtor in that agency. We scheduled a time one week later to view the house. In the meantime, I kept e-mailing her questions about the house (is it in the flood plain? Are the current occupents renters, and if so when is their lease up?) and got no response back. The day before I was due into town to view the house I got an e-mail from the agent saying that there is an offer in on that house. All her e-mail contained was that info, and a frownie face icon. She didn't even recommend coming to view the house anyway and putting in my own offer!

I'm just chalking this up to "Just not meant to be", but I agree with OP in our suspicions.

I'm just waiting to see this house advertised as a rental, managed by that RE agency.
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Old 03-05-2013, 06:13 PM
 
28,107 posts, read 63,486,210 times
Reputation: 23226
Quote:
Originally Posted by sheena12 View Post
This sounds SOOO familiar to me! We also had an experience with a protracted escrow.
Twice I was told to get ready to move fast because the Buyer had failed to remove a contingency... both times the buyer cured the problem after time had run out... either the next day or within 24 hours.

The buyer and I have actually become acquainted because we were both drawn to the property because of our interest in old cars... we know a lot of the same people.

Have to say being in second position has only worked for me once... mostly, it is just a waste of time.

That said... if I were the seller... I would want a higher offer waiting in the wings.
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Old 03-05-2013, 06:25 PM
 
2,668 posts, read 4,474,777 times
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Every home we have bid on thus far has had multiple offers. There are several homes that have been sitting for months at the same price and are not moving. Meanwhile a gem will pop up and be gone before you know it. Just this past Saturday we saw a home show up on the listings. Brand new listing that morning. We called our agent to setup a showing asap and were in for Sunday (24 hour notice needed). Get a call that night from our agent that the house was offered on and accepted?!?! It was not even on the market for 1 day! My only conclusion was the listing agent had a buying client that was looking for such a home, showed it that day and sold it. Double commission, why not.

We went to another home that evening, and are going to one around the corner from it tomorrow before we decide which one to big on. They are about $30,000 apart in price but we are anxious to see this other home tomorrow.
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Old 03-05-2013, 06:31 PM
 
28,107 posts, read 63,486,210 times
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Last Sunday a nice 2 bedroom split level home from the 1958 went on the market... showed well and had all system upgrades... roof, plumbing, electrical, insulation... etc.

I mentioned it to a co-worker... it was listed at 399k

It's pending at 460k with multiple offers.

There is a buyer's frenzy in parts of the SF Bay Area right now...
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Old 03-05-2013, 07:33 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,546,748 times
Reputation: 2201
Quote:
Originally Posted by clutchrider View Post
... We called our agent to setup a showing asap and were in for Sunday (24 hour notice needed). Get a call that night from our agent that the house was offered on and accepted?!?! It was not even on the market for 1 day! My only conclusion was the listing agent had a buying client that was looking for such a home, showed it that day and sold it. Double commission, why not....
Or, given the hot market, a buyer put an offer in without a showing. Some buyers will use the inspection contingency as a way to get out if they don't like it later.
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Old 03-05-2013, 08:28 PM
 
Location: northern va
1,736 posts, read 2,880,866 times
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Quote:
Originally Posted by rjrcm View Post
Or, given the hot market, a buyer put an offer in without a showing. Some buyers will use the inspection contingency as a way to get out if they don't like it later.
yup. couple hundred dollars is a small price to pay to have that 'out' should you need it..

in all my years, I've only had one listing agent specifically require/request striking through the verbiage in the inspection contingency giving the buyer the option to vacate based off the inspection, even if no problems were found.. She wanted atleast the opportunity for the seller to agree to fix whatever might have been found..
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Old 03-05-2013, 08:37 PM
 
1,423 posts, read 2,539,458 times
Reputation: 806
There are agents who make a killing in a certain area. They keep this area propped up in price and refuse to budge as long as they can. They even work in cahoots with buyer's agents to determine the highest their client is willing to go and work to get to that price point or higher. Even if the buyer could purchasea particular house for a better price, realtors won;t let it go coz it would affect the prices of other sales in the area thus affecting their bottomline. I hope they get rid of the profession in Residential RE and make a list of points that enable buyers/ellers to complete the transaction without these scumbags.
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Old 03-05-2013, 08:41 PM
 
Location: California
6,417 posts, read 7,627,635 times
Reputation: 13959
Quote:
Originally Posted by longislander2 View Post
We are seeing two interesting things pop up as we look to purchase our next home:

1. We expressed interest in one property that has been overpriced and on the market for about 350 days. As soon as our agent inquired, we were informed by the sellers' agent that there is suddenly another all-cash buyer interested in the property. Surprise! Surprise! It's amazing how these competing buyers suddenly pop out of thin air on homes that have languished.
2. When we were selling our home, we were told that the comps were the Holy Grail in determining its listing price. Now that we are looking to buy and are doing some serious research on recent sales to establish an appropriate purchase price, we are being told by agents that the comps aren't really that important.

Does anyone wonder why the real estate business doesn't have a better reputation?
Many have expressed and experienced the same feelings with commissioned sales people. Suggest you look into alternative and much cheaper methods to buy/sell your real estate. We saved a bundle by selling our home ourselves and plan to do the same when we sell our current home. There is just no need for the added stress when a good real estate lawer can keep the process clean and smooth.

Banks don't confuse so called "comps" with an independant appraisal; neither should anyone else!

Last edited by Heidi60; 03-05-2013 at 08:57 PM..
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Old 03-05-2013, 09:26 PM
 
Location: Columbia, SC
10,926 posts, read 21,893,370 times
Reputation: 10554
Quote:
Originally Posted by Mistertee View Post
There are agents who make a killing in a certain area. They keep this area propped up in price and refuse to budge as long as they can. They even work in cahoots with buyer's agents to determine the highest their client is willing to go and work to get to that price point or higher. Even if the buyer could purchasea particular house for a better price, realtors won;t let it go coz it would affect the prices of other sales in the area thus affecting their bottomline. I hope they get rid of the profession in Residential RE and make a list of points that enable buyers/ellers to complete the transaction without these scumbags.
That's right, it's the agents that decide asking price and what the seller will accept and dictate to the buyer how much they are willing to pay. Those scumbag agents!

Oh, hey Heidi! I was wondering when you'd show up.
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