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Do you want the house or not? The agent works for the seller. Get over your silly sexist query.
Our house in Fairfax, VA will soon sell for 15-20K over asking guaranteed.
Thanks for your positive, helpful response.
Yes, Virginia. Men and women are in fact treated differently in the business world.
I am sorry that you mispriced your house so poorly. Maybe you should use a different realtor next time.
Generally a home that is sale ready in a strong market and desirable area sells with multiple overbids...
Just reviewed the last 90 days in my part of the SF Bay Area and 94% went for over asking with the rest within 3% of asking except for one property that is still listed and has had two price reductions... in needs a roof and has hillside foundation problems.
Never offer more than you are comfortable paying and make sure you have inspection contingency...
A very good investor friend always comes in strong to lock up the property and then picks it apart using multiple inspectors... I don't agree but he is very successful.
Good advice, about the inspection.
Of course, I'm looking in a buyer's market area. Not at all like SF. Very few houses, if any, sold in that area in July.
Oh, I believed that there were other offers. My price range is common, and I seem to be attracted to houses that others are attracted to. And the houses did, in fact, sell a day or two later.
Actually, when I hear there are other offers coming in, that makes me less likely to make an offer. I don't want to get in a bidding war. My view is that I would offer a little less than what the house is worth TO ME, giving me room to go up a bit. That's all I can do. If that's not what the seller thinks his house is worth or thinks he can get more, then that's that. I tend not to fall in love with houses. I'm very practical. Having said that, it's POSSIBLE I suppose that I would run across the perfect house...in some universe. But unlikely. I don't seem to have that gene that falls in love with one particular house or car or whatever. I wish I WOULD find a house that could be my dream house.
Here is your issue then since most sales are based on the market and not what you VALUE a house to be or what the Seller believes also.
Comps don't lie but I suggest to you that you be honest with the realtor you are working with about what you truly want Offer for a specific house.
You sound like a tire kicker and don't know what the true value of a home is.
Oh, I believed that there were other offers. My price range is common, and I seem to be attracted to houses that others are attracted to. And the houses did, in fact, sell a day or two later.
Actually, when I hear there are other offers coming in, that makes me less likely to make an offer. I don't want to get in a bidding war. My view is that I would offer a little less than what the house is worth TO ME, giving me room to go up a bit. That's all I can do. If that's not what the seller thinks his house is worth or thinks he can get more, then that's that. I tend not to fall in love with houses. I'm very practical. Having said that, it's POSSIBLE I suppose that I would run across the perfect house...in some universe. But unlikely. I don't seem to have that gene that falls in love with one particular house or car or whatever. I wish I WOULD find a house that could be my dream house.
While it is a commonly hugged pop real estate term, there is no such thing as a "bidding war."
That concept is right up there with "Step on a crack, break your mother's back" in terms of reality.
Smart people buy a home based on value, not because of what other people are doing.
I offered the asking price for my two bed, one bath here on Oahu. While everyone knew that the unit was still a little overpriced (it had had several price drops), my agent and I were still confident that it could appraise for the current asking price, which it did. I didn't want to wait another month for the next price drop, only to be outbid by an all cash buyer or by someone offering a lot of cash down, which is a big reason why I made the offer that I did.
I'm perplexed. Twice now, when expressing interest in a house, the agent who is showing me the house (not the list agent), "advises" me that if I turn in an offer, it's best to do it right away since another offer is coming in, and it's best to offer at least the list price.
What the heck is the deal? Since when do agents who are supposedly helping YOU the buyer urge you to pay more than a house is worth? I even got comps from one that were very limited, and left out a comp that I knew about (because I've been following the market there closely) that would support a LOWER list price.
Somehow I don't think this happens to male buyers. I wonder if they think I'm stupid because I'm a female buyer, or that I'm more easily persuaded, or maybe buy from emotion rather than value?
Is this the norm? To encourage offering the asking price, or more? (Note: It's a bit of a buyer's market there. So it's not a seller's market situation.)
The above is incomprehensible...in an extreme seller's market like Seattle. I'm sure it makes much more sense many other places in the U.S.
Although I still don't understand the puzzlement. In aggressive markets, act aggressively? Out here, we have Chinese paying cash they ripped off from god knows who in their own corrupt country for gorgeous million dollar and up homes, so they have a place to park their loot. Those being homes in desirable neighborhoods, and about the bottom end price of any three-bedroom-plus, >2K sq ft, in a safe place with great schools and tolerable commute to employers hiring like mad for $100K-plus jobs.
Paying less than asking just doesn't happen in those kinds of neighborhoods here. House very close to me sold not terribly long ago for not much under a mil, bid up from about $900K, by exactly who I describe. "Very Hot" market, anything can and will happen. All a matter of perspective.
When I bought, not too many years ago, my agent not only "encouraged" me to bid asking, but required I sweeten my deal in a few other ways to stay competitive with others that were coming. I knew they were coming, I didn't need him to tell me, when comparable homes in this neighborhood had a half-dozen offers in maybe three days after showing. I beat out just a few others, but my offer was in 2.5 calendar days after it opened and waved inspection plus closed in 28 days (Friday went on MLS, three or four offers in Monday morning including mine).
No idea what you're referring to, male vs. female buyer. Quite skeptical that is the issue. Unless you're looking for homes in Saudi Arabia.
I've always said there was an extreme conflict of interest in the real estate game.
This guy is telling you to put in at list or over to:
#1: Get the sellers to accept without much back and forth, and ensure the sale
#2: Make more in commission
or, possibly
Make sure you get the home because he is looking out for your best interest.
If you're in a seller's market, it's likely the latter.
If not, get a new agent NOW.
This is like anything else in the business world: buyer beware.
Always do your own research. I always use a buyers agent, but I never take their advice on pricing. I pull my own comps and see what trends are in the neighborhood. I have had agents tell me I'm low balling, and I always tell them: "Let the seller decide."
The above is incomprehensible...in an extreme seller's market like Seattle. I'm sure it makes much more sense many other places in the U.S.
Although I still don't understand the puzzlement. In aggressive markets, act aggressively? Out here, we have Chinese paying cash they ripped off from god knows who in their own corrupt country for gorgeous million dollar and up homes, so they have a place to park their loot. Those being homes in desirable neighborhoods, and about the bottom end price of any three-bedroom-plus, >2K sq ft, in a safe place with great schools and tolerable commute to employers hiring like mad for $100K-plus jobs.
Paying less than asking just doesn't happen in those kinds of neighborhoods here. House very close to me sold not terribly long ago for not much under a mil, bid up from about $900K, by exactly who I describe. "Very Hot" market, anything can and will happen. All a matter of perspective.
When I bought, not too many years ago, my agent not only "encouraged" me to bid asking, but required I sweeten my deal in a few other ways to stay competitive with others that were coming. I knew they were coming, I didn't need him to tell me, when comparable homes in this neighborhood had a half-dozen offers in maybe three days after showing. I beat out just a few others, but my offer was in 2.5 calendar days after it opened and waved inspection plus closed in 28 days (Friday went on MLS, three or four offers in Monday morning including mine).
No idea what you're referring to, male vs. female buyer. Quite skeptical that is the issue. Unless you're looking for homes in Saudi Arabia.
The OP is not in the Pacific northwest and all the racist remarks you can make about who is buying what there is irrelevant to the question at hand.
While it is a commonly hugged pop real estate term, there is no such thing as a "bidding war."
That concept is right up there with "Step on a crack, break your mother's back" in terms of reality.
Smart people buy a home based on value, not because of what other people are doing.
That may be...but when did you start believing that all people are smart, that they are completely rational and keep emotions entirely out of the home-buying process?
Wait. Unless this is a BUYER agent with whom YOU have a contract, the agent is representing the seller. Listing agent or not.
Quote:
Originally Posted by bpollen
Yes, I think so. I've tried telling people that before, and they disagree with me. But I think that's the case.
Why is it that you are not sure whether the agent was representing you or the Seller? That seems to be rather fundamental to your situation.
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