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Old 06-12-2018, 02:55 PM
 
193 posts, read 77,661 times
Reputation: 555

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OP, we look at the offer. When will it close? What earnest money are you putting down? Are you asking us to help with closing? Are you paying cash? If not, what kind of loan do you have and does it pose a potential risk to close on time? Are you asking us to leave items in the house that we want to take (we have had people ask for antique light fixtures we had installed, our furniture, rugs, etc.)?

We have certainly waited for other offers if we don't like the first one that comes in, especially if it seems like it might have some problems in any of the above areas.

Once, I ran into a woman who was coming out of my house for a showing and heard her talking about all the things she absolutely hated about the house. She put in an offer but we already had several at that point. We countered the top three of which hers was one. She sent us a letter all about herself and why she didn't think our house was worth as much as she wanted to pay, but she would do so because of her career moving her to the area. We passed her on by.

If buyers make a bad financial impression, we will pass. If they make a bad personal impression but a decent financial one, we will give them a chance. Most sellers are interested in getting the best possible offer with the least hassle in the most efficient time frame.
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Old 06-12-2018, 03:09 PM
 
Location: Salem, OR
13,764 posts, read 31,712,560 times
Reputation: 12150
Quote:
Originally Posted by photogal9 View Post

IMO, and that is what this is and I have a right to it, the seller in essence, is pre-screening anyone and everyone that comes to view their property. In this day and age, for a seller to physically open the door for a REALTOR is awkward, unnecessary, odd, not in their best interest and not their job. So what do they get out of it?

1) They can see what type vehicle the prospective buyer drives. Some people equate new vehicles to status.
2) They see the buyer, which is not necessarily of the norm in real estate purchase/selling. I had no desire to know the seller's of this or any property.
3) They can make an assumption or judgement, which just isn't cool, ever and then align that up with the offer in that persons contract.
4) They lost a sale of their property to me, which I am fine with, really. It was not my preferred area, it could have worked for 3-5 year's. I am sure an offer will come along for them, a cash offer is doubtful. It's a first time buyer - low end price range buyer's property.

What they do not know, is that with putting less than 20% down, my payment would have been well within my affordability, the purchase price is 65% of what I am approved for, that I would have replaced the 35+ year old HVAC system ASAP, replaced the warped scuttle hatch to the attic, patched and painted all the walls, replaced the interior plastic doors & trim and then also left myself with a nice reserve of money, not that it is any of their business.

Maybe some seller's have blinders on, or are so fixated on the contract % DP that they forget that many a business transaction gets completed outside of the old standard ways. Not everyone drive's their money or wear's their worth.

Just my .02's.
I think you are totally overthinking this.

I run into sellers ALL THE TIME coming in or out of their homes. You know what I do? I wave. I don't get paranoid that they are stalking me or my clients trying to determine things about us. It is actually normal to run into sellers. If it bothers you so much, you can have your agent do what I do. I offer to text them when we leave so they know when to come home. It's called being kind and courteous.

Look, selling a home is really stressful. Sometimes sellers don't leave until someone arrives because they have to pack pets in the back of a car.

Sometimes they have health issues which makes mobility difficult.

Sometimes they are going through cancer treatment and get nauseous in their car.

Sometimes they lack time awareness and are just late people. I am sure you have one of those as friends.

Sometimes they were frantically cleaning until the very end.

There are a bunch of reasons that sellers are there that have nothing to do with scoping you out. Really. They do.
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Old 06-12-2018, 03:38 PM
 
Location: Boise, ID
8,013 posts, read 22,650,461 times
Reputation: 9236
It may be that they've had 6 no shows already this week and don't want to leave for another no show, so they wait until you actually show up to leave the house. Probably what I would do. Although I would park down the street to wait and then go back to the house after they pull away, so as not to seem as pushy.

And the comment about being worried about the appraisal. To me, what I heard you say is that they think it will appraise for less, and they think because you are less down and need closing costs included, you won't be willing or able to come up with the difference in cash for closing, so the deal will fall through. This is a fair assumption, because it is usually true. Someone with 20% down is more likely to have the reserves to make the deal still work. In my market, this is a common enough thing that people are often writing clauses into the contract that if the appraisal doesn't come in, the buyer has to come up with the difference. They take the offer that agrees to that. The ones that don't get thrown out.
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Old 06-12-2018, 03:46 PM
 
2,180 posts, read 1,179,157 times
Reputation: 4435
What would turn me off as a seller is you asking for closing costs. That indicates to me that you have no cash outside of the down payment, if any. Which can present an issue as anything what so ever that comes up is going to come off the selling price and it can be hard to nail down all the closing costs at time of contract. Raising the price doesn't always work because if it doesn't appraise the seller just wasted a bunch of time and has to come down, since you have no cash, or relist wasting the entire process.

Basically seller is locking in with you for 45 days or so and doesn't know if you really can get a mortgage (pre qual or approvals today mean nothing), you want them to pay for everything for you and anything that comes up that complicates the deal they know you likely have no ability to pay for anything. Additionally, you also have to hope for a stellar appraisal because you're pushing the price even higher.

Then on top of that, if you can't close the deal, they might be on the hook for some or all of the costs depending on how it was written.

So hell no, I wouldn't take that deal.
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Old 06-12-2018, 03:48 PM
 
Location: Saint John, IN
10,664 posts, read 3,378,543 times
Reputation: 12787
The first home we sold was when I had just had my baby. We actually listed it the day I went into labor. The buyers came to see the home while I was at the hospital and came back for a 2nd showing 2 days after I came home. We told our realtor since I just came home with a newborn they were welcome to come see the property again, but we were not leaving. They came and even said "Hi and congrats". We told them to pretend like we were not there and go through closets, etc. We received their offer a few hours later and we closed 6 weeks later.

The last home we sold the buyers spent an hour in it in the morning and then came back with extended family that night. They were in there 3 hours with about 15 people! We went out to eat and they were still there when we got back! When the time approached 8:30pm I called my realtor and told her to call the realtor in my home and tell them they had 5 more minutes before we were coming in because I had kids to put to bed. And that's what we did. We said "Hi, sorry but we need to put our kids to bed. You're welcome to come back tomorrow". They put in a low ball offer the next morning! Total waste of our time. We did already have a full price offer that we accepted when they came back slightly higher a few days later and then they were upset that we "gave their dream house away". LOL, no you let it go!!

OP, as far as the sellers wanting to wait till Wednesday....why wouldn't they? Knowing they already had showing lined up, I would too! I can't say for the pricing and appraisal. To me that seems strange as the realtor should have suggested a realistic selling price, but maybe it is? At any rate, OP you must not be that in love with the home if you are willing to pull your offer that fast? If it was me, I would have waited, yet still continued to look at other homes.
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Old 06-12-2018, 04:10 PM
 
Location: NC
6,085 posts, read 7,112,249 times
Reputation: 12087
Perhaps the OP is of a different race than the seller, or from another country, and is worried that the seller will try to avoid selling to them. Basically that is discrimination, illegal, and all sellers and agents know that. So don't worry.

Last edited by luv4horses; 06-12-2018 at 04:31 PM..
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Old 06-12-2018, 04:14 PM
 
Location: planet earth
3,163 posts, read 1,109,487 times
Reputation: 7050
Who has time to come up with these weird theories and speculations?

If you want a house, make your best offer - the seller will either accept, reject, or counter it - if they want more time and you want to wait, wait - and if you don't, don't. It's not that complicated.

Last edited by nobodysbusiness; 06-12-2018 at 04:24 PM..
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Old 06-12-2018, 05:15 PM
 
193 posts, read 77,661 times
Reputation: 555
Quote:
Originally Posted by aridon View Post
What would turn me off as a seller is you asking for closing costs. That indicates to me that you have no cash outside of the down payment, if any. Which can present an issue as anything what so ever that comes up is going to come off the selling price and it can be hard to nail down all the closing costs at time of contract. Raising the price doesn't always work because if it doesn't appraise the seller just wasted a bunch of time and has to come down, since you have no cash, or relist wasting the entire process.

Basically seller is locking in with you for 45 days or so and doesn't know if you really can get a mortgage (pre qual or approvals today mean nothing), you want them to pay for everything for you and anything that comes up that complicates the deal they know you likely have no ability to pay for anything. Additionally, you also have to hope for a stellar appraisal because you're pushing the price even higher.

Then on top of that, if you can't close the deal, they might be on the hook for some or all of the costs depending on how it was written.

So hell no, I wouldn't take that deal.
All of this are factors we routinely take into consideration. In our current market, asking for closing costs is a big no no. Don't know how it is where the OP is. Low down payment plus asking for closing help equals the seller netting less for the property if they have to make up the difference. It sends a signal of insufficient assets to get the deal done without cost to the seller.
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Old 06-12-2018, 06:13 PM
 
635 posts, read 388,275 times
Reputation: 1055
Having bought and sold two properties since 2012, 2 others previous to those, I'm well versed in the how transactions work.

Thanks for the replies.

Last edited by photogal9; 06-12-2018 at 07:08 PM..
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Old 06-12-2018, 06:42 PM
 
Location: Cary, NC
31,743 posts, read 55,641,464 times
Reputation: 30351
Real Estate Transactions.

For some people, "Closing" is the primary destination.
For some people, "The Journey" is more intriguing.
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