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Old 06-12-2018, 07:27 PM
 
6,361 posts, read 7,342,015 times
Reputation: 10822

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Quote:
Originally Posted by photogal9 View Post
This post correlates with the other one posted about "Zero money down...as a seller, bad sign" thread, kind of sort of.

I went to look at a property over the weekend. My agent pulls up, we get out of our vehicles and my agent says the seller's are home. They let us is and say they are going to run out for a bite to eat. Agent thanks them and says they will lock up when we are done.

I view the property, it's cute and I note the pros & cons, if my furniture would fit, HVAC system, standard things. As we come from the back common outside area, the seller's are pulling in to their garage, almost as if they were waiting outside in their car, it was too timely. I was not given any time-frame and do not believe we over-stayed our viewing allotment period; we were there approx. 30-40 minutes. I tell my agent I will think over the pros and cons of the property, if they can get a couple of questions answered about said property, and we will talk later.

Offer time: I suggest $1750.00 over list w/3% cc's, my agent suggests going in at $3K over list with $3K in cc's, so in essence, list price, which they believe to be the market value, and with a "lets get this wrapped up today," thought process. I agree, let's get it done, this is my best offer on this property, my agent knows this and I know the recent comp's. I'm using a conventional mortgage, approved through automatic underwriting, through a very good mortgage broker and I would not put 20% down on this property or any property, never have, with no issue's.

Answer time: Seller's have one offer that they have been sitting on, my offer and they now have a few other showings lined up and would like to wait until Wednesday to decide. My agent asked what I'd like to do, already knowing I have put my best offer out there. The deal was: Yes and we move forward. No, and I will wait for another property. So, pull the offer.

I did ask what the seller's reasoning to not accept the offer was, in my agent's opinion or through the seller's agent.

1) Seller's agent brought up concerns about property appraising.

2) My agent asked the selling agent, if they are concerned about appraisal, why are they looking for a higher offer, it doesn't make sense? My thoughts, possibly waiting for a cash offer over and above their list price?

3) Showings do not equate to offer's


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 agree with others: you are WAY over-thinking this. I don't understand why, either, since you say that you've bought and sold houses before. It should be easy to put yourself in the Seller's shoes since you've been one before.
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Old 06-12-2018, 07:33 PM
 
Location: planet earth
2,934 posts, read 1,033,679 times
Reputation: 6692
Maybe you should hire a private investigator to get to the bottom of this.
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Old 06-12-2018, 07:43 PM
 
1,778 posts, read 879,544 times
Reputation: 3812
Quote:
Originally Posted by nobodysbusiness View Post
Maybe you should hire a private investigator to get to the bottom of this.
Best answer in the thread!
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Old 06-12-2018, 07:51 PM
 
Location: Phoenix, AZ area
2,936 posts, read 2,404,374 times
Reputation: 3372
Quote:
Originally Posted by Pooks1976 View Post
Sounds like they didn't think it would appraise with the CC rolled into the price. Nothing worse for a seller than wasting time on a deal that won't close.
That's what it looks like to me. They clearly stated they are worried about the appraisal already plus your additional over asking in order to roll closing costs into the loan is an even bigger problem for an appraisal.

Also, you are pretty far from asking with 3% concessions. Maybe they feel they are asking a fair price as is and don't want to give away 3%.

Maybe don't try and judge people yourself if you don't want to be judged.
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Old 06-12-2018, 07:51 PM
 
Location: between three Great Lakes.
1,633 posts, read 1,788,915 times
Reputation: 5392
I don't know why the sellers would care about the O.P.'s down payment status, or lack thereof, but she mentions it twice.
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Old 06-12-2018, 08:06 PM
 
Location: Denver CO
19,053 posts, read 10,086,762 times
Reputation: 27892
I hate to drive and have a terrible sense of direction so any time I've gone househunting, I let the agent drive. I never imagined that a homeowner would be disappointed that they didn't get to spy on me and judge me based on what kind of car I drove.
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Old 06-13-2018, 04:40 AM
 
595 posts, read 377,927 times
Reputation: 1021
Quote:
Originally Posted by AZ Manager View Post

Also, you are pretty far from asking with 3% concessions. Maybe they feel they are asking a fair price as is and don't want to give away 3%.
The offer was for $3K in cc's, not 3% as my original post stated. There are other recent sold comps that have sold for a few thousand more, so the sellers agent stating concern on an appraisal seemed off to my agent. The offer price was what my realtor suggested.

Last edited by photogal9; 06-13-2018 at 04:54 AM..
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Old 06-13-2018, 04:53 AM
 
595 posts, read 377,927 times
Reputation: 1021
Quote:
Originally Posted by jackmichigan View Post
It should be easy to put yourself in the Seller's shoes since you've been one before.
As a seller more than once, I made my homes available for viewings whenever neccessary and have never been at the property during a showing. I hired a realtor to list the property and knew a buyers agent would be showing the properties to their clients. No need to micro manage that. IMO, the sellers and buyers require little to no interaction during this, unless as Diane mentioned in a reply, it's something like a rural or farm property, then I can see the value of the seller being onsite to answer questions. I'm not in that market area.
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Old 06-13-2018, 05:27 AM
 
Location: NC
1,788 posts, read 865,424 times
Reputation: 4184
If the sellers had several showings still lined up, it appears that it's a pretty hot market. It could be that they had several showings that day already and needed to get some things done around the house, or had several showings in the days leading up to your showing and were tired of leaving the house constantly. I've looked at houses with the sellers present and it never bothered me. I just withheld any possibly negative comments until after we left the house because I didn't want to hurt anyone's feelings.
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Old 06-13-2018, 06:21 AM
 
Location: DFW - Coppell / Las Colinas
29,970 posts, read 34,577,096 times
Reputation: 35975
No one in our market asks for closing costs. Big Deal breaker.

You're showing signs of paranoia. What Silverfall said.
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