U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-07-2019, 03:08 PM
 
1,412 posts, read 2,121,878 times
Reputation: 1029

Advertisements

Quote:
Originally Posted by Enigma777 View Post
After it is sold--you can go on Zillow, Realtor, Trulia and see what the sale price was. It is usually in the stats in one of them, as well as deeds being public record. Depends of how often they update and how fast the recording office posts official records.
I think this has been mentioned here before, but the 'sold' prices on Zillow are NOT reliable in many states. It's not uncommon for them to simply take the last asking price and use that as the sales price so YMMV.
Reply With Quote Quick reply to this message

 
Old 10-07-2019, 03:08 PM
 
794 posts, read 245,948 times
Reputation: 2256
[quote=Jimrob1;56344895]
Quote:
Originally Posted by Spokaneinvestor View Post
Smart sellers (or Landlords) simply decline an offer to purchase (or rental application) and never give a reason. Giving reasons for a declination creates problems that donít need to be created. There is no requirement that a reason be given. As for VA loans, as a seller I donít accept them as part of an offer due to the appraisal issues. I usually mark every listing of my own properties as CASH PREFERRED. Buyers are free to offer what ever they want but they should not be surprised if their non-cash offer is declined.

Have you checked YOUR social media posts? There are some sellers that will check social media on a buyer since it is so easy to do and then decline offers based on what they find. As I have mentioned on CD before, I have seen sellers decline Trumpers and anti-Vaxers in a competitive bid situa

My social media consists of nothing more than this CityData. I wouldn't be surprised though, if they do as you say check such things, What a world we live in
that's exactly what I first suspected in the buyers case. I've had similar situations. I don't try to hide who I am and what I'm about, but because of that, socialists attack non-stop. I'll stand strong though. I hope you do too and let us know when you get an offer accepted. If time is an issue you could rent a room with someone or rent an RV until you can become more familiar with the locale. Good luck and keep us posted.
Reply With Quote Quick reply to this message
 
Old 10-07-2019, 03:58 PM
 
Location: Kirkland, WA (Metro Seattle)
4,227 posts, read 3,416,478 times
Reputation: 7719
Quote:
Originally Posted by Jimrob1 View Post
I'm really upset about this tonight, and the entire experience was horrible. So please don't reply with smug unkind comments. There is no need for them, and believe me I'm in no mood for the infraction I'd get for my reply.

I was contacted by a Remax agent out of state, about a home that would be going up for sale. They were giving me a heads up. I had contacted that agency several weeks earlier about what i was looking for in a home , neighborhood. Price, They were given a copy of my preapproval letter.

(snip)

So does anyone know why things like this happen in this type of situation. There are a few ways to take this. When I have sold a home as soon as an offer fits what I'm selling for so accept it. Are things different now?
Won't give you a hard time, no need. Bad luck on you, bad Karma on me.

In 2011 I went for places in a hot market in Seattle. It's still hot, though cooled a bit from past years they say. I had I do believe three fails for a success. I've have been proud owner of any of those three, but didn't get super emotional. Somewhat, of course: I'm not a robot.

Why? I lost one with something like 11 other bids. The winner did cash, way more than list, was a friend of the sellers, couple other what I thought of as crazed reasons. Mmmkay. No chance at that.

Another shot down because she believed it was worth 10% more. She may have been right. That was the baby house amidst $5-12M mansions. I liked it there, on Mercer Island. I took that also as, "alas, is not to be."

I won in the end, in Kirkland WA, but it took awhile. Good luck, OP.
Reply With Quote Quick reply to this message
 
Old 10-07-2019, 09:09 PM
 
9,110 posts, read 8,361,647 times
Reputation: 19811
You have stated it is a hot market, and you have already stated you have lost out twice.

1. Smart Realtors and sellers often set opening offers 3 to 5 days after it goes on the market, as they want to review the early offers, and select the best one in very hot markets. Just because it is the first, does not mean it is the best offer. There are numerous factors, that make one the one they select their best offer, on hot property. This is in the sellers best interest.

2. Just because it is a full price offer, does not require the seller select it, as some posters have claimed. There are always some thing in every contract, that is a legitimate reason to reject it or pay a commission, according to my old University Real Estate Law professor.
Reply With Quote Quick reply to this message
 
Old 10-08-2019, 07:53 AM
 
7,675 posts, read 2,775,886 times
Reputation: 17462
Quote:
Originally Posted by Electrician4you View Post
Making a offer at full price doesnít mean you automatically get it. The seller may not like your contingencies. They arenít required to take a offer based on price alone

And also...if it's a hot market, or a hot neighborhood, someone might have offered MORE than the asking price, or made a cash offer.
Reply With Quote Quick reply to this message
 
Old 10-08-2019, 11:11 AM
 
851 posts, read 645,563 times
Reputation: 859
Most agents don't know the challenges a VA loan or appraisal may bring. Most agents do know FHA appraisals are more stringent so they may just loop a VA loan appraisal in with an FHA. VA & FHA buyers tend to have less funds to close so the logical assumption by the listing agent is they may not close. Naturally, they'll favor a conventional loan they know more about. Especially if the conventional buyer is putting 10-20% down.

With an VA or FHA loan, the agent and lender should make the buyer look stronger other ways since the loan type chosen doesn't. A pre-approval letter may do that but how strong was that letter? A 100% financing offer is not attractive even at full list price unless the seller has no other offers.

Did the pre-approval letter disclose your credit score?

Did the agent include a personal bio letter to the seller and your motivation and why you like the house?
With other offers being equal, sellers may favor the buyer who shares the same taste they have.

Was an escalation clause inserted in the offer to overbid other buyers? this helps in areas where there's multiple offers.


If I were a seller, I would not accept the first full-price offer in 24 hours. I'd want to see all offers, compare them and respond in 3 days, or 1 day after the open house.

Last edited by frankrj; 10-08-2019 at 11:19 AM..
Reply With Quote Quick reply to this message
 
Old 10-09-2019, 12:30 PM
 
15,792 posts, read 9,442,605 times
Reputation: 14313
Quote:
Originally Posted by Jimrob1 View Post
Yes. I tend to agree with you on your reasoning. I think the VA loan played a big part in the denial. I just wonder why the seller listed VA loans accepted. That's what baffles me, and how quick my denial. was made, I had loan approval I would have been paying closing costs, appraisal, home inspections. The seller as far as I know responsibility was the RE Agent commission. I had everything else and asked for nothing on the sellers part.

I guess I will accept it is what it is and move forward. Or I will drive myself nuts feeling snubbed. I guess its not worth it now.
Quite probably it was the VA loan. I've sold a home to a buyer that had a VA loan, and it was the biggest headache of any home I've sold. Not sure how it is now, but back then there were certain inspections that the seller had to pay for, regardless of what the buyer wanted to do.

It also may have been the type of loan approval that you had? Also been down that road, and when push came to shove on actually qualifying, that pre-approval meant nothing. Almost cost the deal, with the buyer coming back to us to pay for more costs "so they wouldn't lose the house". We declined, and their agent cut his commission to make up the difference.

Here's a word of advice - never get emotionally invested in a house until you move in. Before that, it's just a business transaction.
Reply With Quote Quick reply to this message
 
Old 10-09-2019, 01:05 PM
 
Location: Lakeland, Florida
7,076 posts, read 12,701,243 times
Reputation: 8932
Quote:
Originally Posted by ringwise View Post
Quite probably it was the VA loan. I've sold a home to a buyer that had a VA loan, and it was the biggest headache of any home I've sold. Not sure how it is now, but back then there were certain inspections that the seller had to pay for, regardless of what the buyer wanted to do.

It also may have been the type of loan approval that you had? Also been down that road, and when push came to shove on actually qualifying, that pre-approval meant nothing. Almost cost the deal, with the buyer coming back to us to pay for more costs "so they wouldn't lose the house". We declined, and their agent cut his commission to make up the difference.

Here's a word of advice - never get emotionally invested in a house until you move in. Before that, it's just a business transaction.
Thanks. I've already forgotten about that house. Your right don't get emotionally attached to them until moved in.

Here is s question for you since you know what your talking about. What do you think of Townhomes with out HOA fees. Its just me and the 2 bed homes I want are not avail as much. I thought of condos and townhomes. Condos HOA fees can be high, plus basically an apt. Townhomes less apt feel, only attached to one other home. More freedom and privacy than condo. Con is if no HOA in townhome, what if neighbor doesn't maintain roof etc. Thanks
Reply With Quote Quick reply to this message
 
Old 10-09-2019, 01:15 PM
 
19,196 posts, read 21,207,421 times
Reputation: 28598
Quote:
Originally Posted by oceangaia View Post
Name one. Tax appraisal values are not sales prices.
They are in California. The sales price sets the property tax rate.
Reply With Quote Quick reply to this message
 
Old 10-09-2019, 01:36 PM
 
10,375 posts, read 4,867,984 times
Reputation: 13597
Quote:
Originally Posted by Electrician4you View Post
They are in California. The sales price sets the property tax rate.

Thanks for being the 10th person to correct me.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top