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.
i am THISCLOSE to filing a complaint with the FHA. before i do that, i'd like to get your input.
put an offer on house a month ago. for about 60k less than asking. house is overpriced based on all comps (according to my agent and my brother who is also an agent). my agent actually recommended i offer less, but i didn't want to offend. sellers never responded to offer in writing, only verbally. and only came down 20k from asking. when i submitted another offer, upping my price, sellers never responded. neither did listing agent to my agent. they have acted very aloof and not at all interested in me or my offers from the very beginning. i am starting to think these people do not want to sell to me. why would they not continue the negotiation in this market unless this is the case?
why? because i am asian and the sellers live on the same street and do not want me in their neighborhood.
$60,000 less on a what priced home? $60K on a $600,000 home is much different than a $60k less offer on a $200,000 home.
The danger with low balls is that you might offend some sellers. They might not be interested in your offer because they think it stinks. They have a right to get angry that you are making a low ball offer.
The sellers don't have to respond to your offer, they can let it expire. It's just common courtesy and good business practice on the part of real estate agents to get signatures acknowledging that the offer was presented. Have your agent call the other agents principal broker and state that you need proof that the offer was presented, and then I suggest you move on and find another home.
Obviously I have no knowledge of the sellers and whether or not they are racists, but based on the facts you presented here, I think they think you are a jerk and don't want to deal with you.
i am THISCLOSE to filing a complaint with the FHA. before i do that, i'd like to get your input.
put an offer on house a month ago. for about 60k less than asking. house is overpriced based on all comps (according to my agent and my brother who is also an agent). my agent actually recommended i offer less, but i didn't want to offend. sellers never responded to offer in writing, only verbally. and only came down 20k from asking. when i submitted another offer, upping my price, sellers never responded. neither did listing agent to my agent. they have acted very aloof and not at all interested in me or my offers from the very beginning. i am starting to think these people do not want to sell to me. why would they not continue the negotiation in this market unless this is the case?
why? because i am asian and the sellers live on the same street and do not want me in their neighborhood.
Dude, they are not discriminating against you because you are asian. I'm asian myself.
They are discriminating against you because of your offer. Was your offer of 60K off what list price? 60K off of 600K is one thing.
60K off 300K is a low ball offer.
So what price range are you looking act?
Sellers may like to sell, but most sellers are not desperate. If you want the home, you should up your offer more. If sellers do not want to sell, than just move on.
I suspect that if you presented a full price offer the seller would respond favorably. It sounds like the seller is offended by your low ball. Just because the comps show that the house is overpriced does not mean the seller has to entertain any offer less than a full price.
At this point in time, this seller has no intention of letting anyone get what they perceive to be a steal of a deal.
Move on and find another house or go back with a substantially better offer if you want this one.
BTW, FHA insures low-moderate income loans. The Office of Fair Housing and Opportunity is operated by HUD.
They have no authority to compel sellers to accept less than they want for their homes.
again, i ask the following question (which no one ever answers): if the house is overpriced, IS IT REALLY A LOWBALL?
example: if the house is priced at 300k, but house is valued at 250k (according to comps), and buyer offers 240k, is that a LOWBALL? i do not think so. a lowball offer in that case would be 200k
again, i ask the following question (which no one ever answers): if the house is overpriced, IS IT REALLY A LOWBALL?
example: if the house is priced at 300k, but house is valued at 250k (according to comps), and buyer offers 240k, is that a LOWBALL? i do not think so. a lowball offer in that case would be 200k
Even if the seller is delusional it is still a lowball from their perspective and that is all that matters. THEY THINK you are lowballing them.
It depends on if the house is actually overpriced. Overpriced according to who? There are lots of folks on here insisting that the market is the same all over the country, and that ALL houses are overpriced right now - oddly enough, most of those folks appear to be buyers.
What comps? Does the seller have comps that support their price? If yes, then it doesn't matter what comps the buyer's agent pulls, the comps that support the seller's price are going to be the ones that prevail when the sellers are determining whether an offer is a lowball offer or not.
And what Silverfall said. In this particular situation, the sellers may be acting from their perception that the offer is a lowball offer, whether it is or not.
again, i ask the following question (which no one ever answers): if the house is overpriced, IS IT REALLY A LOWBALL?
example: if the house is priced at 300k, but house is valued at 250k (according to comps), and buyer offers 240k, is that a LOWBALL? i do not think so. a lowball offer in that case would be 200k
It all depends. Comps matter. But you need to look at the specific home in detail. Maybe that home has all the upgrades while the other homes are just very basic.
When we looked at homes, two homes were exactly identical in floor plans and square footage. But one was priced 30K more than the other. Well it turns out the more expensive home had a spa in the pool. Had granite in the master bedroom in addition to the kitchen. Had a modern LG fancy refrigerator and LG front loading washer/dryer (costs about 7K) that was just purchased last year which the owners were selling with the house. Had double crown molding, master ceiling tray, had upgraded and new carpets and new Brazilian wood floors. The Realtor showed me how much those upgrades cost the owners, along with the receipts and they were at least 40K.
There's gotta be a reason a person would put an offer into a specific home.
This makes no sense. So based on what you guys are saying, anyone can put any price on their house and if someone makes an offer based on the market value of the house, it's a "lowball"?
My house is valued by the county at 200k. I price it at 400k. If someone offers me 190, that is a lowball? I would say that is a very fair offer for the house.
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.
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.
