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Old 02-22-2010, 12:49 PM
 
Location: San Antonio
4,149 posts, read 9,303,154 times
Reputation: 3308

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If you feel you've been screwed by a Realtor, report them to the board. If you think one is acting unethically in representing you, report them. The worst thing you can do is not recommend them to others. By going with a flat fee buyer agent, you're most likely getting one that can't make a living traditionally because they're not good. There's no conflict of interest with a buyer's agent.

Do the math: You offer 200,000 on a home. Buyer's agent thinks you should go up to $210,000 to get the deal. That's $300 in the Realtor's pocket (BEFORE their broker takes a split and taxes). In reality $150.

OR the buyer agent helps you negotiate 200,000 on the house and you're happy, so you refer ONE friend at a $100,000 house. That's $3000.

The bottom line is that YOU offer what you want. If the seller's agent says there's a backup, call their bluff. Pay what YOU'RE comfortable paying, regardless of any other offers that may or may not come in.

It's rare that a listing agent will tell someone there's a backup offer when there isn't. Those that do are unethical, but the market has a way of weeding those fools out.

However, it's not uncommon to get a backup offer, even if the house has been on the market. I had that happen last Dec. Had an offer. Got a backup at the same price. Buyer thought he had my seller over a barrel and decided to lower the offer the day before closing. I told him I had a backup offer. He called my bluff, but I wasn't bluffing. Different buyer got the home.

It happens.

Long story short, it's YOUR finances. If you feel that your Realtor isn't representing you, find another based on referrals. Nobody can make you pay anything you don't want.
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Old 02-22-2010, 12:57 PM
 
432 posts, read 3,105,567 times
Reputation: 408
Just offer whatever you want. They worst they can do is say no. Do not let emotions get into the mix.
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Old 02-22-2010, 03:57 PM
 
Location: New Braunfels, TX
6,256 posts, read 8,983,551 times
Reputation: 6340
Not that uncommon...youngest son and his wife just did a contract on a house last week. Another offer came in later that day or the next, but theirs was already accepted, so it became a "backup" offer. Which is why I told him - "If it's what ya'll want, and you're good with it, then make your offer NOW. Offer less, offer whatever - but do it NOW. The first one in will be the one they look at!"
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Old 02-23-2010, 09:05 AM
 
29,965 posts, read 47,143,277 times
Reputation: 15873
my understand is that depending on how a contract offer is written--if it gives the sellers say 48 hrs to respond--the sellers can entertain other offers in that time--they are not obligated to take the first offer that comes in and they can look at any other offers and decided what to do in their best interest-

but just talking about making an offer goes nowhere...so a serious buyer should be ready to make a bid when s/he sees a house that fits their framework...
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Old 02-23-2010, 09:24 AM
 
1,064 posts, read 3,135,558 times
Reputation: 584
This is kind of in left field but someone previously mentioned about watching HGTV, etc. and getting ideas about how to go to about buying a home and I just happened to watch First Time Homebuyers? last night and this couple from Milwaukee was looking into buying a house and they were the most obnoxious couple ever. The wife made the comment that she didn't care what the situation was with the seller and why they were needing to move. All she wanted was the cheapest/best deal and that she wanted to dictate the negotiating, it would be under her terms and didn't care about the needs of the sellers, just hers, blah, blah, blah. I never do this, but I was saying out loud, "What a b****!" I felt bad for her husband, I think he was embarrassed. The house was on the market for $359K and she wanted to put $300K. The couples realtor told them that if they insult the sellers they weren't going to get far. After 3 counters, they got the house for $340K. I don't know, just the attitude of the buyers was such a turn off and I can see how sellers can be insulted by such a low ball offer.
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Old 02-23-2010, 09:35 AM
RGJ
 
1,902 posts, read 4,013,594 times
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So, the final analysis she got 5% off. I don't know about Milwaukee's current real estate market, but the reality is that 5% off the asking price is not that far out of line. In fact, maybe the seller did pretty well depending on how long it had been on the market, price reductions along the way, any other considerations in the contract, etc.
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Old 02-23-2010, 10:34 AM
 
1,064 posts, read 3,135,558 times
Reputation: 584
True, I don't know all the circumstances. I know they initially rejected the house because the couple didn't like the furniture, etc. but they decided to look at it again and the furniture was moved out and they made a decision almost immediately after seeing it empty. I think it was the attitude of the couple that was so annoying. Watching them made me cringe because it felt like they gave off the attitude of self entitlement.
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Old 02-23-2010, 12:59 PM
 
Location: San Antonio
4,149 posts, read 9,303,154 times
Reputation: 3308
Quote:
Originally Posted by txtoal View Post
True, I don't know all the circumstances. I know they initially rejected the house because the couple didn't like the furniture, etc. but they decided to look at it again and the furniture was moved out and they made a decision almost immediately after seeing it empty. I think it was the attitude of the couple that was so annoying. Watching them made me cringe because it felt like they gave off the attitude of self entitlement.
While the show is definitely edited for drama, there's a lot of that running rampant right now. Lots of "entitled" buyers. Lots of great ones too, but a lot of buyers don't realize that most sellers CAN'T accept their ridiculous offers.

To accept a lowball offer, you need to have a ton of equity, or you need to have a ton of cash in the bank to pay at closing. I've seen lots get offended because their lowball offer wasn't accepted, but they end up buying a home for a fair price after being shot down over and over.

A lot of buyers need a real reality check and to understand how things truly work.

There are a lot that get it. There are a lot that don't.
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Old 02-23-2010, 02:10 PM
 
5 posts, read 7,103 times
Reputation: 12
Exclamation Be patient.

15 years ago when we first moved to Texas, this was a beautiful city and relatively safe. The street I live on used to be a long row of manicured lawns and friendly neighbors...now? not so much. Ive been trying to sell and move for the last 5 years WITH my price dropping every year but no dice...my neighborhood has downgraded substantially due to the new inhabitants, (not neighbors, inhabitants), that have taken over and nobody wants to move here. In this market, offer an obscenely low amount and keep doing that till you find a motivated buyer, like me, that will take the money an RUUUUUN from this city/state. Good luck. OH!!, one more thing...dont buy ANYWHERE in this city without visiting the area after dark, around midnight, and see if you can hear music blaring, fighting, yelling and screaming, souped-up sewing machines they call cars these days revving, racing and peeling-out in front of your houseor incessant dog barking that the owners-of are completely oblivious to...food for thought.

Last edited by _GHOST65_; 02-23-2010 at 02:18 PM.. Reason: ?
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Old 02-23-2010, 03:23 PM
 
Location: New Braunfels, TX
6,256 posts, read 8,983,551 times
Reputation: 6340
We got out of our old neighborhood just in time. When we sold, 2 houses on our street were rentals (out of 20 or so). Today, that number is 10 - and it looks it. Yards unkept, cars parked partly in the yard, etc. Old neighbors told us that they're getting ready to put theirs on the market (it's paid for) and accept the first live one that makes any kind of real offer.
Flip side of that.....most folks aren't THAT motivated, and as a result a lowball offer can tick 'em off, and at that point you likely won't be able to make any kind of deal. It's best to put yourself in the sellers shoes, and if you think their house is worth significantly less than the asking price, just leave it be and wait for the reality to set in (usually 4-6 months) then go back and see if they've lowered the price. But I guess my big question is that if the house is THAT overpriced, why are you even looking at it? When we were looking, the realtor had a specific range to look in, and knew that unless it was a *really* exceptional deal, showing us anything outside the given range would see us finding a new realtor. Beyond that, you have to be fair to your realtor, as well - using them to chase property after property with unrealistic offers is a good way to end up looking for another realtor - and a GOOD realtor can be worth their weight in gold, in my experience. Ours worked with us almost 5 years before we were finally able to find what we wanted. She knew our constraints and kept track of what we'd looked at, and gave us a "heads up" when she thought there was something of interest. In turn, we didn't waste HER time with a lot of "let's go spend the weekend looking" - because frankly, our needs were very specific - and I don't want to waste ANYone's time.
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