Home buyers' experience with offers....anyone else notice this? - Coastal North Carolina - North Carolina (NC) - Page 3 - City-Data Forum

Dixiedoxie · 02-23-2012, 11:53 AM

Thanks, Richard. I have noticed that extreme rudeness when I walked into a commercial RE office and asked about residences zoned for business. Meanwhile, my agent threw a major fit when I said this "buyers agent" method was not working for me. They all go on and on about all the work they've done...that's the job. That's the industry they've chosen. I had to ask my agent to show me the property I put a bid on even tho it was exactly the type of place I'd told her I was in the market for. Maybe had she been proactive and shown me the property a few weeks ago I could've bought it...as it was, my bid didn't win. Onward! I don't mind agents showing me places and getting a commission if they connect me to the property I buy...but I don't need a "buyers agent." No one does.

Dixiedoxie · 03-08-2012, 07:47 PM

Well, the property I lost my bid on is supposedly called "under contract" in the multiple listings, but every real estate web site still lists that property as available, and it's not closed yet. How many weeks does it take the bank to close after it has accepted the offer? It's been over a month. I thought bank-owned property was a quicker process...and would they turn down a cash offer for something that's taking this long? I still think there is some insider shadiness going on.

wrestlingterp · 03-09-2012, 08:38 AM

Quote:

Originally Posted by Dixiedoxie

Well, the property I lost my bid on is supposedly called "under contract" in the multiple listings, but every real estate web site still lists that property as available, and it's not closed yet. How many weeks does it take the bank to close after it has accepted the offer? It's been over a month. I thought bank-owned property was a quicker process...and would they turn down a cash offer for something that's taking this long? I still think there is some insider shadiness going on.

Can't tell what type of property you were offering on (traditional sale, short sale, bank-owned) but contracts fall through fairly often so they leave the properties listed and accept backups. Short sales and bank owned are a whole other dynamic.

Bill Hitchcock · 03-09-2012, 09:04 AM

Quote:

Well, the property I lost my bid on is supposedly called "under contract" in the multiple listings, but every real estate web site still lists that property as available, and it's not closed yet.

That's because the other sites can be 1, 2, 4, 6 weeks behind. "The" source is the Realtor MLS. Realtors pay a lot of money to be able to upload/download info at their local MLS. A lot of info is public and that's what those "other" sites pull from. Some info is proprietary that only a member Realtor has access to.

Quote:

I thought bank-owned property was a quicker process

Quite the opposite. The quick and simple answer to explain why is that the bank doesn't want to make the same mistake twice. As member serves on average a "distress" sale takes 13-17 weeks longer than a traditional sale does.

Richard Martin · 03-10-2012, 03:26 AM

Quote:

Originally Posted by wrestlingterp

but contracts fall through fairly often so they leave the properties listed and accept backups.

That is standard operating procedure in Maryland but my experience here in NC was completely different. My RE refused a showing after the contract was signed. I wanted to perhaps have a backup offer but my agent said they don't do that here.

It's almost like this whole process is designed to have the buyers and sellers as terrified as possible. My buyers kept driving back and forth past the house. They were waiting for the "Under Contract" sign to appear on the RE sign in the front yard. They were afraid that if they didn't see the sign that they wouldn't get the house.

Bill Hitchcock · 03-10-2012, 04:41 AM

I can not remember how many times that I, working as a buyer's broker have asked a listing agent if they would take a back up offer only to be told no. Who to blame? Legally all a broker can do is work on behalf and per instruction of the client. On the other side of the coin all a broker can do is suggest and recommend.
Broker recommends. Client instructs. Brokers are irritating. Clients are frustrating.

In 2011 NC real estate enacted a new way to make an offer to purchase. It use to be that once seller/buyer agreed on terms and conditions then several target dates were set for inspections, financing and such which all lead to the final target date-The closing.It worked on the premise that once seller/buyer agreed on terms that everyone wanted to get on with the program and close.
Not any more.
Now offers are in the form of an "option". Offers are now offered with an option window of buyer determined length. The buyer can bale out at any time for any reason during this option period.
I warned of the following before it was instituted and sure enough it has happened. Because the buyer now has the option to bale at will-Buyers are now making multiple offers at a time. This takes these properties off the market while the buyer decides what they want to do. This totally screws up market analysis if (and most do) you look at pendings. Because one buyer is pending multiple properties it gives an appearance (temporarily) that the market is improving.
Sellers better start taking back up offers. The chances of an initial offer making it to close have greatly diminished due to this new "option" method of offer to purchase.

Richard Martin · 03-10-2012, 04:51 AM

I agree with you 100% Bill. The Due Diligence contract is being abused by buyers and buyers agents. I've told you before about my experience with it and the fact that my doctor had to give me medication to help me cope with the stress. About 75% of the stress I experienced I attribute to this stupid contract.

A standard contract doesn't legally bind the buyer to purchase but at least if they decide not to buy then they fore-go their deposit. That is no longer the case now. Of course I didn't find out how nervous my buyer was until after closing when I had a chance to speak to them.

Dixiedoxie · 03-18-2012, 11:13 PM

Thank you, Richard and Bill, for the further information. wrestlingterp, it is a bungalo cottage I made an offer on. Sooooooo infuriating and frustrating that I was not allowed to have a back-up offer ready. I am looking to buy in Maryland now, instead, tho I'm keeping my eye on places here, still.

Now I've just discovered that, whether or not there ever really was another offer "accepted," the property has been removed from the market! Unsold!

So, instead of countering my offer and selling that place to an owner occupant, the bank is holding onto it! And we were less than $10k apart from asking price. My guess is that they were hoping to get over asking price by these stupid high-pressure methods. Meanwhile, I'm still without a home instead of three weeks settled in. I will be watching these jackals and I hope they see this. I made an offer on a home in MD but even if it's accepted I will be watching to see what they do with this property which should be occupied instead of vacant for the good of the neighborhood and the city. Whether they're swindlers or just greedy small-minded nincompoops, they will be called out.

Dixiedoxie · 03-21-2012, 10:50 PM

Reuters has confirmed my suspicions. There are at least two articles out now on how investors are flocking to the real estate market to fleece people once again. REITS are back, and banks are getting ready to unload property en masse to these investors. So much for people trying to be modest home owners. It's going to all be absentee landlords and renters.