U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [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)
 
 
Old 04-13-2012, 11:07 PM
 
38 posts, read 120,502 times
Reputation: 18

Advertisements

I think it was worth it but I still just don't feel right simply because it was full asking (though I did ask them to pay closing costs).

The rundown:

The house was listed at 100k, I asked my agent who was acting as a dual agent (which also slightly bothered me) what should I go in at. He said since it's only been on the market one day I don't see them taking less than 95k which I believe is true. I put in an offer the same day it was listed at 95k with closing costs. Got rejected because it was to early. 3 days later put in the same offer, then a few hours later my agent tells me there is another offer coming in so I need to go in at best and final. I wasn't going to pay over asking so I offered 100k with closing costs. The other lady dropped out and my offer was accepted on day 4. My agent assures me it's a good deal but I'm kinda pissed I went up 5k for nothing and paid the full asking.

This is how I'm thinking, did I over pay because there weren't multiple offers? Why was I the only offer, did I miss something? My agent said he received a bunch of calls about the place for showings, but why only 1 other offer that dropped out.
Rate this post positively Quick reply to this message

 
Old 04-14-2012, 08:05 AM
 
Location: Cary, NC
39,077 posts, read 67,737,734 times
Reputation: 39975
There are a couple of points that stand out in your post.

1. You mention "my agent," and "dual agent." It should have been one or the other.

2. Paying above or below or full list does not comprise a true value metric. What sales price do the comparable sales support? Around Raleigh NC, many foreclosures sell for list, and for more, and in multiple bid situations.

FWIW, a busy REO/foreclosure listing agent usually does not have time or need to play games with buyers.

Last edited by MikeJaquish; 04-14-2012 at 08:25 AM..
Rate this post positively Quick reply to this message
 
Old 04-14-2012, 08:08 AM
 
Location: West Virginia
13,337 posts, read 35,919,691 times
Reputation: 9374
My son Paid More than list price for his home... Our way to get them to pay closing costs which we could not afford. No biggie was well worth it!
Rate this post positively Quick reply to this message
 
Old 04-14-2012, 08:24 AM
 
4,567 posts, read 9,674,654 times
Reputation: 6666
You will never know if there was other offers or not. If your happy with your price, and you win, enjoy it. You will never know if you paid too much or not.

Two things realtors always say.
1) There is never a better time to buy than right now.
2) Many people are interested in this property. You should submit your highest/best offer.

Realtors get paid on commission, the more you offer, the more they make.
Rate this post positively Quick reply to this message
 
Old 04-14-2012, 08:30 AM
 
Location: El Dorado Hills, CA
3,724 posts, read 9,274,503 times
Reputation: 3896
Actually, the REO banks have standard forms and policies that say submit highest and best. The agent is just the messenger. Banks really want to pick the best offer and don't have the desire to get into the back and forth counter offers that some buyers would prefer.
Rate this post positively Quick reply to this message
 
Old 04-14-2012, 08:31 AM
 
Location: El Dorado Hills, CA
3,724 posts, read 9,274,503 times
Reputation: 3896
Forgot to mention, the difference of $5K on a realtor commission might buy dinner.
Rate this post positively Quick reply to this message
 
Old 04-14-2012, 10:07 AM
 
Location: Barrington
60,420 posts, read 41,353,512 times
Reputation: 19498
Quote:
Originally Posted by househunting523 View Post

The house was listed at 100k, I asked my agent who was acting as a dual agent (which also slightly bothered me) what should I go in at. He said since it's only been on the market one day I don't see them taking less than 95k which I believe is true. .
Dual agency laws vary state to state. In my state, this agent broke the law by telling you what price/terms might be acceptable to the seller.

When property is priced to sell, it is very common for there to be multiple offers and for the listing agent to ask for best and final. It's common stuff for buyers to drop out of a multiple bid scenario because they prefer not to compete.

Temporary buyer's remorse is common stuff, especially when the buyer agreed to a dual agecy relationship.

Generally speaking, FNMA -owned properties are great values compared to traditional sales in my market. Why not ask this dual agent for recent closed comps to help you " appreciate" the transaction and move on.
Rate this post positively Quick reply to this message
 
Old 04-14-2012, 10:37 AM
 
38 posts, read 120,502 times
Reputation: 18
I have the comparables but how does this work? You look at $ per square foot, but do you factor in lot size, condition, updates? You can't do that though unless they have multiple pictures or list what's wrong in the description.

Low $54 per sqft. Estate sale, hadn't been updated since it was built
Mine is $64 per sqft. baths were updated in the late 90's, kitchen needs to be updated. Largest lot size.
Another for $64 per sqft ft but has 1.5 baths instead of the 2 mine and other comps have.
$84 sq ft. which was a short sale.

These are the only comps in the last 6 months that were sold.

Last edited by househunting523; 04-14-2012 at 10:54 AM..
Rate this post positively Quick reply to this message
 
Old 04-14-2012, 11:43 AM
 
Location: Mostly in my head
19,857 posts, read 61,781,320 times
Reputation: 19286
To this non-agent reader, it sounds like you got a good deal. Most large lots have premiums as many of us want them. Your $/sq ft is in the middle and you have the lot plus some updates plus the closing costs. One way to look at it is you made out like a bandit!
Rate this post positively Quick reply to this message
 
Old 04-14-2012, 07:09 PM
 
2,877 posts, read 4,262,143 times
Reputation: 6220
The what if's on this sort of thing are endless. The other person may have dropped out when they were told there was already a full price offer. Would you feel better if you didn't go up the 5K and didn't get it? Honestly I think you kinda lucked out with the lack of competition if you really like the place.
Rate this post positively 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.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

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 > Foreclosures, Short Sales, and REOs
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top