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I would absolutely not contact seller directly though, that's very off putting. I am sure elke, or someone on here can confirm.
In 2012 we purchased a home and we were told a competing all cash offer came in and it looked like we were going to lose out. I immediately contacted the seller directly, told them why we wanted to purchase their home and lo and behold the next morning, we got the house! I am of the mind to always speak directly to the decision maker.
Excellent point. The highest offer, doesn't mean they're the strongest buyer, and guaranteed to get to closing table.
Exactly what happened to me as a buyer. Someone with worse credit than me bid $2k more on a house I wanted years ago. Well the other buyer didn't get the loan, and deal fell through. All that over $2k. Some people are idiots.
Of course the poster is produced by a commercial entity
Your comment clearly shows how little you know about the subject as it affects real estate.
The State requires that this poster be openly displayed.
It serves two purposes: informs any possible customer/client who enters our office what the law says about the subject and it reminds agents what the rules are.
You like to argue, I like to educate.
You're entitled to your opinion, I have to know and abide by the laws of my municipalities and appropriate governing agencies if I want to keep my license and avoid hefty fines.
Case closed.
Actually, my comment shows no such thing; your comment, however, shows what a narrow one-sided view you are taking and going along with whatever your boss says regardless of whether it makes sense or not.
Everyone should abide by the law, but they shouldn't make them up and spread false information.
I would be happy to admit I am wrong if you can show a law requiring a poster to be produced and placed by a real estate company and the law that forbids an agent to pass a letter from a buyer to a seller. Educate with facts, not company propaganda or that of LIBOR.
You’re asking a lot of questions that tell me this market isn’t right for you. I would love to sell now and make a tidy profit but I’d get stuck on the other end. I’m not willing to wait it out in a rental. You’re going very far afield when you start reading into proof of funds requests, thinking people are trying to “change the neighborhood” and that in itself is racist as if only certain races and ethnic groups could possibly have that much money. One thing has nothing to do with the other and heck there’s probably plenty of people with cash from gifts.
I don't believe I implied certain races have more money than other, why would you think that? What I meant is maybe they want to maintain certain profile, maybe they don't want the average household income stat of the neighborhood to drop? It's not really far fetched. Asking for "bank statement" they even go as far to say "they don't want screen shot, they want actual printed statement" which made no sense to me anyone can whip up a statement in pdf.
Quote:
Originally Posted by twingles
You’re not getting second chances at your offers because sellers don’t have to wait around for it and they know it.
Well, just last week this seller kept us waiting after we made the offer within their "deadline of collecting offers" then it was suddenly "will receive all offers by Tuesday, would you like to make changes or increase," we said no $XXk over asking is more than enough, then they suddenly "will be making decision by weekend". I wanted to just withdraw my offer that point, and I think I should have because they came back on sunday afternoon of the weekend (about 10 days after their supposed deadline) to say while we had a very strong offer, terms of someone else was better.. OK well good luck but this means it's time to set some deadlines for buyers especially with so many houses they can make offers on.
Quote:
Originally Posted by twingles
There's a woman who posted on the RE forum that never even made an offer on a house....she thinks the agents should have called everyone who saw the house and ask if they want to put in an offer. WHAT? That probably only happens, if at all, when a seller is truly desperate. .... It is a bad time to buy for EVERYONE.
That doesn't make sense for sure, only times I get call backs or emails is when I see a house that is crickets during open house, like this one condo we saw, had horrible food odor that probably will never truly be gone, and the "community playground" was literally 2 swings and half basketball court. Place listed/unlisted several times, agent emailed me if I was interested in making an offer. Another place they flipped buying 450 selling 750, they don't even have CO's in place, pending final approvals they are trying to sell it, agent called me they are willing to drop the price to $700k, and shortly after they dropped the listing I am not sure if they are going to get any offers. Then others have offers at open house already. Not that I trust listing agent's numbers "we got 10 offers already" vs another saying "i am not supposed to say how many we got" etc.. They all seem to set their own rules, like this one agent claiming she can't let in more than 2 people at a time, and another saying kids are not allowed at open house (10 year old, not 2-3)..
Quote:
Originally Posted by twingles
I understand your frustration because I would be incredibly frustrated in this market. But you’re only making it worse for yourself when you cannot move on and start imagining conspiracies designed to keep you out of a house.
It's not really conspiracies, I think there are far worse conspiracies out there that I think my concerns (not conspiracies) are somehow valid.
Quote:
Originally Posted by Joe461
Anyone is allowed to ask anything. You are also allowed to decline a response. The above would be very unusual.
I've been involved in several real estate transactions over the years, and am in the process of negotiating one now. I've never heard of providing a bank statement and would never agree to do so.
I have made cash offers for properties. When doing so, agents typically ask for "proof of funds." In that case, I get a letter from my financial institution stating I have at least that amount available. If I am looking for property in the $100 range, the letter states I have over $100 available in the account. Whether I have $101 or $1 million is no one's business. I have never been asked to show a bank statement and would never do so.
Do you just ask your bank for letter up to 20% down payment + possible closing costs, if so I suppose we need to consider at least 30k for closing including 6 month of RE taxes in suffolk?
Regarding Twingles comment about conspiracy, it seems the problem is more and more naive buyers agree to nonsense like this and it seems listing agents only consider what gets them to make this sale as quickly as possible not really what's ethical or should be asked. Asking for statement printout made no sense to me, but I guarantee you some buyers are showing up with their fat bank statements to make them stand out, how is that any different than passing a letter to seller (which was previously considered no no)? Like you said you have enough to cover the down+other costs, or if you are offering cash, why do they need to know how much you have in bank in total? Do they also put down who drives what car, or which designer bag they were carrying?
Quote:
Originally Posted by Joe461
I looked at a house last week. It was over an hour's wait to get into the open house. The agent claimed about 200+ people viewed the home in that one weekend (which I believe). They had over a dozen offers. In the end, they took a cash offer that was an insane 20% over the listing price. We were told up-front by the seller to make our best offer because the owners would not come back with a counter. With so many good offers made, I'd do the same thing.
Now, that I can understand if they require pre-approval, or other terms to even show the house, if I were listing agent and if 100+ people show up for open house, there has to be a limit even for open house, but it's not a new thing. 2 years ago when we were shopping for houses in Syosset, some people showed up in 4s and 5s with their grand parents or something, we had to just wait outside for them to take their turns. This is not really a covid thing, somehow something is happening, maybe open houses are shorter, or maybe listing agents are not listing too many houses in some neighborhoods.. (twingles is going to say it's another conspiracy theory)
Quote:
Originally Posted by Joe461
That being said, I know about the 20% over offer because the listing agent told my agent this when our offer was presented. I have no qualms about asking my agent of theirs. "where we need to be." The seller can decline to answer, but I have never seen one do so.
I am being told by our agent is that don't even look at a house unless you are willing to offer $20k over asking. Well, what If I see it and it's nothing crazy, I don't mind offering asking or even below asking, they can take it or reject it, because it seems like now "what's worth to you"... not comps or anything else.
Quote:
Originally Posted by Joe461
IMO, 99% of the time inspections are worthless. I still have it done (and then look at the pitiful results that tell nothing of value). I've never had a home inspector tell me something I didn't already know. More often, they miss things that I didn't or that they shouldn't.
Well for most people it's to cover anything major, they should at least be able to tell us about major issues, no? If you are seasoned buyer or even seller, I'm sure you should be able spot water damage from flood, etc or mold issues in basement, condition of the beams, and there are just so many little things you can spot that could be a deal breaker for you while not necessarily to others?
Exactly what happened to me as a buyer. Someone with worse credit than me bid $2k more on a house I wanted years ago. Well the other buyer didn't get the loan, and deal fell through. All that over $2k. Some people are idiots.
Hi Suzook
Did you provide your credit score? I gave my credit score to my agent, but I don't think it's being presented at the time of offer, I can probably request that she attach it with my offer or is that also discrimination of some sort, I don't think it's same as having cash in bank because you can have cash in bank that could be on its way out vs credit score is more like long term credit worthiness of the person?
Hi Suzook
Did you provide your credit score? I gave my credit score to my agent, but I don't think it's being presented at the time of offer, I can probably request that she attach it with my offer or is that also discrimination of some sort, I don't think it's same as having cash in bank because you can have cash in bank that could be on its way out vs credit score is more like long term credit worthiness of the person?
Unfortunately for you, there is a shortage of properties so those who are selling can and do ask for all kinds of stuff. While no longer on LI, in my community here, we just had a home on a pond, asking $799,900. There were 7 offers all over asking and the "winner" was a no appraisal, no inspection and 60 day close. The home has 3 original baths, and an original kitchen and roof. The home was built in 2003, and so was ours and we just replaced our roof as the salt air is tough on roofs. It has not closed as of yet, but we believe that it will be in the $800K teens, as we heard one offer was $10k over and was rejected. People have just lost their minds.
as we heard one offer was $10k over and was rejected. People have just lost their minds.
What is happening, does anyone have any theory? Is it because people gained so much money from market last year (upwards of 50% in some funds) now they just want to waste that money by going over asking, basically taking that money and paying it for more on down payment since the monthly payments are lower than usual at 3-3.5%? But then again we are seeing these "all cash" buyers.
What is happening, does anyone have any theory? Is it because people gained so much money from market last year (upwards of 50% in some funds) now they just want to waste that money by going over asking, basically taking that money and paying it for more on down payment since the monthly payments are lower than usual at 3-3.5%? But then again we are seeing these "all cash" buyers.
People are fleeing NYC, along with Queens and Brooklyn. DiBlasio has let the animals run free with no repercussions. Its seriously becoming the wild wild west. So glad I got a job transfer out of NYC back to the island. I cant believe how bad it has gotten. I have agents knocking on my door telling me I could get $650K for my Framingham ranch. That's nuts.
What is happening, does anyone have any theory? Is it because people gained so much money from market last year (upwards of 50% in some funds) now they just want to waste that money by going over asking, basically taking that money and paying it for more on down payment since the monthly payments are lower than usual at 3-3.5%? But then again we are seeing these "all cash" buyers.
People want houses, COVID sped up the process for a lot of people. And of course it becomes a self fulfilling prophecy too....people see their friends panic, they panic, their friends panic, money is cheap and interest rates are about to rise!!! Been hearing that for at least 20 years. Our first house our interest rate was 7.9% and people were ENVIOUS of us. DH also got the lender (happened to be our bank) to drop it .5 a couple days before closing. My friends and co workers who were buying at the time were getting over 9%.
If people made a ton of money in the market and want to spend it to buy a home they like, that's not a "waste of money". It's money they didn't have a year ago and didn't expect to have it, so why not use it for a house? Would it be ok with your if they spent it on a car? Vacation? Boat? Or they should just save it? Can they tell you what to do with your money?
And yes the idea that real estate agents are ganging up together and not listing properties is ... even nuttier than a conspiracy theory. It makes absolutely zero logical sense. And if you wanted to sell your house in this market and couldn't get an agent to list it, you'd just not sell? Ok. Sure.
I live in De. We have seen a lot of us "northerners" exiting NY, NJ, CT, even D.C. and PA. for this area. The reasons I have heard floated in addition to the above noted, "money is cheap and interest has no where to go but up" are as follows:
Covid made many more aware of the fragility of life and therefore decided to retire earlier than they had planned.
The ability to WFH meant you could flea the big city and work from anywhere.
They had made a ton of money and could afford to leave their smaller home and buy bigger, better, or newer, anywhere they wanted.
I am concerned that eventually we will have another upside-down housing problem. Real Estate is cyclical for sure, but this is really craziness.
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