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Hi guys....
I went to a few open houses the past month.... (some of them were the first shows and a few have been on the mkt for months)....
I would hear the selling agents put in various words like....
"The response has been so good...." or
"The owner has a couple of offers..." or
"Sorry ran out of flyers as lots of people showed up today..." or
"Please call me if you are interested because so many people showed up I'll be busy answering their calls, so I may not call you back".... or
"Selling activity has increased because of low interest rates".... or
"Selling activity has increased because of $8K stimulus package."
I might have forgot a few others.... but...
Can you guys help me read between the lines ?
Also can you share more of the "scare tactics" and/or bluffs that you may have experienced in the past ?
I understand some might be true, especially for the houses that just went on the market.... but how can I tell if the agent is bluffing ?
Hi guys....
I went to a few open houses the past month.... (some of them were the first shows and a few have been on the mkt for months)....
I would hear the selling agents put in various words like....
"The response has been so good...." or
"The owner has a couple of offers..." or
"Sorry ran out of flyers as lots of people showed up today..." or
"Please call me if you are interested because so many people showed up I'll be busy answering their calls, so I may not call you back".... or
"Selling activity has increased because of low interest rates".... or
"Selling activity has increased because of $8K stimulus package."
I might have forgot a few others.... but...
Can you guys help me read between the lines ?
Also can you share more of the "scare tactics" and/or bluffs that you may have experienced in the past ?
I understand some might be true, especially for the houses that just went on the market.... but how can I tell if the agent is bluffing ?
I would recommend looking past all of that "noise" regardless and just stay focused on what your budget for a home is, what other variables are important to you, and not worry about rooting out "bluffs". Whether or not an agent is bluffing, nothing matters accept what you can afford, the condition of the home and where you want to live. Good luck in your search for a home.
Jrprofess,
Thanks for your response, we are pretty focused, but there are times that we wonder about how much to offer, and we think about how the open house went and what we gathered from it..... and you go back to your interaction with the agent/owner....
The other thing I want to know is do you have to explain to the sellers agent why your offer is less than the listed price ? I mean lets say the house is in a generally good condition and there is nothing major to complain.... do you just say that I feel the house is generally overpriced ?
The other thing I want to know is do you have to explain to the sellers agent why your offer is less than the listed price ? I mean lets say the house is in a generally good condition and there is nothing major to complain.... do you just say that I feel the house is generally overpriced ?
First of all, don't pay too much attention to the spin anyone hosting the open house puts on it. Of course they want things to appear "successful and in demand" to the prospective buyers and to their clients, the sellers. View each home with an open mind and an eye on whether it fits your needs and how it can fit into your budget.
You don't have to make any explanation for offering less than the list price. Actually, they expect people to make offers of less than the list price and build in a cushion for that, meaning they usually ask for more than what the seller would like to ideally receive. They expect to have some back and forth over the price. Especially these days, it would actually look more unusual if you were to make an offer matching the list price exactly, so don't worry about it or feel self conscious. When you are buying a house is not the time to be concerned about looking like a cheapo and wanting to be perceived as a "big spender" or "someone with bucks." Remember once the house is yours, it is YOURS! The money you save now could be the money you will use to fix the oil burner if it goes a month after you buy the house.
Jrprofess,
Thanks for your response, we are pretty focused, but there are times that we wonder about how much to offer, and we think about how the open house went and what we gathered from it..... and you go back to your interaction with the agent/owner....
The other thing I want to know is do you have to explain to the sellers agent why your offer is less than the listed price ? I mean lets say the house is in a generally good condition and there is nothing major to complain.... do you just say that I feel the house is generally overpriced ?
Dont worry about "other offers" unless you're serious. And if you are, put in your own offer, based on your needs and finances. A written offer is always more effective and it will help you look at the details going forward.
You don't have to explain anything to the listing agent; remember, you're on one side, they're on the other side.
This is where your own representation could be helpful. Having a third party negotiate for you, takes the emotions out of the process and makes it "strictly business"...
Hi Elke,
Thanks for your response. I agree a written offer will be much better in terms of expressing seriousness. I guess its a skill to determine at what price to put an offer these days without low-balling it.
Hi Elke,
Thanks for your response. I agree a written offer will be much better in terms of expressing seriousness. I guess its a skill to determine at what price to put an offer these days without low-balling it.
I know I'm repeating myself, but a Buyer Agent helps!
Hi guys....
I went to a few open houses the past month.... (some of them were the first shows and a few have been on the mkt for months)....
I would hear the selling agents put in various words like....
"The response has been so good...." or
"The owner has a couple of offers..." or
"Sorry ran out of flyers as lots of people showed up today..." or
"Please call me if you are interested because so many people showed up I'll be busy answering their calls, so I may not call you back".... or
"Selling activity has increased because of low interest rates".... or
"Selling activity has increased because of $8K stimulus package."
I might have forgot a few others.... but...
Can you guys help me read between the lines ?
Also can you share more of the "scare tactics" and/or bluffs that you may have experienced in the past ?
I understand some might be true, especially for the houses that just went on the market.... but how can I tell if the agent is bluffing ?
Oh jeez....If I had a DOLLAR for every time I went to an Open House and the Agent told me right then and there - - or called me later that evening to say that there was an offer on the house - -- I could probably buy a majority share in Citibank! Especially funny since most of those houses are STILL on the market!!!!!!!
Advice: go late in the day to the Open House and when you sign in, see how many others have done so that day..... that will give you an idea of the lack of traffic to these houses right now.
BUYERS DO YOUR RESEARCH.
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Don't Feel Self Conscious
