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Old 08-08-2009, 05:50 AM
 
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Lets say house is 400k 9% cash discount 6% to real estate owner nets 340k.
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Old 08-08-2009, 03:10 PM
 
Location: East Northport
3,351 posts, read 9,080,479 times
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If it's true that two higher offers have been turned down, the seller may just be holding out for his price (dumb, but some people do that).

Try to find out if the other offers were countered, and if those counters are still on the table. If so, ask that you be given the same counter-offer.

I haven't put my finger on it yet, but there is definately something odd going on here.

Do you have your own Buyer's Broker or are you swimming in the shark pool all by yourself?
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Old 08-08-2009, 07:06 PM
 
335 posts, read 882,517 times
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Quote:
Originally Posted by Elke Mariotti View Post
I'd like to remind everyone, if I may , that only the OP knows the location and price - we don't know any of the important details.

Key word in the report you quoted is "average". I know of listings that were priced so aggressively by sellers (nice houses!), they ended up selling for more than the asking price! Yes, in this market :-)

As always, reports are averages for an area, not necessarily applicable for a specific house in a specific location.
Oh Please.......

Buyers should use ALL available statistics to help them with their offer. Leave it up to the individual to interpret how they may. Be it as it may, there is precious little information available concerning List Price/Sale Price..... Utilizing the available research (from one of the larger RE Brokers in the area) in a realistic and intelligent way is required by all buyers....stop caveating.
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Old 08-08-2009, 07:23 PM
 
Location: Tri-State Area
2,942 posts, read 5,643,579 times
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Cash is king! Let the seller take the risk of accepting an offer made with a "pre-approved" letter. Any sane banker will tell you those letters mean diddly-squat until all data is verified; assets, employment, credit check, c.o., house inspection, home appraisal. If the seller is really anxious to sell, they would be stupid to not counter your "all cash offer". This is a buyer's market - since you are not "in love" with this property, I would bid your time.
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Old 08-08-2009, 08:44 PM
 
Location: East Northport
3,351 posts, read 9,080,479 times
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Quote:
Originally Posted by FrmlyBklyn View Post
Cash is king! Let the seller take the risk of accepting an offer made with a "pre-approved" letter. Any sane banker will tell you those letters mean diddly-squat until all data is verified; assets, employment, credit check, c.o., house inspection, home appraisal. If the seller is really anxious to sell, they would be stupid to not counter your "all cash offer". This is a buyer's market - since you are not "in love" with this property, I would bid your time.
A couple of point here:

If you are making an all cash offer, be prepared to verify that you have the cash on hand by providing a copy of your bank statements. I have seen "all cash" offers that are really "all smoke".

Also, you are confusing a "Pre-Approval" with a "Pre-Qualification". A pre-qualification letter is based upon the information that you provide to the bank (unverified) and your credit report. A "Pre-Approval" means that you have gone through the entire mortgage process and the only thing left is to find a home,
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Old 08-08-2009, 09:54 PM
 
1,263 posts, read 2,222,914 times
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Quote:
Originally Posted by TomMoser View Post
If it's true that two higher offers have been turned down, the seller may just be holding out for his price (dumb, but some people do that).

Try to find out if the other offers were countered, and if those counters are still on the table. If so, ask that you be given the same counter-offer.

I haven't put my finger on it yet, but there is definately something odd going on here.

Do you have your own Buyer's Broker or are you swimming in the shark pool all by yourself?
Yea, odd. The thing that strikes me as odd is the seller's lack of flexibility. I made a cash offer of 9% below the asking price and they won't even counter offer. And according to the broker there were two offers even closer to their asking price that were turned down. Looks like they're holding out for an offer unusually close to that asking price.

I understand your suggestion about trying to get a counter-offer that may have given to the other offers. If they are as inflexible as I fear they may be, a counter-offer may not have been given. But it's a good idea and I'll ask the broker. I just think it's strange that I would be, in effect, sort of trying to force them to make me a counter-offer.

And btw the cash for the cash offer would come from my home equity line of credit.
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Old 08-09-2009, 07:53 AM
 
335 posts, read 882,517 times
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Quote:
Originally Posted by TomMoser View Post
A couple of point here:

If you are making an all cash offer, be prepared to verify that you have the cash on hand by providing a copy of your bank statements. I have seen "all cash" offers that are really "all smoke".

Also, you are confusing a "Pre-Approval" with a "Pre-Qualification". A pre-qualification letter is based upon the information that you provide to the bank (unverified) and your credit report. A "Pre-Approval" means that you have gone through the entire mortgage process and the only thing left is to find a home,

Very good point - - a broker showing us a P.O.S. in Roslyn told us she had not one, but THREE cash offers on this house. I said, "How come I'm here looking at it then?" And she says: "They all fell through - - no cash was determined to be available...the three buyers disappeared"

Either she was hosing me (likely) or she was telling the truth (less likely).
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Old 08-09-2009, 10:35 AM
 
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It would be interesting to know what a lender's appraisal would be on the house.

We've had A-1 buyers here......ready to go........except the bank's appraisers are killing the deals.
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Old 08-09-2009, 12:53 PM
 
2,170 posts, read 2,470,285 times
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And here I thought Brokers telling buyers all cash offers where insinificant was a thing of the past...the past being a time where mortagage money and so called "qualified" buyers flowed like water....

So they are STILL telling people Cash is not King.

Tom Moser does make a point regarding cash offers being "All Smoke" Kind of like a R.E. version of the fable "Stone Soup" in which a traveler convinces someone he can make soup from a stone, but slowly, one item at a time, gets the person to add all the ingredients of a real soup.

"All Cash" offers can "devolve" one item at a time with clever talk and/or charming demeanor to something not so tasty. This is the only reason I can presently think of save occupancy/possession date anyone would not consider a cash offer.
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Old 08-10-2009, 06:17 AM
 
1,263 posts, read 2,222,914 times
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Quote:
Originally Posted by lamontnow View Post
Yea, odd. The thing that strikes me as odd is the seller's lack of flexibility. I made a cash offer of 9% below the asking price and they won't even counter offer. And according to the broker there were two offers even closer to their asking price that were turned down. Looks like they're holding out for an offer unusually close to that asking price.

I understand your suggestion about trying to get a counter-offer that may have given to the other offers. If they are as inflexible as I fear they may be, a counter-offer may not have been given. But it's a good idea and I'll ask the broker. I just think it's strange that I would be, in effect, sort of trying to force them to make me a counter-offer.

And btw the cash for the cash offer would come from my home equity line of credit.
Well, I asked the broker if there was ever any counter offer to the previous offers. After having to consult with the buyer, she called me back and gave it to me. As I feared they're very inflexible. A whopping not even 4% off the asking price! And even getting that counter was like pulling teeth. She says the ball is now in my court. I could very likely get this house if I come up another 15K (I think). That price would be not even 6% below list.
The broker also says that another buyer is now very, very interested.

And I thought it was a "buyer's market"
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