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You came into the forum asking a question and for help, and yet when it's offered and disagrees with your original post, you discount it. It's even more eye-opening when it's well known real estate agents on this forum that are offering the advice. If you were just looking for people to agree with you, then why ask the question?
Homes are sitting for many months and are not selling, there is a huge over supply especially in the price points that I'm looking in.
I hear many ridiculous reasons why homes are not selling, but the fact is they are not selling they are sitting unless they are priced for the current market.
Maybe prices did not run up like Fla. or Calif, but I see many homes that have doubled in price in the last 8 to 10 years thats appreciation well above inflation for the same period.
I'm a buyer, not a player and I'm probably as strong a buyer as you can get in the current market.
It's funny to me that you would even go there, but I guess that is the issue I have with the whole "buyers agent" thing in the first place it seems to protect many weaker agents.
I'd rather deal directly with a listing agent any day of the week!
What's your issue with buyer's agents?
From what you have written so far, it would appear you are somebody who could really benefit from one.
I don't know why you prefer dealing directly with the lisitng agent. They would likely have even less tolerance for your verbal offer approach.
Good luck either way. It sounds like you are going to need it.
I don't think anybody here is telling you not to look for the best deal you can get.
I think they are commenting on how you plan to find that deal. In my eyes your shotgun approach doesn't make much sense. You can find a deal just as easily by finding a house you really like, researching its market value and submitting your offer in writing. To me that is a lot easier than throwing a bunch of empty verbal offers around that you will need to clarify through a written offer anyway. You can feel out buyers with your written offer. To me making verbal offers just confuses the situation because every aspect of an offer can't be adequately covered verbally.
I think you have received some sound advice here already about why verbal offers aren't the best tactic to finding the best deal.
Your entitled to your opinion, but chances are very good that I have bought and sold many more homes than you have. Every one has different paradigms in life based upon personal experience. I had a real estate license in New York but I made more money investing in than selling real estate.
What you call empty verbal offers I call negotiations, and in NY that is the way it's done every day of the week. You only go into contract when you have a meeting of the minds, you do not even put "earnest money" down with your initial offer.
I do a full analysis of every property I make an offer on and never make blind offers, the only thing that needs to be covered on a verbal offer is price, we have contracts to cover the rest when there is a meeting of the minds,
I'm not making empty offers I'm shopping, I would never buy a car for full price or the first or even second counter why can't i shoot prices on a home?
It's even more eye-opening when it's well known real estate agents on this forum that are offering the advice.
That is the problem! Most of the answers come from real estate agents. That is only one perspective. The real estate agents generally have one agenda, and one agenda only, GET PAID. And the only way to get to that point is for the deal to close. They really do not care about weather a buyer is adequately protected or not. In fact, regardless of weather an agent tells you that they are a "Sellers" agent or a "Buyers" agent, the payment is coming form the same place, therefore the more tied up a Buyer is, the better for the Agent, (regardless of Buyer or Seller.) That is the mantra of most agents, "Close the deal!"
Buyers that execute the offer to purchase contract without a legal review are playing with fire. And, the real estate agents know it!
Your entitled to your opinion, but chances are very good that I have bought and sold many more homes than you have.
That may be true, but chances are I've bought at least one more home than you have here in NC, and at this point that is what really counts since you are talking about how purchases are made here in the Triangle and not somewhere else in the US.
I'm from NJ and RE transactions there are handeld very differently than they are here in NC. In NJ they usually include a 3 day attorney review or "cooling off period" during which time the buyer can walk away from the deal and give no reason at all. That is NJ and that is fine. But if you are expecting to find the same practice in NC you will be disappointed. How things are done in another state while interesting are in fact irrelevant.
Nobody is telling you to pay list price. Of course you should negotiate. However, around here negotiations are done in writing and there is more to negotiations than just price. That is the advice you have been given and it is accurate whether you or Mr. Cody trust it or not.
Last edited by North_Raleigh_Guy; 08-26-2008 at 09:21 AM..
That is the problem! Most of the answers come from real estate agents. That is only one perspective. The real estate agents generally have one agenda, and one agenda only, GET PAID. And the only way to get to that point is for the deal to close. They really do not care about weather a buyer is adequately protected or not.
You couldn't possibly be more wrong. If they didn't care whether or not the buyer was protected or not, and were doing their buyers wrong, then they wouldn't be getting repeat business and therefore wouldn't GET PAID, as you put it. Word of mouth is one of the best advertisements a realtor has, and the flip side is that it can also be the worst.
What is wrong with an answer about real estate coming from a real estate agent? Would you want legal advice from the guy that works at Blockbuster? That makes no sense. To quote Tommy Boy, "I could get a good look at a t-bone steak by sticking my head up a bull's *expletive*, but I'd rather take the butcher's word for it".
Your entitled to your opinion, but chances are very good that I have bought and sold many more homes than you have. Every one has different paradigms in life based upon personal experience. I had a real estate license in New York but I made more money investing in than selling real estate.
What you call empty verbal offers I call negotiations, and in NY that is the way it's done every day of the week. You only go into contract when you have a meeting of the minds, you do not even put "earnest money" down with your initial offer.
I do a full analysis of every property I make an offer on and never make blind offers, the only thing that needs to be covered on a verbal offer is price, we have contracts to cover the rest when there is a meeting of the minds,
I'm not making empty offers I'm shopping, I would never buy a car for full price or the first or even second counter why can't i shoot prices on a home?
Again, if you're just looking for "yes" people, why did you ask for advice?
Homes are sitting for many months and are not selling, there is a huge over supply especially in the price points that I'm looking in.
I hear many ridiculous reasons why homes are not selling, but the fact is they are not selling they are sitting unless they are priced for the current market.
Maybe prices did not run up like Fla. or Calif, but I see many homes that have doubled in price in the last 8 to 10 years thats appreciation well above inflation for the same period.
I'm a buyer, not a player and I'm probably as strong a buyer as you can get in the current market.
It's funny to me that you would even go there, but I guess that is the issue I have with the whole "buyers agent" thing in the first place it seems to protect many weaker agents.
I'd rather deal directly with a listing agent any day of the week!
I'm fairly familiar with the RE market in Cary (I'm not exactly sure where you're looking) but for the most part it's taken about 15 years for prices to double. A good example would be the Weatherstone subdivision where homes sold in the early to mid 90's for mid to high 200's and are now selling for the mid to high 400's (with a few exceptions). Most homes have yet to double in value 15 years or so later.
Homes are sitting for many months and are not selling, there is a huge over supply especially in the price points that I'm looking in.
I hear many ridiculous reasons why homes are not selling, but the fact is they are not selling they are sitting unless they are priced for the current market.
Maybe prices did not run up like Fla. or Calif, but I see many homes that have doubled in price in the last 8 to 10 years thats appreciation well above inflation for the same period.
I'm a buyer, not a player and I'm probably as strong a buyer as you can get in the current market.
It's funny to me that you would even go there, but I guess that is the issue I have with the whole "buyers agent" thing in the first place it seems to protect many weaker agents.
I'd rather deal directly with a listing agent any day of the week!
To make that claim, you must be a cash buyer with a letter from your bank substantiating that fact, and I congratulate you on that wherewithal.
I "go there" because bold claims of financial ability are, to coin a phrase, "a dime a dozen."
Almost all Buyers in the current market are strong Buyers, since the mortgage kerfuffles have washed out most folks who shouldn't be buying, and the general public is aware that there is little easy money available.
Multiple ethical and skilled listing agents will tell you, "Let's get it in writing," or they are not doing their job.
It would appear that you prefer to bottom fish for weak agents.
I wish you good luck in your home search!
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