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Good one, NRG.
Also, worth noting...92% can be an "insult offer." If the Seller is "insulted," you may be disqualified from further bargaining.
If the Seller has a strong agent, the agent has conditioned the Seller that they are not allowed to be insulted.
Don't assume the Seller will cut the price half way. You may get a "thanks for your interest, but no thanks," or a small concession.
And again, the "30 DOM" is meaningless unless backed up by archive data and good comps' archive data.
I tell all listing prospects that the law says I must bring them all offers. "If someone offers you $8.00 and a ham sandwich, I will bring you the offer."
Good advice, follow the market and look at the comps.
Trust your realtor. If you don't trust your realtor, get another realtor!
After a year of looking, we paid OVER the asking price for our place because we knew the market, knew the comps and knew it was underpriced. Seller had 3 offers before he had his first showing. He took ours and, one month in, we are really, really happy about it.
We offered full price. It had only been on the market for 1 week, in fact it was the first weekend it was available, while we were viewing the house three families came to see the house, but were turned away by our realtor. We made a offer that night, found out another full price offer had come in, and they went with us, because we had all the paperwork filled out right, and the other couples realtor filled them out incorrectly. So we got the house by the hair on our chinny chin chin. Plus later my husband and I went by that evening to see it, because we were flying out in the morning, as we were walking up the drive, another couple had come with a realtor, and went inside and were looking around, and it drove me crazy, I wanted to shout at them to get out of our house, but they didn't know we had already had our offer accepted. So I agree with most on this post. Go with your realtor, and if you have done your homework, and looked at enough houses, you know basically what prices are going for, and confidently make the offer. Good luck.
....while we were viewing the house three families came to see the house, but were turned away by our realtor.
That’s odd....was this house a FSBO? When we looked at houses our agent always made specific arrangements with the listing agents firm to see the house for a designated period of time....that way nobody else would be interrupting us during our viewing.... Sounds like whoever was selling the house was a bit unorganized!
Quote:
We made an offer that night, found out another full price offer had come in, and they went with us, because we had all the paperwork filled out right, and the other couples realtor filled them out incorrectly. So we got the house by the hair on our chinny chin chin.
Wow, if that isn't a good demonstration of why it is important to work with a good Realtor I don't know what is. I would have loved to have heard the other couples realtor explain why they didn't get the house.. Ouch!
Quote:
Plus later my husband and I went by that evening to see it, because we were flying out in the morning, as we were walking up the drive, another couple had come with a realtor, and went inside and were looking around, and it drove me crazy, I wanted to shout at them to get out of our house, but they didn't know we had already had our offer accepted.
Interesting.....again, was this house a FSBO? I know some people keep showing their home to take backup offers in case the original contract falls through, but I would not be to happy if my agent took me to look at a house that had a contract on it but we didn't know about it.
Anyway, I’m glad you got the house Lizardlips. Sounds like it was meant to be for you!!!
NRG,
1. The appointment center will book duplicate appointments, with a caveat that one may see another agent. Hot properties may have multiple and simultaneous viewings. I was in one in Cary recently that showed 11 times in 6 hours. Bumped into several agents.
And it is not unusual for unrepresented buyers to stop by and ask if they can see the house. Or even represented buyers whose agent is not with them.
2. Stinks for the other guy, doesn't it? I'd be curious about the nature of the error.
3. An agent should mention that you are going to see a home with a status of "Active--Taking Backup Offers." Most people decline the opportunity. But it is a legitimate means of showing there is a contract and not taking the house completely out of the mix.
That’s odd....was this house a FSBO? When we looked at houses our agent always made specific arrangements with the listing agents firm to see the house for a designated period of time....that way nobody else would be interrupting us during our viewing.... Sounds like whoever was selling the house was a bit unorganized!
Wow, if that isn't a good demonstration of why it is important to work with a good Realtor I don't know what is. I would have loved to have heard the other couples realtor explain why they didn't get the house.. Ouch!
Interesting.....again, was this house a FSBO? I know some people keep showing their home to take backup offers in case the original contract falls through, but I would not be to happy if my agent took me to look at a house that had a contract on it but we didn't know about it.
Anyway, I’m glad you got the house Lizardlips. Sounds like it was meant to be for you!!!
No this was listed with a realtor, not my realtor
When I say that three families came by, I meant they drove by, they were out looking. They were not with realtors.
As for the couple that came with a realtor, yeah that was weird. But we had just driven from the realtors after signing the papers. So they probably didn't realize.
Interesting.....again, was this house a FSBO? I know some people keep showing their home to take backup offers in case the original contract falls through, but I would not be to happy if my agent took me to look at a house that had a contract on it but we didn't know about it.
As a buyer I would be fine viewing a house that had recently had an offer, IF I was just starting the process of looking. It might give me a good idea of what sells quickly. It's always good to see an example of a house that moves quickly so when I see the next one and I want it then I'll know to act quickly.
And Lizardlips, I've been in your boat before where someone else was looking at the house that I had made and offer on and it was accepted. I too felt that "GET out of my house!" I sat in the car and repeated the Toddler Mantra... I saw it first so it's mine. I want it so it's mine.
But I've also sold a house that my realtor kept showing after we accepted an offer. We did this for potential back up offers and because our realtor wanted to make sure the buyers were serious. In Oregon the buyer can back out during the inspection phase and get the earnest money back. So it worked for us.
First you will have to find out how much the house is WORTH.
You can ask realtors they can comp it or get an appraisal (costs up to
$ 300).
General rule; make the offer 5 % below what the hous is worth, and see
how it goes.
Dont' forgett to make a list for seller concession; like when carpet run down, allow $ 2000 for carpet etc. If it is an older home, get a home inspection and make the contrakt depended on that.
What I find in this area is that IF a house is priced right...its going to sell for 98% of asking price.
However, there are some neighborhoods that are high in demand and low in supply and those are the ones you'll pay full price and be happy you didn't have to pay over that amount!
As for listing a home at the "right price"...so much depends on that. And, the market changes. Its not "rocket science" but then...its not science. Even the appraisal is an opinion!
And then you wonder WHY we get paid for our expertise???
Vicki
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