U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-29-2012, 10:00 PM
 
17 posts, read 28,424 times
Reputation: 43

Advertisements

Sorry, this is going to be long.

So, I made an offer on a house this morning and just found out that the seller received another offer so are asking for highest and best by tomorrow at 5:00. I like the house enough, the location is only okay (it's on a busy street so traffic noise would be an issue). I also went back to look at the place again, and discovered the neighbor to my left has two motorcycles...their driveway is right next to what would be my bedroom. They also have a dog in the backyard that was barking, but of course I don't know if it's an outside dog and/or if it'll be an issue.

Even with those negatives, I found it to be acceptable at the amount I offered (asking price w/$5,000 closing cost). I don't know that I would want to go higher. If I really wanted it, I probably would have to since inventory is REALLY low on houses in my price range, and most of them, if they're nice, receive multiple offers and are off the market a day or two after they hit the MLS. I'd be up against multiple offers every time.

What would you do in my position? I hate this bidding war. Which leads me to my second question.

So, my agent knows the market and how quick you have to be on the draw to make an offer. I don't know if it would have made any difference if I submitted my offer yesterday, but it could have since the seller didn't receive the other offer until today. Everytime I talk to my agent, she tells me how busy she's been or is, how she's been having to run around all ay, or that she's had an awful day, or how I wouldn't believe what kind of day she's had, or that she's exhausted...If she had gotten all the paperwork to me yesterday morning (as she said she would the night before), I could have had a chance to review them all, sign and send them back. Well, she got the paperwork to me in the morning, but it was missing one of the forms. I had to remind her of this and did not receive it from her until mid-afternoon because she was "busy with another client" and couldn't get to it until then. As well, I also realized right before I was leaving work that she did not send me the legal description that she said she would the night before, so I had to remind her of that as well. I didn't receive it until after I left work, so I could not print out the form, sign it, scan them all, and return them to her until the next day (today). I know agents have more than one client, but is it typcal to take this long to receive all the paperwork to submit an offer, and have any of you other buyers have had to remind your agent that she's fogotten a form(s)?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-29-2012, 10:34 PM
 
Location: El Dorado Hills, CA
3,724 posts, read 9,463,254 times
Reputation: 3903
First, your agent should be submitting all the required forms for your offer quickly, and you don't need to hear about how awful her day was.

But in this world of multiple offers (we also have low inventory) it is quite common for the sellers to wait a few days to see if they get multiple offers and then ask for highest and best. So submitting your offer the day before most likely would not have made any difference. The worse thing would have been for the seller to accept a different offer before yours was submitted.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-29-2012, 10:44 PM
 
Location: SW Florida
5,486 posts, read 7,626,035 times
Reputation: 10721
Well, based on the other thread entitled something like "Horrible Neighbors", I would maybe just leave your offer where it is -- that is, if you want to keep it on the table at all. Sounds like you're having second thoughts about the desirability of the property. If you're going to have to go above asking price, at least make it on a home you love.

No, I've never had to remind my agent about a missing form, and probably wouldn't have known a form was missing to begin with. Regardless, your agent sounds questionable ("busy with another client"???). If that's the type of market you're in (and wow, I wish we had that situation here!), there is no excuse for her delays. As it stands now, her incompetence has created a window of opportunity for you to have second thoughts about the offer -- not good.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2012, 06:03 AM
 
Location: Louisville KY Metro area
4,825 posts, read 13,727,037 times
Reputation: 2145
My question would simply be to discover how many transactions your agent normally works per year. If she is that busy, I assure you she will have a system to keep the paper flowing in a timely manner.

You will need to ride this property and any others she has introduced you to due to procuring law legislation, but if she fails to close this deal, then you might want to check out another agent.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2012, 06:05 AM
 
Location: Lakewood Ranch, FL
5,648 posts, read 9,944,549 times
Reputation: 6871
First, if you don't get this one and want to continue working with this agent, I'd have a conversation with her. Tell her that you don't care how busy she is, you expect to have her full attention when she is putting together an offer and tell her that you are concerned that she might have put you in a multiple bid situation by her omissions. Tell her that you want her to refer you to someone else if she cannot provide you that level of service. Her story is a bunch of BS, IMO.

This house sounds like one you probably will regret buying at any price based on your observations. If you noticed these things and thought enough to write about them, it seems as though they will annoy you on a daily basis. Anyway, if you do go forward, offer what you think is best for you, not them. You only know there's a second offer but you don't know if it is more, less, or the same as yours and you don't know if the other people will increase, stay the same, or even move on. Make the best offer for YOU and see what happens. Don't worry about the other guys.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2012, 08:16 AM
 
Location: Lexington, SC
4,281 posts, read 12,025,700 times
Reputation: 3746
Quote:
Originally Posted by cdtmom View Post
Sorry, this is going to be long.

So, I made an offer on a house this morning and just found out that the seller received another offer so are asking for highest and best by tomorrow at 5:00. I like the house enough, the location is only okay (it's on a busy street so traffic noise would be an issue). I also went back to look at the place again, and discovered the neighbor to my left has two motorcycles...their driveway is right next to what would be my bedroom. They also have a dog in the backyard that was barking, but of course I don't know if it's an outside dog and/or if it'll be an issue.

Even with those negatives, I found it to be acceptable at the amount I offered (asking price w/$5,000 closing cost). I don't know that I would want to go higher. If I really wanted it, I probably would have to since inventory is REALLY low on houses in my price range, and most of them, if they're nice, receive multiple offers and are off the market a day or two after they hit the MLS. I'd be up against multiple offers every time.

What would you do in my position? I hate this bidding war. Which leads me to my second question.

So, my agent knows the market and how quick you have to be on the draw to make an offer. I don't know if it would have made any difference if I submitted my offer yesterday, but it could have since the seller didn't receive the other offer until today. Everytime I talk to my agent, she tells me how busy she's been or is, how she's been having to run around all ay, or that she's had an awful day, or how I wouldn't believe what kind of day she's had, or that she's exhausted...If she had gotten all the paperwork to me yesterday morning (as she said she would the night before), I could have had a chance to review them all, sign and send them back. Well, she got the paperwork to me in the morning, but it was missing one of the forms. I had to remind her of this and did not receive it from her until mid-afternoon because she was "busy with another client" and couldn't get to it until then. As well, I also realized right before I was leaving work that she did not send me the legal description that she said she would the night before, so I had to remind her of that as well. I didn't receive it until after I left work, so I could not print out the form, sign it, scan them all, and return them to her until the next day (today). I know agents have more than one client, but is it typcal to take this long to receive all the paperwork to submit an offer, and have any of you other buyers have had to remind your agent that she's fogotten a form(s)?

CD

Is it buyers remorse or have you now looked closer and decided you do not like the place?

If you do not like the place, withdraw your offer now and move on.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2012, 09:12 AM
 
17 posts, read 28,424 times
Reputation: 43
It's a hard decision. I do like the house. It's the perfect size, it's a flip so cosmetically it looks great (but it is a 1950s house so who knows what the inspection will reveal). I know that where I live, the prices just keep going up and I'm not going to find anything for less. The neighborhood isn't the best, but again, if I wanted to live in-city in a great neighborhood, the same house would run $100,000 more.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2012, 09:23 AM
 
Location: Salem, OR
15,166 posts, read 37,786,594 times
Reputation: 16155
I think you need a new agent. See what happens with this deal and then I suggest that you find an agent you are comfortable with that has better boundaries. Her awful day, exhaustion, etc is her problem and not yours. Trying to garner sympathy so that you can slack off on client obligations isn't okay in my book. She needs fewer clients so that she can provide a better consumer experience as she clearly doesn't have systems in place to handle the load.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2012, 09:40 AM
 
Location: Barrington
63,677 posts, read 43,264,050 times
Reputation: 20517
With so many reservations about this place, I would take a pass.

I would also interview and hire a new agent, one who has the time/skill to make it all about you.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-30-2012, 12:29 PM
 
Location: Columbia, SC
10,539 posts, read 20,476,846 times
Reputation: 9637
I've written contracts on the hood of my car. When someone want's to make an offer I'll do what I need to do right then. Take it for what it's worth. If you gave this one a run and aren't happy move on if you can.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6. The time now is 10:28 AM.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top