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Made an offer on a REPO Monday...List Price...no contingencies close whenever. Outrageous Earnest money... Lost it....@#%^&*
How in the world does one lose full price no contingency close whenever huge earnest money offers in a buyers market? And a 2.5% commission to add insult to injury...and we were committed to a referral fee as well.
The Admiral is on my case...We should have talked the client into offering 5% over list!
Anytime you think you have this business figured out it stabs you in the back..
Small deal by the way. No real harm. Client will be back.
But it was so neat...put it together in three or four hours all told. Almost like tripping over money. And then boom...#$$%%^^&^%$%...
The otherside offered list plus a percent plus agreed to pay all closing costs...
I had a great conversation with an experienced agent in my area not too long ago on this exact subject and her thoughts were this:
Regardless of what the statistics say, whether or not it's a buyer's market or a seller's market depends 100% on the specific needs and dynamics with the INDIVIDUAL buyers and sellers in a transaction.
You obviously had a seller's market transaction in the midst of a traditional buyer's market. Pretty tough to see that one coming. I'm only a Commander and never being one to argue with the Admiral but she shouldn't take you mast on this one!
Olecapt,
I understand how you feel. The same thing happened to me a few weeks back. My buyer fell in love with the house and cried when she didn't get it. I felt terrible about it.
I just had a similar experience.
10 acre parcel priced very good at $120,000.
We were going to come in at $110,000, cash, close in 5 weeks.
Just as I was sending over the offer they got another offer and sellers agent was told buy the seller to tell us to make our best offer.
We rewrote the offer for full price with $10,000 down but we pushed the closing up to a 2 week close. Lucky we did because the other offer was also full price with $10,000 down but they wanted to close in 4 weeks.
Made an offer on a REPO Monday...List Price...no contingencies close whenever. Outrageous Earnest money... Lost it....@#%^&*
How in the world does one lose full price no contingency close whenever huge earnest money offers in a buyers market? And a 2.5% commission to add insult to injury...and we were committed to a referral fee as well.
The Admiral is on my case...We should have talked the client into offering 5% over list!
Anytime you think you have this business figured out it stabs you in the back..
Small deal by the way. No real harm. Client will be back.
But it was so neat...put it together in three or four hours all told. Almost like tripping over money. And then boom...#$$%%^^&^%$%...
The otherside offered list plus a percent plus agreed to pay all closing costs...
Similar situation here, (in fact I'm preparing to make an offer on my 5th REO property), posted a forum here titled "Advise on offer dealing with bank".
Last deal I looked at, asking price fell from $795K (above my budget), to $595K (still above my budget), to $399K (after it went into bank repo.. slightly above my budget).. I went in and offered $199K, bank turned me down stating not enough money. I told the agent to call me when the asking price dropped.. She never did.. I found it listed a month later for $249K.. Then a month later, $199K.. I called the agent again, to tell them I'd buy it.. it was under agreement.. Sold for $184K..
I'm more annoyed with the agent because I would have signed the day the price dropped but she never followed back.
We have two banks that are now pricing the properties ridicilously low and creating in essence a bidding war. The house my customers put in an offer on last night was on the market for one day so far and already has 7 offers on it. We went in as high OVER the asking price as they were comfortable with and made it a weird number...not just a straight couple of thousand. I still don't think they will get it. I really think it's going to go to someone with cash, ours has financing attached although they already have their approval in place. Welcome to the 'new' type of auction.
I don't know if this is similar or not...
we REALLY like this house...visited it 3 times. FInally put in a contract for $25K below list price (that is not similar to yours) found out yesterday the deal was accepted. We were THRILLED. A few hours later we find out it is a short sale. They never disclosed that until they sent back the contract for us to radify. I know it is legal not to disclose such info until contract time, but had we known upfront we wouldn't have wasted all of our time as we will NEVER buy an "as-is" property which this will most likely turn out to be. (No wonder the seller agreed to a home warrenty, lol! They know they won't pay it nor will the bank!) So, now we are trying to get a home inspection BEFORE we go further and sign the contract. (we couldn't radify anyway as it is subject to their lenders approval) We are trying to get in the house tomorrow to do the inspection...the seller either lets us in their home for a few hours so we can decide if we will take it as is, or we walk. NO WAY will I take it as is as I suspect some water damage and that can either be a pc of cake to fix or could lead to all sorts of problems.
ANyway, it is NOT always a buyers market. Yes, price seems to be in our favor, but timing, sellers grudge, and bank deals make it almost impossible! (I told you all about the other short sale we wanted to look at and he slammed the door in our face! The reason we considered that one even though it was a short sale is b/c it was newer, they told us before looking it was a short sale, and was generally nicer than the one we are trying to buy. Oh, and we are looking into a real estate attorney if we go any further with this...want to protect ourselves. We would just walk aways but if the price would get approved it is an AMAZING deal for the location)
ANyway...sorry that happened to you!
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Wait for it.
Quote:
Originally Posted by olecapt
Made an offer on a REPO Monday...List Price...no contingencies close whenever. Outrageous Earnest money... Lost it....@#%^&*
How in the world does one lose full price no contingency close whenever huge earnest money offers in a buyers market? And a 2.5% commission to add insult to injury...and we were committed to a referral fee as well.
The Admiral is on my case...We should have talked the client into offering 5% over list!
Anytime you think you have this business figured out it stabs you in the back..
Small deal by the way. No real harm. Client will be back.
But it was so neat...put it together in three or four hours all told. Almost like tripping over money. And then boom...#$$%%^^&^%$%...
The otherside offered list plus a percent plus agreed to pay all closing costs...
These repos are on a price reduction schedule usually, wait them out a couple of weeks and resubmit. Or climb up the corporate ladder to find the person who supervises the idiot who said no.
Corporate wisdom may be equal military intelligence.
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