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This post correlates with the other one posted about "Zero money down...as a seller, bad sign" thread, kind of sort of.
I went to look at a property over the weekend. My agent pulls up, we get out of our vehicles and my agent says the seller's are home. They let us is and say they are going to run out for a bite to eat. Agent thanks them and says they will lock up when we are done.
I view the property, it's cute and I note the pros & cons, if my furniture would fit, HVAC system, standard things. As we come from the back common outside area, the seller's are pulling in to their garage, almost as if they were waiting outside in their car, it was too timely. I was not given any time-frame and do not believe we over-stayed our viewing allotment period; we were there approx. 30-40 minutes. I tell my agent I will think over the pros and cons of the property, if they can get a couple of questions answered about said property, and we will talk later.
Offer time: I suggest $1750.00 over list w/3% cc's, my agent suggests going in at $3K over list with $3K in cc's, so in essence, list price, which they believe to be the market value, and with a "lets get this wrapped up today," thought process. I agree, let's get it done, this is my best offer on this property, my agent knows this and I know the recent comp's. I'm using a conventional mortgage, approved through automatic underwriting, through a very good mortgage broker and I would not put 20% down on this property or any property, never have, with no issue's.
Answer time: Seller's have one offer that they have been sitting on, my offer and they now have a few other showings lined up and would like to wait until Wednesday to decide. My agent asked what I'd like to do, already knowing I have put my best offer out there. The deal was: Yes and we move forward. No, and I will wait for another property. So, pull the offer.
I did ask what the seller's reasoning to not accept the offer was, in my agent's opinion or through the seller's agent.
1) Seller's agent brought up concerns about property appraising.
2) My agent asked the selling agent, if they are concerned about appraisal, why are they looking for a higher offer, it doesn't make sense? My thoughts, possibly waiting for a cash offer over and above their list price?
3) Showings do not equate to offer's
IMO, and that is what this is and I have a right to it, the seller in essence, is pre-screening anyone and everyone that comes to view their property. In this day and age, for a seller to physically open the door for a REALTOR is awkward, unnecessary, odd, not in their best interest and not their job. So what do they get out of it?
1) They can see what type vehicle the prospective buyer drives. Some people equate new vehicles to status.
2) They see the buyer, which is not necessarily of the norm in real estate purchase/selling. I had no desire to know the seller's of this or any property.
3) They can make an assumption or judgement, which just isn't cool, ever and then align that up with the offer in that persons contract.
4) They lost a sale of their property to me, which I am fine with, really. It was not my preferred area, it could have worked for 3-5 year's. I am sure an offer will come along for them, a cash offer is doubtful. It's a first time buyer - low end price range buyer's property.
What they do not know, is that with putting less than 20% down, my payment would have been well within my affordability, the purchase price is 65% of what I am approved for, that I would have replaced the 35+ year old HVAC system ASAP, replaced the warped scuttle hatch to the attic, patched and painted all the walls, replaced the interior plastic doors & trim and then also left myself with a nice reserve of money, not that it is any of their business.
Maybe some seller's have blinders on, or are so fixated on the contract % DP that they forget that many a business transaction gets completed outside of the old standard ways. Not everyone drive's their money or wear's their worth.
Just my .02's.
Last edited by photogal9; 06-12-2018 at 09:19 AM..
It seems some sellers can't let go. Once one decides to sell a house, they need to concern themselves with the numbers and not spend time judging the buyers.
It's surprising what sets some people off. Way too much drama happening inside you emotionally on this home search.
It's entirely possible they were staying at the house until you arrived. I tell all of my Sellers - a 2 pm appointment doesn't mean they'll be there right at 2 pm and gone in 30 minutes. They might be seeing several homes, and not arrive at yours until 2:30. Feel free to stay in the comfort of your home until they arrive for the showing. Just be ready at 2 pm, please.
No shortage of people trying to guess at other people's motives, based on really limited information. We can only guess at the accuracy of your guesses about their guesses.
I think buyers and sellers meeting is only as awkward as people make it. We show a lot of farms where the sellers are not only there, but will take buyers on a tour of the property. The information they offer is usually valuable.
When a place comes along that you really want, I hope you can get it.
Our agent tells them they have 24 hours to decide on offer (she has in past). The rest I wouldn't try to 2nd guess what anyone is thinking or feeling. You can never know. Good Luck!
Sounds like they didn't think it would appraise with the CC rolled into the price. Nothing worse for a seller than wasting time on a deal that won't close.
1) Seller's agent brought up concerns about property appraising.
2) My agent asked the selling agent, if they are concerned about appraisal, why are they looking for a higher offer, it doesn't make sense? My thoughts, possibly waiting for a cash offer over and above their list price?
3) Showings do not equate to offer's
IMO, and that is what this is and I have a right to it, the seller in essence, is pre-screening anyone and everyone that comes to view their property. In this day and age, for a seller to physically open the door for a REALTOR is awkward, unnecessary, odd, not in their best interest and not their job. So what do they get out of it?
Nothing material, and likely lose something out of it if you think in rational or financial terms, but its not rational, its the sale of their personal home. People get really, really uncomfortable about selling their house.
Quote:
Originally Posted by photogal9
1) They can see what type vehicle the prospective buyer drives. Some people equate new vehicles to status.
2) They see the buyer, which is not necessarily of the norm in real estate purchase/selling. I had no desire to know the seller's of this or any property.
3) They can make an assumption or judgement, which just isn't cool, ever and then align that up with the offer in that persons contract.
4) They lost a sale of their property to me, which I am fine with, really. It was not my preferred area, it could have worked for 3-5 year's. I am sure an offer will come along for them, a cash offer is doubtful. It's a first time buyer - low end price range buyer's property.
What they do not know, is that with putting less than 20% down, my payment would have been well within my affordability, the purchase price is 65% of what I am approved for, that I would have replaced the 35+ year old HVAC system ASAP, replaced the warped scuttle hatch to the attic, patched and painted all the walls, replaced the interior plastic doors & trim and then also left myself with a nice reserve of money, not that it is any of their business.
Maybe some seller's have blinders on, or are so fixated on the contract % DP that they forget that many a business transaction gets completed outside of the old standard ways. Not everyone drive's their money or wear's their worth.
Just my .02's.
I think you're overthinking it. Honestly, I would imagine its plain old "fear of missing out" on a better offer. Frankly, they sound really anxious. I've found that some people sit there and focus in and obsess on one detail or another that could sour a deal or be an indicator, and place an inordinate amount of weight on it, when it comes to big purchases and it really clouds their view of the big picture.
And it isn't totally unheard of for sellers to just sit in their car down the block. It can become a lot to drive around at a moments notice four times a day, and grab the cat and dog and have them with you.
This post correlates with the other one posted about "Zero money down...as a seller, bad sign" thread, kind of sort of.
I went to look at a property over the weekend. My agent pulls up, we get out of our vehicles and my agent says the seller's are home. They let us is and say they are going to run out for a bite to eat. Agent thanks them and says they will lock up when we are done.
I view the property, it's cute and I note the pros & cons, if my furniture would fit, HVAC system, standard things. As we come from the back common outside area, the seller's are pulling in to their garage, almost as if they were waiting outside in their car, it was too timely. I was not given any time-frame and do not believe we over-stayed our viewing allotment period; we were there approx. 30-40 minutes. I tell my agent I will think over the pros and cons of the property, if they can get a couple of questions answered about said property, and we will talk later.
Could it just be that they came back from lunch, noticed you were still looking around so they sat in their car until you were done?
I think the OP is way overthinking this. It's just a property, not really your dream home. Move on. WHo knows why they were there. We often were home when an agent arrived, often because they came earlier than they said they would. Or they called from down the street, and it takes more than a couple minutes to get out of the house. We even had a few showings where we waited up the hill on our rural property, just staying out of the way, while they toured the house, and then we came down the hill while they toured the garage and barn up the hill. It's no big deal.
They priced it below what they were hoping to get, maybe to start a bidding war if low end houses are scarce in that area. They wanted some higher offers, or maybe a cash offer for a quick close, and so they were holding out. We did the same thing in the sale of a rental property recently. Our agent told all the agents submitting offers the week we listed that we were holding the bids until after a weekend of open house, and to give their best and highest offers immediately and we would chose from the offers within 48 hours of the open house. We got 16 offers. Most were over our asking price. We chose the all cash, 14 day escrow offer over a slightly higher offer that required financing and a 4-6 week escrow.
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