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Mind you, none of this is about the money or trying to haggle. I probably would have taken $500 or even zero on the inspection items. I’m in finance. 0.7% is as material to me as 0.1%. It’s the PRINCIPLE of the thing. Read my original post - does it sound like I ever cared about the money? The point is this: don’t disrespect a buyer coming in 9% over listing with a cash offer with threats of moving on DURING the inspection. That’s great your house is so in demand and your agent is ballsy enough to broadcast it. But it’s also rude and bad business. If you people think that’s normal, I feel bad for your clients and/or career trajectory.
A "yes" in a market that was way more balanced than today's. We weren't 9% over asking on either house, sellers did not have 20 people with back up offers. On our first house we were one of 3, on our second one of 2..
I don't know why I'm even replying anymore, good luck to you with that outlook.
so basically you prefer to ignore reality and then accuse the people replying of lying because we couldn't possibly be non-real estate professionals just because we are able to recognize that this market is unlike one any of us have personally experienced when we were able to negotiate some concessions as buyers.
Dontaskwhy - You didn’t really answer the question, I didn’t ask about the cost of the inspection (also, aren’t you supposed to disclose you’re a realtor in your name?)
I stopped being a Realtor in 2014. I used to have the icon on my username identifying myself as a Realtor. If I were to buy a home again, I would identify myself as a former Realtor out of principle.
To be clear, when I bought my first home I knew it needed new siding on the outside and a new roof within a few years but since the home was priced at an affordable amount already I did not request any price adjustment. I did have a home inspector go through the entire home. I did get the home resided before selling it about 1 year later but no work on the roof. When I sold it the housing market hadn't crashed yet and I sold it for 2X what I paid for it. The new buyer didn't request any concession as homes were being listed and sold within a day or two similar as it is now. I hope that is a more satisfactory answer for you.
Last edited by dontaskwhy; 03-07-2021 at 06:10 PM..
Wow, first non-agent response I think... But yes, glad another buyer can sympathize. The whole “take it or leave it” mentality seems like bad practice, bad manners, and bad faith during a real estate deal. The inspection process has always been a tool to not only identify issues, but also reevaluate whether your offer is fairly priced. It has never been the norm to expect the average layman to see a house for 15 minutes and instantly know everything wrong with it. That’s just ridiculous.
Not that it really matters, but most of the responses have been from non-agents.
Quote:
Originally Posted by Cubby60611
Kembro - Sounds like a yes.
Mind you, none of this is about the money or trying to haggle. I probably would have taken $500 or even zero on the inspection items. I’m in finance. 0.7% is as material to me as 0.1%. It’s the PRINCIPLE of the thing. Read my original post - does it sound like I ever cared about the money? The point is this: don’t disrespect a buyer coming in 9% over listing with a cash offer with threats of moving on DURING the inspection. That’s great your house is so in demand and your agent is ballsy enough to broadcast it. But it’s also rude and bad business. If you people think that’s normal, I feel bad for your clients and/or career trajectory.
One of the biggest challenges--to both Buyers and Sellers--is to remember that this is a business deal. Neither should allow personal feelings to derail the successful completion of a transaction. People being human, however, that is easier said than done.
You are correct that oftentimes purchasers have used inspection reports to try to get concessions after a purchase contract has been agreed upon. That is actually a known strategy by some purchasers and many Sellers find it highly objectionable. Your Seller may have been in that camp--objecting to your request based on the principle of the thing. Plus, it is always easier for a Seller to react in such a fashion when they've received multiple offers for their property. They feel much more in the driver's seat--which they are.
You may feel indignant about the whole situation--and I can empathize a bit because it is a crazy market in many areas--but you really need to take a step back and try to objectively view market conditions and how that may impact the traditional dynamics between Buyer and Seller. Buyers are clearly in a weakened position in a strong Seller's market. Good luck and best wishes as you search for a house which may be more to your liking.
"9% over asking" is a sad refrain.
Asking price, or list price are irrelevant. Totally irrelevant.
OP walked away from a $650,000 house because of a $5000 difference. Better luck on the next one, which should be easy, since it sounds like a solid, and currently very rare, buyers' market.
"9% over asking" is a sad refrain.
Asking price, or list price are irrelevant. Totally irrelevant.
OP walked away from a $650,000 house because of a $5000 difference. Better luck on the next one, which should be easy, since it sounds like a solid, and currently very rare, buyers' market.
Yep, and I’d do it a thousand times again. You either treat me like a valued customer during a real estate deal or you can SABD. Plenty of houses out there, or will be in the future, and you’re at no disadvantage when you already own two properties in very desirable areas of the world and can live in either whenever you want.
Yep, and I’d do it a thousand times again. You either treat me like a valued customer during a real estate deal or you can SABD. Plenty of houses out there, or will be in the future, and you’re at no disadvantage when you already own two properties in very desirable areas of the world and can live in either whenever you want.
Homeowner and investment property owner many times over.
It's not a matter of respect, it's a business transaction for a commodity. Period. You're getting your shorts in a knot because you're taking their rejection as a personal affront. If that's how you approach a business deal, you need to have someone else do your negotiating for you.
I sold a house last year in an extremely hot market. Four offers the first day, three were full price, one of those in cash, the fourth being for well over the listing price. The cash buyer told me they couldn't understand why I would reject their offer for one that involved financing and that I must be crazy to not take a "sure thing". I asked them if they would "roll the dice" for another 10% on a deal.
Crickets.
Were they disrespectful? Maybe. I think it was more a matter of frustration because they wanted the house badly and didn't want to bid it up. Their choice, not mine.
If you're going to attempt to buy in this market and your recent experience is interpreted as the seller disrespecting you, better get used to it and grow a pair. It's a business deal, and if I can get a better deal stepping over you, I will. Nothing personal, that's business. I'm not running a charity.
You are correct that oftentimes purchasers have used inspection reports to try to get concessions after a purchase contract has been agreed upon. That is actually a known strategy by some purchasers and many Sellers find it highly objectionable. Your Seller may have been in that camp--objecting to your request based on the principle of the thing. Plus, it is always easier for a Seller to react in such a fashion when they've received multiple offers for their property. They feel much more in the driver's seat--which they are.
This is a good point.
In the ultra-hot and just simply bizarre SoCal market lots of buyers (and their agents) overplayed the inspection/contingency/concession card when the market wasn't in the sellers' favor and in my opinion, that helped create this sense of backlash among sellers.
One I “bought” but was basically a title transfer from a family member. Like you really need to know that, but you deserve it for paying such close attention.
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