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New here... Ok here comes a weird question... We found a house on our own on the MLS listing site and called a local realtor to see it twice. We would like to go with a different realtor because this one basically treats us like crap. (to make a long story short) SO... we have not signed anything with this company or realtor she said she would be a buyer's agent with us but thats it, nothing in a contract. If we were to fire her and go to another realtor to put in our bid will the realtor that showed us the house but DID NOT find us the house still get a commission? I had Real Estate just last semester in college but all we talked about was the sellers agents ability to get commission no matter what realtor depending on the listing not the buyers agent!
You may have an easy out. Was the agent who showed you the house the listing agent or just an agent you called up? If it was the listing agent all you have to do is write her/him a letter stating that you do not want dual agency. In order to act as a dual agent the realtor would need your written permission.
My father recommended us to his realtor with whom he bought three or four houses through.
The company we went through is owned by the referred realtor's parents. The first incident was setting us up with this horrible agent that happened to be the referred realtor's step son. He was horrible, we saw two properties with him and all he did was open the door and didnt even show us around. He knew nothing of the properties but what he could read of the same sheet we had.
We expressed our displeasure with him and waited to go with the referred realtor. She seemed fine and dandy when my parents went with to look at the house but as soon as the BF's parents went to look at the house she was horrible, she forgot the code to the house and wasnt very nice to his parents (making comments about them being builders so they must know it all and stuff). This was on Memorial Day weekend which I feel bad for disturbing her but it was the only weekend his parents to look.
Then my father called her up recently to talk to her about putting in a bid and basically she told him she did not take my BF serious because of his admittance to poor credit!!! Thats even though he has been pre-approved and they sent him a letter stating such for over $30k more than the houses asking price. She also stated several times before she did not like the bid we wanted to put in, it was too low and the house is worth every penny they are asking (Turns out we found out it was appraised in 2007 for $20k less than asking, and the owner bought it as a foreclosure and basically is trying to flip it but flopped as the house has been on the market 300 days!)
So anyways it is listed at $89,900 and been on the market 300 days. They have only done one price reduction of $99,900 to $89,900. We were going to offer $69,900 with no contingencies but the basic inspection and based on financing. Doesnt sound unreasonable to me since the place is right in front of the humane association (barking dogs), next to a farm/crops (dusty and they fertilize with gross smelling poop!), and 10 miles out of town. The garage was converted into the humane society years ago and burned down in 2005. (hence why the new humane society being so close.)
We also looked at another house with a different agent as well about a month ago.
But frankly these realtors are not making us want to put a bid in at all!
It would seem in this situation that all that is needed is a letter simply stating that they were dissatisfied with the Realtors service, and that they would be going with a differant Realtor to purchase their home.
...to offer $69,900 with no contingencies but the basic inspection and based on financing. Doesnt sound unreasonable to me since the place is right in front of the humane association (barking dogs), next to a farm/crops (dusty and they fertilize with gross smelling poop!), and 10 miles out of town. The garage was converted into the humane society years ago and burned down in 2005. (hence why the new humane society being so close.)
We also looked at another house with a different agent as well about a month ago.
But frankly these realtors are not making us want to put a bid in at all!
I often marvel at this kind of thinking. The subject property has a host of negatives, some of which are irremediable -- too far from town, near fertilized/dusty crop lands, across from dog kennel. Yet through some magic you'll be happy to have it for a 22.4% discount?
Why?
You are prequalified for financing much higher. Why not find a nicer property?
Well those are the reasons we are going to give for the lower offer. We however love that there is a field nearby because of the prospect of buying land from the farmer for my horses eventually. The humane society doesnt bother us at all either. We have a cat and love dogs as well. We feel that the reason it has sat so long is because of these reasons that others cannot look past. So for us we found the perfect place and are hoping to use these things to negotiate. It is about a mile from the lake too.
My bf who is buying the house himself, because we are not married yet has qualified for 100,000 however he does not feel he can afford the payments by himself. I told him to wait until we are married to buy a house so that I may contribute as well and for the fact we would not need a mortgage my father would loan us the money. He however wants to build equity and stop renting.
Everything in the 60-100k range in our town is generally in the bad parts of town (rentals, rundown areas) that I refuse to live in. If he decided to buy there then he would have to move again in the next few years when we get married for my animals. The neighborhoods may not be that bad BUT when it comes to resell that will be a big issue, and thats why the houses are still on the market in that area.
We are a college town and tried looking near campus because those renters dont bother us but because of the high profit in renting these and the historic neighborhood you cannot find a house anywhere close to 100k.
Lexus - There is commonly a thing in RE we call "the insult line" for a low offer and when you cross it you make the seller mad and many times we'll never even respond to your offer. You can give him 100 excuses for a low ball offer but it doesn't matter cause he's not going that low.
In a normal market a home will sell within 1-3% of it's asking price. If it's not priced right it will sit on the market till it is priced right. Then it will sell within 1-3%. (Not in all cases)
If your not getting a response on any offer... you done crossed the line.
Ya we are afraid we will insult them but at the same time we dont want to over pay. The Assessed value was 66,000 while FMV was 69,100 just last year. This place has been on the market for 300 days. We know the lady who owns it now is related to the listing agent as well as the fact it was a foreclosure and she purchased it from the bank and tried flipping it.
If they get insulted too bad I guess... they can always counter.
If they get insulted too bad I guess... they can always counter.
They do not need to counter. They can simply give no response. This is more common when they consider the offer to be insultingly low. It may be an appropriate strategy to lowball, then again, it might just provoke an unfavorable response.
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Ok here comes a weird question... We found a house on our own on the MLS listing site and called a local realtor to see it twice. We would like to go with a different realtor because this one basically treats us like crap. (to make a long story short) SO... we have not signed anything with this company or realtor she said she would be a buyer's agent with us but thats it, nothing in a contract. If we were to fire her and go to another realtor to put in our bid will the realtor that showed us the house but DID NOT find us the house still get a commission? I had Real Estate just last semester in college but all we talked about was the sellers agents ability to get commission no matter what realtor depending on the listing not the buyers agent!
Simple response !
