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Potential homebuyers seeking advice when to counter offer, how to negotiate real estate, seller’s counter offer too high, home only listed for one week
CONGRATULATIONS! Your persistance paid off. I think you were smart to seek all these opinions. You only buy a home every so often, and there is so much to learn. One reason I became a Realtor was because of all the confusion and lack of being prepared or knowledgable about the process. I lost the house of my heart 15 years ago, when interest rates were so high, and have yet to own a home, so getting your name on title is to be congratulated. The window of opportunity closes quickly sometimes. I remember crying at the loss, and deciding then and there I would learn more and understand the process of home buying. Now, a home may come soon, as I also make a decent living helping others, because my heart is in my work. Your success just inspires me more. I was thrilled to know my advice helped. As for all the mistrust of agents and the system, there is some of this in most professions. Some people give the rest a bad name. I do believe in using lenders that help my clients succeed. There are so many impersonal lenders (especially on the internet), that if a deal falls through because of unreliable lenders, then all my work is for naught. Househunter might say I only want the commission, but that is never a reason a deal goes through. It's because many hard working people pitch in, do their job to the best of their ability, and hopefully, everyone gets a successful transaction. I have nothing to gain (financially) from having good lenders, except a happy client! Local lenders also know the area, use reliable local appraisors (usually balanced opinions as appraisors don't last long if they do no base their figures on facts and figures). The system is not perfect, but good ethical agents prefer to work with the same kind of people. Anyway, I am very happy for you. (I do resent househunter refering to how we 'lurk and slither.'....was that necessary?) Have you bought a house yet? I'd be curious why you are so bitter.
To househunter
It's funny you would warn buyers to 'trust noone'. We agents tend to feel the same about buyers at times. It may boil down to having a trust in each other. Personalities are involved. Not seeing the big picture. Back when we lost the house of our dreams, I thought it was because of agents. The truth is we were not prequalified and we lost out to another buyer because that person was ready to buy. My agent suggested we get prequalified, but I did not have it in time. When agents seem pushy, it's partly because of the timelines and details of the contracts that need to honored. I have used many different title companies, inspectors, lenders, and have a few I like because they do a good job, do not overcharge, and they follow up. I can't afford to get my client's hopes up, then find out the termite work rates are exhorbitant, or the lender does not have the wisdom to say no to unqualified buyers. I do not send comps to appraisors. Common sense says they should do their job based on their observations and wisdom. Typically, some buyers love a house enough and have the money to make up the difference if the home does not appraise to close to the asking price. That is a problem in making the market comps unreliable, so I use actual solds in my comps. But it is normal for homes to go up in value steadily over the years, just because of supply and demand. I hope you do find a home and if you have to do it on your own, all the power to you.
I just wanted to thank you all again for the advice and support on the forum. I felt bad for sharing my story of how I got nervous when my agent was pressuring me to use her lender. I really do like my agent, but I just didn't want to put all my eggs in one basket. I think I offended some people with this (not my intention). Anyway, in the end, after much thought, research, reading of the forum... I decided to switch to my agent's lender anyway. Also, the new comment from trishinca really explains more about why my agent was pressuring me, with regard to deadlines and stuff. My agent did say that it puts her at ease to work with people she knows because of timing.
We are in the process of attorney review and the inspection has been scheduled. The lender said the appraisal should also come soon, but I'm not sure when, and he already charged me for the appraisal. He also said everything looks good and the only thing that can stand in the way is if the house doesn't appraise. So I have my fingers crossed!
I really am very excited! And you all have helped me more than you know
I just wanted to thank you all again for the advice and support on the forum. I felt bad for sharing my story of how I got nervous when my agent was pressuring me to use her lender. I really do like my agent, but I just didn't want to put all my eggs in one basket. I think I offended some people with this (not my intention). Anyway, in the end, after much thought, research, reading of the forum... I decided to switch to my agent's lender anyway. Also, the new comment from trishinca really explains more about why my agent was pressuring me, with regard to deadlines and stuff. My agent did say that it puts her at ease to work with people she knows because of timing.
We are in the process of attorney review and the inspection has been scheduled. The lender said the appraisal should also come soon, but I'm not sure when, and he already charged me for the appraisal. He also said everything looks good and the only thing that can stand in the way is if the house doesn't appraise. So I have my fingers crossed!
I really am very excited! And you all have helped me more than you know
I agree with this. I use one mortgage broker and really urge my clients to use him because I trust him completely. I have seen him do miracles and he is completely committed to getting someone their loan. It's not for any other reason, I just know he will do an excellant job!
I think most people do not realize the way different inspections and reports are ordered and paid for until they are in the transaction. The person who gains the most from the inspections, pays for the inspection, unless agreed to otherwise, in writing, by both buyer and seller. There is room, for instance, for a buyer to have the seller 'pay for the buyer's closing costs' and more, if this buyer really might not be able to afford the house. It goes into the financing on paper, and is an excellent way to make a deal happen. Most lenders want to know the home is in good shape, so termite and septic work is required by them for their protection, and for the buyer. Yet, the seller has to pay because these items were incurred while they owned it. A home inspection, on the other hand, gives a buyer the knowledge needed to either go forward and do the fixing themselves, or to negotiate some items, usually health or safety issues, before they agree to go on. Agents are aware of the fine print, and if they had to read every line and explain every sentence, they would, but many people take the overview of if their agent says to do it, then they sign. It's important, however, to try and cover every detail so there are no surprises. Too much to explain here, but the first few pages and the deadlines are the most important. Also, once an inspection of any kind is done, it must be disclosed to every buyer thereafter, and these reports, even if paid for by the buyer, are to be made available to the seller and to future buyers if the original offer falls through. It all helps for everyone to understand the nuances of the home, and to make better decisions. I feel once the acceptance is official, the most challenging part is the buyers' inspection period. Anyone can cancel for any reason up to that point. After that, a listing agent can request the buyer to move forward or pull out. Again, it can be complicated if some issues are resolved and others are not. It's a roller coaster ride sometimes. Emotions run high. Sometimes it is only because of the agents keeping their cool that the deal keeps going forward. Once you've completed a rough escrow, you may fully appreciate the agent's job.
By the way, most inspections must be paid for up front, or held back through escrow. The vendors who do the work deserve to be paid, whether the deal goes through or not. It's just the price of doing business.
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