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Posted: 8/28/2009 11:38:33 AM EDT
My wife and I have been trying to buy a house for the last two months.

The first house we found was an older, ranch-style home in a nice neighborhood. We offered the asking price. After the appraisal was done, It turned out that the owner wanted $15k more than it was worth and wanted to play hardball about the price.

So we found another house that we liked. We offered $6000 OVER the asking price. The owner's real estate agent informed us that it wasn't enough money. WTF?

So we made another offer this morning on a house that was nicer than either of the first two. I wonder how we'll get fucked over this time?

Link Posted: 8/28/2009 11:39:23 AM EDT
Originally Posted By DriveNASCAR:
My wife and I have been trying to buy a house for the last two months.

The first house we found was an older, ranch-style home in a nice neighborhood. We offered the asking price. After the appraisal was done, It turned out that the owner wanted $15k more than it was worth and wanted to play hardball about the price.

So we found another house that we liked. We offered $6000 OVER the asking price. The owner's real estate agent informed us that it wasn't enough money. WTF?

So we made another offer this morning on a house that was nicer than either of the first two. I wonder how we'll get fucked over this time?



Never heard of someone wanting more than asking house on a house. WTF ?
Link Posted: 8/28/2009 11:40:48 AM EDT
Wow.

We offered 75K less then what they were asking for when we purchased a new home last year.
Link Posted: 8/28/2009 11:41:56 AM EDT
Originally Posted By glock21guy:
Originally Posted By DriveNASCAR:
My wife and I have been trying to buy a house for the last two months.

The first house we found was an older, ranch-style home in a nice neighborhood. We offered the asking price. After the appraisal was done, It turned out that the owner wanted $15k more than it was worth and wanted to play hardball about the price.

So we found another house that we liked. We offered $6000 OVER the asking price. The owner's real estate agent informed us that it wasn't enough money. WTF?

So we made another offer this morning on a house that was nicer than either of the first two. I wonder how we'll get fucked over this time?



Never heard of someone wanting more than asking house on a house. WTF ?


Same here. We didn't even get to the appraisal part of the deal. If $6000 MORE than the asking price wasn't a good enough offer, why the fuck don't they change the asking price and stop wasting peoples' time?
Link Posted: 8/28/2009 11:43:40 AM EDT
Originally Posted By DriveNASCAR:
Originally Posted By glock21guy:
Originally Posted By DriveNASCAR:
My wife and I have been trying to buy a house for the last two months.

The first house we found was an older, ranch-style home in a nice neighborhood. We offered the asking price. After the appraisal was done, It turned out that the owner wanted $15k more than it was worth and wanted to play hardball about the price.

So we found another house that we liked. We offered $6000 OVER the asking price. The owner's real estate agent informed us that it wasn't enough money. WTF?

So we made another offer this morning on a house that was nicer than either of the first two. I wonder how we'll get fucked over this time?



Never heard of someone wanting more than asking house on a house. WTF ?


Same here. We didn't even get to the appraisal part of the deal. If $6000 MORE than the asking price wasn't a good enough offer, why the fuck don't they change the asking price and stop wasting peoples' time?


to get you in there.


Probably lots of upside down folks in your area.


Keep looking, we got our new home for a steal. Home inspector told me he'd have bought at that price if we hadn't.

Link Posted: 8/28/2009 11:44:50 AM EDT
In the rest of the world (not California) we don't have these problems. Move to Texas or something.
Link Posted: 8/28/2009 11:45:00 AM EDT
Still a buyers market. Don't get your heart set on any one house and you will do fine. Let them sit on their mortgages (or 2) and look elswhere.
Link Posted: 8/28/2009 11:45:29 AM EDT
....because that is the tactic seller's agents are using to inflate otherwise depressed prices in this market.

1) Price house under value

2) Generate lots of interest fast

3) Create multiple bid situation

4) Use emotion to leverage potential buyers against each other

5) Sell faster for more money than the competition


From the tone of your post, I can see you're learning about the emotional leverage.

Remember, it's not personal. It's business.
Link Posted: 8/28/2009 11:45:51 AM EDT
move to FL - 20% off asking is a done deal. Close in a week at that if you want too.
Link Posted: 8/28/2009 11:47:16 AM EDT
Damn, 7M3, good to know...thanks..
Link Posted: 8/28/2009 11:47:19 AM EDT
Meh. My wife and I looked for 18 months before we found one we liked. I bought it without her seeing it because the price was perfect and I had to move fast.
Little did I know that it would cost me 70k later on due to it not having a decent kitchen.
Link Posted: 8/28/2009 11:49:46 AM EDT
Originally Posted By rob78:
Originally Posted By DriveNASCAR:
Originally Posted By glock21guy:
Originally Posted By DriveNASCAR:
My wife and I have been trying to buy a house for the last two months.

The first house we found was an older, ranch-style home in a nice neighborhood. We offered the asking price. After the appraisal was done, It turned out that the owner wanted $15k more than it was worth and wanted to play hardball about the price.

So we found another house that we liked. We offered $6000 OVER the asking price. The owner's real estate agent informed us that it wasn't enough money. WTF?

So we made another offer this morning on a house that was nicer than either of the first two. I wonder how we'll get fucked over this time?



Never heard of someone wanting more than asking house on a house. WTF ?


Same here. We didn't even get to the appraisal part of the deal. If $6000 MORE than the asking price wasn't a good enough offer, why the fuck don't they change the asking price and stop wasting peoples' time?


to get you in there.


Probably lots of upside down folks in your area.


Keep looking, we got our new home for a steal. Home inspector told me he'd have bought at that price if we hadn't.



Yeah, there are a lot of people in the area who are upside down in their loans. Most of the homes around here are short sales or foreclosed/bank-owned homes. Still a stupid tactic, in my opinion. My wife answered the phone when our realtor called and literally told him to tell the seller to kiss our asses. We don't lowball people and don't take kindly to people trying to screw us.

The latest house we bid on was priced at $128k. We offered $135k and our realtor is convinced that it will appraise for $140k-ish based on comparable homes sold in the area. It seems like a win-win deal, since they get more than asking price and we may get less than the appraised price. I hope this one works out.
Link Posted: 8/28/2009 11:50:58 AM EDT
I'm closing next week after looking for a year. 2 months is just starting to warm up.

Take your time. Sellers know some folks are desperate to get in before the end of the $8000 credit and will take advantage of you.

Do you have an agent? Is he/she steering you toward these properties? Be careful that he/she isnt setting you up with deals from friends.
Link Posted: 8/28/2009 11:52:08 AM EDT
Originally Posted By SevenMaryThree:
....because that is the tactic seller's agents are using to inflate otherwise depressed prices in this market.

1) Price house under value

2) Generate lots of interest fast

3) Create multiple bid situation

4) Use emotion to leverage potential buyers against each other

5) Sell faster for more money than the competition


From the tone of your post, I can see you're learning about the emotional leverage.

Remember, it's not personal. It's business.


I know it's not personal, but we were supposedly the ONLY people who made offers on either of the first two houses. It doesn't make sense to us. We don't get emotionally attached to the homes, so they're wasting their time with that.

The latest home just came on the market today and we're the first people to see it and the first to make an offer on it.
Link Posted: 8/28/2009 11:59:44 AM EDT

Originally Posted By SevenMaryThree:
....because that is the tactic seller's agents are using to inflate otherwise depressed prices in this market.

1) Price house under value

2) Generate lots of interest fast

3) Create multiple bid situation

4) Use emotion to leverage potential buyers against each other

5) Sell faster for more money than the competition


From the tone of your post, I can see you're learning about the emotional leverage.

Remember, it's not personal. It's business.


This post is 100% correct. I just spent a year listing foreclosed homes, and that is exactly the pricing strategy that we used.
Link Posted: 8/28/2009 12:05:09 PM EDT
I'm having the same problem with my buyers here in AZ. The investors are out in force, that's for sure.

I've got 3 FHA buyers that are trying to reach the firsttime homebuyer credit deadline in Nov (and they started this in June).

We'll look at an area they like, lets say there are 20 houses in the area.

Roughly Half of them are shortsales. -10
5 of them don't qualify for FHA. -5
2 of them are recent flips, haven't seasoned yet for FHA. -2
So that leaves us with 3 options out of 20, and more times than not those 3 options are hell-hole bank owned properties.

It's frustrating!.
Link Posted: 8/28/2009 12:05:22 PM EDT
My thought on appraisals.
They do not reflect the real woth of the house.
I know lenders require an appraisal.
The real worth of the house is waht someone is willing to pay you for it on a given day.
Link Posted: 8/28/2009 12:09:46 PM EDT
Originally Posted By nissanfan84:
move to FL - 20% off asking is a done deal. Close in a week at that if you want too.


My wife and I wouldn't mind leaving CA eventually. But we both have good jobs and those are hard to find in this economy. And if we do leave, it won't be for Florida. It will be for a place like Montana or Wyoming.
Link Posted: 8/28/2009 12:22:05 PM EDT
Keep looking and keep putting offers in. We made over 20 offers in the 2 months we looked (also in Kali w/ lots of foreclosures and short sales). We ended up getting a house we liked. We offered 6k below the asking price, and got them to pay our closing cost. And the best part was, someone bought and tried to flip the house 7 months earlier, so it was move in ready. And we have at least 50k equity in it already.
Link Posted: 8/28/2009 12:28:30 PM EDT
[Last Edit: 8/28/2009 12:30:01 PM EDT by rssc]
Originally Posted By nissanfan84:
move to FL - 20% off asking is a done deal. Close in a week at that if you want too.


Not in my experience. I've made two offers in FL. One for 10% shy of asking and one for 500 over asking. I lost out to another bid on both. The first was a substantially better bit. The other was a cash buyer that offered 100K whereas my offer was 113,500. They took the lower offer. Right now I've got a short sale they want 200K for. Sold comps put it at about 100 per sq ft which would make the house worth 155k. It needs a new tile roof which will cost 20K. I am thinking of offering 140K. I have a feeling they won't accept it... Everything is a short sale so they take forever to purchase.

Link Posted: 8/28/2009 12:37:28 PM EDT

Originally Posted By SperlingPE:
My thought on appraisals.
They do not reflect the real woth of the house.
I know lenders require an appraisal.
The real worth of the house is waht someone is willing to pay you for it on a given day.

But if you were in the position to give money to lend money to a person,

You wouldn't want to loan them $300k for a home that only comped out at $270k.

Honestly the only appraisals that "count" are FHA and VA appraisals, because those "stick" with the home for 90 days. So if I had an offer accepted for 300k, but FHA came back and said "no way that's worth 300k, it's 270k".. then that appraisers figure sticks with the home for 90 days so any other FHA loans will only be qualified for 270k, so the buyer can either take it, or sit on it for 90 days until the next appraisal while waiting for cash or conventional to come in.
Link Posted: 8/28/2009 12:40:00 PM EDT

Originally Posted By rssc:
Originally Posted By nissanfan84:
move to FL - 20% off asking is a done deal. Close in a week at that if you want too.


Not in my experience. I've made two offers in FL. One for 10% shy of asking and one for 500 over asking. I lost out to another bid on both. The first was a substantially better bit. The other was a cash buyer that offered 100K whereas my offer was 113,500. They took the lower offer. Right now I've got a short sale they want 200K for. Sold comps put it at about 100 per sq ft which would make the house worth 155k. It needs a new tile roof which will cost 20K. I am thinking of offering 140K. I have a feeling they won't accept it... Everything is a short sale so they take forever to purchase.


We're playing the shortsale game here too. We just got the the point where we steer our buyers away from shortsales simply because they are taking 30-90 days to even get a response back, and our chances of actually closing them after that are VERY slim.

With bank owned or shortsale properties in AZ right now, if you don't at least come in full price, you are just waiting time and paper.

Link Posted: 8/28/2009 12:41:33 PM EDT
Link Posted: 8/28/2009 12:41:34 PM EDT
I am in the process of moving and just sold my house. It sold in 7 days. I got list price minus $1500. In Houston there is not alot on the market, and if it sits it is because either the house sucks, or it has problems. Good homes are moving FAST down here. The first house we found that we liked was perfect huge lot, detached garage boat parking in the rear side yard behind the fence. All wood and tile flooring. We viewed it once in the morning, again in the evening, and after the evening showing called to put an offer on it and somebody beat us to the punch and it was gone. It went in 5 days. The second house was all wood and tile as well, beautiful yard, great location. We were viewing it and the owner came home said he just needed to pick something up (this is as we were upstairs and had said yep this is the one), he then notified us that they had a contract on it and got more than asking price. Listed on Friday, had contract Saturday morning. We were floored. This was two in a row. Finally one dropped into our price range due to a relocation company got it from the corporation and dropped the price 20k. We jumped on it that day and were able to get it for 5k less than that price and with 5k closing costs. We got a killer deal on it. I still would rather have the first two homes than this one though. Since summer has ended very little has come on the market as of the last 2 weeks. It appears that there are alot of people holding out to sell right now because they think it is a buyers market and they wont get what their house is worth. I am seeing that if you have a nice home it will sell FAST, however if you don't keep your house nice or do any upgrades it may sit for awhile.
Link Posted: 8/28/2009 12:43:06 PM EDT
So why are you offering more than the asking price?

They are asking a certain amount...Why offer more than that if you are the only ones making offers on the house...
Link Posted: 8/28/2009 12:43:15 PM EDT
[Last Edit: 8/28/2009 12:53:49 PM EDT by Gettingthat]
tt...
Link Posted: 8/28/2009 12:44:29 PM EDT
[Last Edit: 8/28/2009 12:54:10 PM EDT by Gettingthat]
again...
Link Posted: 8/28/2009 12:45:14 PM EDT

Originally Posted By n3awalk3r:
I am in the process of moving and just sold my house. It sold in 7 days. I got list price minus $1500. In Houston there is not alot on the market, and if it sits it is because either the house sucks, or it has problems. Good homes are moving FAST down here. The first house we found that we liked was perfect huge lot, detached garage boat parking in the rear side yard behind the fence. All wood and tile flooring. We viewed it once in the morning, again in the evening, and after the evening showing called to put an offer on it and somebody beat us to the punch and it was gone. It went in 5 days. The second house was all wood and tile as well, beautiful yard, great location. We were viewing it and the owner came home said he just needed to pick something up (this is as we were upstairs and had said yep this is the one), he then notified us that they had a contract on it and got more than asking price. Listed on Friday, had contract Saturday morning. We were floored. This was two in a row. Finally one dropped into our price range due to a relocation company got it from the corporation and dropped the price 20k. We jumped on it that day and were able to get it for 5k less than that price and with 5k closing costs. We got a killer deal on it. I still would rather have the first two homes than this one though. Since summer has ended very little has come on the market as of the last 2 weeks. It appears that there are alot of people holding out to sell right now because they think it is a buyers market and they wont get what their house is worth. I am seeing that if you have a nice home it will sell FAST, however if you don't keep your house nice or do any upgrades it may sit for awhile.

Regular old "non-distressed" sales get snatched up in a hurry out here unless there are bodies stacked in the garage.
Link Posted: 8/28/2009 12:45:24 PM EDT
It's a buyers market.

Bid low, bid often. If the seller doesn't want to play go on to the next one.
Link Posted: 8/28/2009 12:47:17 PM EDT
This is why I'm building my own

BUILD YOUR OWN!
Link Posted: 8/28/2009 12:48:06 PM EDT
[Last Edit: 8/28/2009 12:52:05 PM EDT by nightstalker]
I'm not sure a seller can refuse an offer that is the full asking price. I'm also pretty sure the agent would be required by law to present your offer to the sellers. I would however run from an agent that told you $6000 over was not enough. You sure wouldn't take that shit from a car dealer.
Link Posted: 8/28/2009 12:48:09 PM EDT

Originally Posted By Waldo:

I never enjoyed the buying experience either. Buy the time it was over, I had MF'd everyone involved in the process at least once.

Heh, the selling agent walked out during our final inspection and I never saw her again
Link Posted: 8/28/2009 12:58:25 PM EDT

Originally Posted By nightstalker:
I'm not sure a seller can refuse and offer that is the full asking price. I would however run from the agent that told you $6000 over was not enough. You sure wouldn't take that shit from a car dealer.

The problem is you aren't dealing with reasonable Mr. & Ms. Smith homeowner, you are dealing with banks, and in a lot of markets if you just run around to distressed properties and offer the list price, your offer will never get accepted.

I respect your mindset, but you hire an agent to get the job done. I tell my clients the same thing, "if you want this house, this is what we're going to need to do. ". It usually takes about 1 month and 4 offers of them wanting to submit below full price officers and having them be rejected to break them of not wanting to take my advice, but we eventually get there.

With a fear of the agent wanting to offer 5-10k over simply for commission.. think about the figures really fast. We are making anywhere from 2.5% (shortsales & REOS) to 3% of the value of the home. So an extra 5-10K means $125 - $300 extra.. which is fucking chump change in the grand scheme of things. I want the deal to close and keep the clients coming back, not nickel and dime people.
Link Posted: 8/28/2009 1:01:16 PM EDT
I wish I had your dilemma. I've had my place on the market for a year and a half, while I sit back and watch all of the houses that I want get sucked off the market.
Link Posted: 8/28/2009 1:04:54 PM EDT
Bought a house back in March. Offered $9k less than asking price, which turned out to be $18k less than appraised.

Offer accepted, deal done. No problem.
Link Posted: 8/28/2009 1:08:40 PM EDT

Originally Posted By LARRYG:
Bought a house back in March. Offered $9k less than asking price, which turned out to be $18k less than appraised.

Offer accepted, deal done. No problem.

Regular Sale?
Link Posted: 8/28/2009 1:14:05 PM EDT
Originally Posted By Waldo:

I never enjoyed the buying experience either. Buy the time it was over, I had MF'd everyone involved in the process at least once.



LOL, Nice. I could see doing that.

Link Posted: 8/28/2009 1:22:54 PM EDT
Take your time, you can find an excellent deal now. I cant believe the shit your going through in today's housing market. Did I already say take your time? Why would anyone buy a home at actual value today??

Link Posted: 8/28/2009 1:28:14 PM EDT
My wife and I bought our first place in March. It was a bank foreclosure, and they were asking almost $70,000 below assessment. We were the first to see it, offered $10,000 below asking +they pay closing. They came back with $2,000 below +closing, and we settled at $5,000 below asking +seller paid closing. Closed in less than a month after our offer was accepted. Also, they came back with their first counteroffer within hours of our initial offer. We had settled on the final price in less than 48 hours. YMMV.
Link Posted: 8/28/2009 1:36:16 PM EDT

Originally Posted By Ghost013:
Take your time, you can find an excellent deal now. I cant believe the shit your going through in today's housing market. Did I already say take your time? Why would anyone buy a home at actual value today??


In AZ.. the majority of the deals happen at auction on the steps of the county courthouse.

Yes, take your time, but the reality of "the game" right now is roughly 50-70% bank owned or shortsale listings, and less than full price offers do not fly in those deals when you have 3-4 other offers above and beyond the list price.
Link Posted: 8/28/2009 1:38:25 PM EDT
Last year, we couldn't find a used home we liked––so we built a new one.

Went as smoothe as chocolate pudding!

Hope your deal works out.

HH
Link Posted: 8/28/2009 2:02:06 PM EDT
Originally Posted By unpleasant:

Originally Posted By Ghost013:
Take your time, you can find an excellent deal now. I cant believe the shit your going through in today's housing market. Did I already say take your time? Why would anyone buy a home at actual value today??


In AZ.. the majority of the deals happen at auction on the steps of the county courthouse.

Yes, take your time, but the reality of "the game" right now is roughly 50-70% bank owned or shortsale listings, and less than full price offers do not fly in those deals when you have 3-4 other offers above and beyond the list price.


Ya that would make it a lot more difficult!!
Link Posted: 8/28/2009 2:04:40 PM EDT
[Last Edit: 8/28/2009 2:10:11 PM EDT by gitarmac]
Originally Posted By Gettingthat:
So why are you offering more than the asking price?

They are asking a certain amount...Why offer more than that if you are the only ones making offers on the house...


I am really really confused about this. Even if you are not the only ones making offers, why offer to pay more?!?!? Do you go to the store and pay more than what your groceries rang up for? If you get 20 dollars worth of gas do you go ahead and give them 25?

There are plenty of houses for sale, there is a crisis for crying out loud! If you can't get a good price in this market something is wrong! When someone is selling a house, they don't put it on the market underpriced, they jack the price up a bit BECAUSE PEOPLE DON'T PAY THE ASKING PRICE FOR A HOUSE!!!! As a matter of fact, the asking price of a house is the amount YOU WILL NOT OFFER!
Link Posted: 8/28/2009 2:10:46 PM EDT
Originally Posted By DriveNASCAR:


I know it's not personal, but we were supposedly the ONLY people who made offers on either of the first two houses. It doesn't make sense to us. We don't get emotionally attached to the homes, so they're wasting their time with that.

The latest home just came on the market today and we're the first people to see it and the first to make an offer on it.


Did you ever wonder why licensed real estate brokers also often maintain a portfolio of investment properties? It's because they have access to, can restrict the access of others, and have prior knowledge advantageous to them.

In every other industry, it're referred to as "conflict of interest" or "insider trading," but is perfectly legal and acceptable behavior in the world of real estate.

Guess what? You are never the only person making an offer....even when you *think* the house just came on the market and you're the first one there. You are never the first one there....want to know why?

Real estate agents know what they are going to list before it hits MLS. Offers you submit to the listing broker's office can (and are often) withheld from the seller...in these cases the bank that owns the property. They effectually ignore prospective buyers off the street and 1) buy the house themselves 2) present offers only from parties with which they are affiliated for an under the table incentive.

Want to be first to the table? You've got to grease some palms...find an agent that works for the banks as a seller's agent and retain them as a buyer's agent. Then give them an incentive to bring you in before the green flag.

I say to hell with health care and tort reform...we need Real Estate Reform NOW!!!

It ain't right, it ain't fair....but it's the way it is.



Link Posted: 8/28/2009 2:18:25 PM EDT

Originally Posted By SevenMaryThree:
Originally Posted By DriveNASCAR:


I know it's not personal, but we were supposedly the ONLY people who made offers on either of the first two houses. It doesn't make sense to us. We don't get emotionally attached to the homes, so they're wasting their time with that.

The latest home just came on the market today and we're the first people to see it and the first to make an offer on it.


Did you ever wonder why licensed real estate brokers also often maintain a portfolio of investment properties? It's because they have access to, can restrict the access of others, and have prior knowledge advantageous to them.

In every other industry, it're referred to as "conflict of interest" or "insider trading," but is perfectly legal and acceptable behavior in the world of real estate.

Guess what? You are never the only person making an offer....even when you *think* the house just came on the market and you're the first one there. You are never the first one there....want to know why?

Real estate agents know what they are going to list before it hits MLS. Offers you submit to the listing broker's office can (and are often) withheld from the seller...in these cases the bank that owns the property. They effectually ignore prospective buyers off the street and 1) buy the house themselves 2) present offers only from parties with which they are affiliated for an under the table incentive.

Want to be first to the table? You've got to grease some palms...find an agent that works for the banks as a seller's agent and retain them as a buyer's agent. Then give them an incentive to bring you in before the green flag.

I say to hell with health care and tort reform...we need Real Estate Reform NOW!!!

It ain't right, it ain't fair....but it's the way it is.





I know several real estate agents who do exactly what you are describing (withholding offers from the seller so that they can push their buyer's offer through ). Happens ALL THE TIME.
Link Posted: 8/28/2009 2:22:08 PM EDT
Originally Posted By unpleasant:

Originally Posted By LARRYG:
Bought a house back in March. Offered $9k less than asking price, which turned out to be $18k less than appraised.

Offer accepted, deal done. No problem.

Regular Sale?


What do you mean?
Link Posted: 8/28/2009 2:24:10 PM EDT

Originally Posted By SevenMaryThree:
....because that is the tactic seller's agents are using to inflate otherwise depressed prices in this market.

1) Price house under value

2) Generate lots of interest fast

3) Create multiple bid situation

4) Use emotion to leverage potential buyers against each other

5) Sell faster for more money than the competition


From the tone of your post, I can see you're learning about the emotional leverage.

Remember, it's not personal. It's business.

Love the new avatar.
Link Posted: 8/28/2009 2:41:19 PM EDT

Originally Posted By LARRYG:
Originally Posted By unpleasant:

Originally Posted By LARRYG:
Bought a house back in March. Offered $9k less than asking price, which turned out to be $18k less than appraised.

Offer accepted, deal done. No problem.

Regular Sale?


What do you mean?


Was it an REO (bank owned) or short sale?
Link Posted: 8/28/2009 2:53:58 PM EDT
Originally Posted By thelastgunslinger:

Originally Posted By LARRYG:
Originally Posted By unpleasant:

Originally Posted By LARRYG:
Bought a house back in March. Offered $9k less than asking price, which turned out to be $18k less than appraised.

Offer accepted, deal done. No problem.

Regular Sale?


What do you mean?


Was it an REO (bank owned) or short sale?


Nope. Bought it from an individual through an agent.

Link Posted: 8/28/2009 3:08:44 PM EDT
[Last Edit: 8/28/2009 3:12:58 PM EDT by Sparkym37]
In this market, I don't know why you are offering more than the asking price. Is your Realtor recommending this tatic?

You can always go up after a counter offer if you're that taken with the house and at the price range your looking in, I'd think there would be plenty of houses on the market.

Make sure the agent is working for YOU. This should be in writing.
Link Posted: 8/28/2009 3:10:06 PM EDT
Originally Posted By SevenMaryThree:
....because that is the tactic seller's agents are using to inflate otherwise depressed prices in this market.

1) Price house under value

2) Generate lots of interest fast

3) Create multiple bid situation

4) Use emotion to leverage potential buyers against each other

5) Sell faster for more money than the competition


From the tone of your post, I can see you're learning about the emotional leverage.

Remember, it's not personal. It's business.




The real- estate agents have finally figured out the ? step to get profit.......
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