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wegotdatwood 
Arkansas Fan
Member since Aug 2009
13776 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 9:30 pm to Ric Flair)
quote:
I think you screwed up by having the selling agent as your buying agent. There is no way he/she is acting 100% on your behalf.
Agree 100%
Worst thing, she's my wife's family friend. She's being extremely shady.
Never mix business with friendships. Wasn't my idea in the first place.
This post was edited on 1/21 at 9:33 pm
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ItNeverRains 
LSU Fan
Franklin, TN
Member since Oct 2007
4607 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 6:27 am to wegotdatwood)
It's just she can't possibly do what's in your best interest and what's in the sellers best interest.
Now, The fact that if another buyer is bringing an off with another realtor, she may be negotiang her commission with the relo for you. If she can drop down to 5% or 4% and still help clear most $ for relo and herself, it's a win win.
So a bad situation may turn into a good one for you. It's a crazy business. Can't tell you how many roofs, refrigerators i've seen realtors purchase and commissions I've seen reduced for errors. Just paid a seller 2k for one word in a contract that so subtle but so powerful. We all get "burnt"
This post was edited on 1/22 at 6:31 am
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13776 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 6:44 am to ItNeverRains)
The other offer is from someone else. We feel she thinks she "has us" at some point buying a house, so why not let this go, make $ ad then $ later with us.
What she doesn't know is if we don't get this one. We aren't using her down the road.
For example, she didn't come forward and say "another offer has been made." I had ask her "what's going on?"
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polizei11
LSU Fan
Lafayette
Member since May 2009
605 posts
 Online
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 7:06 am to wegotdatwood)
quote:
What she doesn't know is if we don't get this one. We aren't using her down the road.
Good call. Have you decided on a limit to how much you will offer? You came up 7k from your original offer without a counter from the seller? Imho, you are being strung along by your realtor. Based on the comps you posted, you are already offering around the #3 home which has 2100 sq ft. The problem with that is the $10k in work that needs to be done. If you factor that in, you are at $84.5/sq ft. I know it might be the perfect house but you are overpaying for it.
You should start looking at other homes without your current agent. Look for open houses and online.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13776 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 7:21 am to polizei11)
They can counter all day, in not moving another dime. We are being strung along. I told my wife it's not a good move to mix friends and business.
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VABuckeye 
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
8139 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 8:32 am to wegotdatwood)
quote:
They can counter all day, in not moving another dime. We are being strung along. I told my wife it's not a good move to mix friends and business.
Here's what I'd do. Pull the offer, fire the realtor and hire the best damned realtor you can find. Someone who specializes in be a buyers agent and has a proven track record. Interview them like you're interviewing the new CEO of your family business.
This is the most important transaction to this date in your life. Do not let emotions get in the way of sound decision making. There are plenty of other houses out there and there's probably better houses in your price range that don't require that you go into additional debt when you move in just to fix them up so you can live in them.
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4607 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 11:53 am to wegotdatwood)
quote:
The other offer is from someone else.
Exactly. If someone came with their own realtor, she doesn't control both sides of the transaction, therefore less potential commission. This is why I feel she may be trying to buy time to negotiate lower commission if the offers are close enough to where she makes more and relo makes more by dropping her commission but still controlling buyer and seller.
I've repped almost all of my friends, but I've never done a dual agency. I always step away from one side. This is where your friend has gotten in trouble IMO.
Now if it were a 2.5M dollar home, I may test the water.
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polizei11
LSU Fan
Lafayette
Member since May 2009
605 posts
Online
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 12:48 pm to VABuckeye)
quote:
Here's what I'd do. Pull the offer, fire the realtor and hire the best damned realtor you can find. Someone who specializes in be a buyers agent and has a proven track record. Interview them like you're interviewing the new CEO of your family business.
This is the most important transaction to this date in your life. Do not let emotions get in the way of sound decision making. There are plenty of other houses out there and there's probably better houses in your price range that don't require that you go into additional debt when you move in just to fix them up so you can live in them.
+1. Great advice.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13776 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 1:02 pm to polizei11)
The other offer was accepted. I'm not torn up and have moved on. I personally think she didn't put in our second offer.
My theory is she feels she has us locked down for sure. Not the case, we're looking with a different relator today.
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Tiger Ryno 
USA Fan
The Brain Trust
Member since Feb 2007
35986 posts
Online
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 1:07 pm to TyOconner)
come in at $125K
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polizei11
LSU Fan
Lafayette
Member since May 2009
605 posts
Online
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 1:41 pm to wegotdatwood)
The Realtor is obligated to present your offer to the seller.
Before you ditch your current Realtor, make sure you read the Buyer's Agreement if you signed one to ensure a clean break from the current Realtor.
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cmlsu
LSU Fan
Baton Rouge, LA
Member since Aug 2011
47 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 3:49 pm to polizei11)
By law, the agent is obligated to present any and all "written offers". If the OP feels they're being strung along they can simply ask for proof that the offer was presented to the seller. If so, then it's up to the seller/bank to accept and out of the agent's hands so no hard feelings towards her.
Banks aren't obligated to give written rejections, often times they'll verbally tell the agent they're going with another offer and the breakdown occurs when the agent doesn't properly communicate everything.
This post was edited on 1/22 at 3:50 pm
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13776 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 4:21 pm to polizei11)
What happens if we buy without the one we just used?
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cmlsu
LSU Fan
Baton Rouge, LA
Member since Aug 2011
47 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 4:43 pm to wegotdatwood)
quote:
What happens if we buy without the one we just used?
It depends on verbiage in the contracts, if you signed any. If you go with a different realtor and end up buying this house then the one you're currently using may be owed some compensation because they helped you find it and so forth. (If she did...not sure how you found this house)
If you didn't sign any exclusive right to represent, etc. and you go with a different realtor and purchase another house then I can't see forsee any issue...it's like you starting new.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13776 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 4:52 pm to cmlsu)
We didn't buy said house.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13776 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/22/13 at 6:18 pm to wegotdatwood)
How much does it cost to put in a new bath tub?
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4607 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/23/13 at 8:18 am to wegotdatwood)
Your broker should be able to provide you a list of subs to give you an estimate on the project.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13776 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/26/13 at 10:19 am to ItNeverRains)
We fired said realtor (also cancelled the buyer agreement with realtor) and found a house that's updated (new appliances, granite, 1 yr old hot water heater, 4 year old ac/heating unit, 3 yr old carpet, 1 yr old roof), 20 sq larger, and 10k less.
We close in a month. 
This post was edited on 1/26 at 10:21 am
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BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8507 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/26/13 at 1:04 pm to wegotdatwood)
Congrats man. Good work.
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lynxcat 
Rutgers Fan
Member since Jan 2008
13191 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/26/13 at 5:58 pm to BigBoyTiger)
Nice job!!!
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