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Started By
Message
How should I handle this (realty negotiation drama)?
Posted on 10/7/14 at 7:47 am
Posted on 10/7/14 at 7:47 am
So we're being transferred out to San Francisco for work. Went out there the weekend before last and found a few houses we liked. Ended up offering on one, back on Friday or so.
Finally heard back from our realtor on Sunday. She tells us, "Sells have accepted your offer but I won't have paperwork until tomorrow. Will have title send you wire instructions as soon as I sort out paperwork. CONGRATS!!! You've just bought a house!!"
Fast forward about 28 hours: "Sorry - Price has gone up $5K because of other offer (from before us) fighting to stay in front. I think you should do it and should have formal counter for you in the morning."
WHAT THE ACTUAL frick? I should have known better. I should have picked up on the "won't have paperwork until tomorrow." But, then again, this isn't my career. I won't make thousands upon thousands of dollars for facilitating the deal. Is it not shady as frick for your agent to TELL you you've bought a house without being 100% sure?
We're going to come up $5K on our offer because we don't want to lose this house, but this just makes me mad as hell. Should I be?
Finally heard back from our realtor on Sunday. She tells us, "Sells have accepted your offer but I won't have paperwork until tomorrow. Will have title send you wire instructions as soon as I sort out paperwork. CONGRATS!!! You've just bought a house!!"
Fast forward about 28 hours: "Sorry - Price has gone up $5K because of other offer (from before us) fighting to stay in front. I think you should do it and should have formal counter for you in the morning."
WHAT THE ACTUAL frick? I should have known better. I should have picked up on the "won't have paperwork until tomorrow." But, then again, this isn't my career. I won't make thousands upon thousands of dollars for facilitating the deal. Is it not shady as frick for your agent to TELL you you've bought a house without being 100% sure?
We're going to come up $5K on our offer because we don't want to lose this house, but this just makes me mad as hell. Should I be?
This post was edited on 10/7/14 at 7:48 am
11
Posted on 10/7/14 at 8:26 am to ocelot4ark
Yes.
Posted on 10/7/14 at 8:38 am to ocelot4ark
Yes.
There was an offer made
They accepted
Contract made
They breached the contract by taking the other offer.
How bad you like the house? I'd tell the Realtor to piss off and walk.
Eta: you come up 5k, who is to say they dont do this again in another 24 hours when another "offer" ups you
There was an offer made
They accepted
Contract made
They breached the contract by taking the other offer.
How bad you like the house? I'd tell the Realtor to piss off and walk.
Eta: you come up 5k, who is to say they dont do this again in another 24 hours when another "offer" ups you
This post was edited on 10/7/14 at 8:40 am
Posted on 10/7/14 at 8:46 am to ocelot4ark
The realtor doesn't sound like a good one. All offers and accepted contracts must be in writing or they don't exist.
If you move on from this house you should also consider a different realtor.
If you move on from this house you should also consider a different realtor.
Posted on 10/7/14 at 8:50 am to ocelot4ark
Nope. Bay Area housing is insane. You should be thankful that A) it didn't come up 50-100k and B) you are well off enough to afford a home in SF.
Welcome to the bay.
Welcome to the bay.
Posted on 10/7/14 at 9:01 am to HailToTheChiz
quote:
They accepted
Contract made
No signatures no contract. Sucks but it's the reality particularly in what appears to be a sellers market.
Posted on 10/7/14 at 9:11 am to ocelot4ark
Tell them you will up your offer 5k, as long as it all comes out of their commission. Otherwise, you're fired.
Posted on 10/7/14 at 9:31 am to ocelot4ark
When the agent says accept, did they really mean they signed the contract? If so, then I don't see how the sellers can ask for more. My guess is nothing was actually signed.
Sounds like you have a crappy realtor. Did your company give you the realtor to work with? If so, I would tell whomever is managing your move from the company.
Sounds like you have a crappy realtor. Did your company give you the realtor to work with? If so, I would tell whomever is managing your move from the company.
Posted on 10/7/14 at 9:57 am to ocelot4ark
That's normal in San Fran it's crazy stupid.
My brother had the same thing happen, house sold for 100k more than they initially offered.
They said F it and are just renting.
My brother had the same thing happen, house sold for 100k more than they initially offered.
They said F it and are just renting.
Posted on 10/7/14 at 3:53 pm to eng08
Thanks for the comments, guys. It ended up working out okay in the end, though we paid $2K more than originally agreed. In the end, we were willing to part with $2K more than we were willing to part with the house.
Posted on 10/7/14 at 4:29 pm to ocelot4ark
Glad it worked out for you. 
Posted on 10/7/14 at 6:43 pm to HailToTheChiz
I would be pissed, but I don't think this is uncommon unfortunately.
Ps. Your realtor AND theirs will only make an extra $150/each by raising it $5K. I know it sucks, but more than likely another offer was in the works at the same time as yours. Good luck.
Ps. Your realtor AND theirs will only make an extra $150/each by raising it $5K. I know it sucks, but more than likely another offer was in the works at the same time as yours. Good luck.
Posted on 10/7/14 at 7:23 pm to ocelot4ark
It's a terrible feeling when your future is somewhat in the hands of someone you don't trust. I would imagine dealing across the country makes it worse.
Posted on 10/7/14 at 7:24 pm to TigerDeBaiter
quote:
Your realtor AND theirs will only make an extra $150/each by raising it $5K
His realtor would probably make nothing because it's almost certain that the offer came from another couple via another realtor.
Posted on 10/7/14 at 8:55 pm to ocelot4ark
5K isn't worth losing a deal over there. Probably the equivalent of $1000 in Louisiana. I do think the realtor sold you the initial deal to get you emotionally involved/competitive (ie, I'm not going to let that guy get this house over me).
It does sicken me how much then selling agent made for one weekend (day?) of work.
It does sicken me how much then selling agent made for one weekend (day?) of work.
Posted on 10/8/14 at 12:20 am to VABuckeye
HIS price is now $5k higher.
Posted on 10/8/14 at 4:54 am to ocelot4ark
your realtor may have been told by sellers realtor that clients would accept, but when it came time for pen to paper sellers wanted to squeeze. It happens quite often in aggressive sellers markets. Your agent made the mistake of "jumping the gun" without paperwork from sellers agents, as did the sellers agent. But both may in fact had been acting in good faith.
2k on a full 6% commission is $60 to each realtor, minus broker fees and taxes. Pretty sure no realtor would risk losing sale for about $40 take home on a transaction.
Seller makes an extra $1840 in this scenario.
2k on a full 6% commission is $60 to each realtor, minus broker fees and taxes. Pretty sure no realtor would risk losing sale for about $40 take home on a transaction.
Seller makes an extra $1840 in this scenario.
Posted on 10/8/14 at 8:56 am to TigerDeBaiter
quote:
HIS price is now $5k higher.
No, it's $2k higher.
I'm not sure what point you are trying to make or if you even have one.
Posted on 10/8/14 at 3:25 pm to VABuckeye
I responded to the OP before reading the entire thread. My gosh!! His realtor said his price would be $5k more...He ended up negotiating for $2k more.
Now continuing being a douchebag somewhere else.
Now continuing being a douchebag somewhere else.
Posted on 10/8/14 at 3:45 pm to TigerDeBaiter
No you responded to me.
Now back to reading class for you.
Now back to reading class for you.
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