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re: How much should I offer on a home I like? UPDATE
Posted on 1/21/13 at 9:30 pm to Ric Flair
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 1/21/13 at 9:33 pm
1
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"
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 1/22/13 at 6:31 am
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?"
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?"
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.
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.
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.
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.
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.
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.
My theory is she feels she has us locked down for sure. Not the case, we're looking with a different relator today.
Posted on 1/22/13 at 1:07 pm to TyOconner
come in at $125K
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.
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.
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.
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 1/22/13 at 3:50 pm
Posted on 1/22/13 at 4:21 pm to polizei11
What happens if we buy without the one we just used?
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.
Posted on 1/22/13 at 6:18 pm to wegotdatwood
How much does it cost to put in a new bath tub?
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.
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.
We close in a month.
This post was edited on 1/26/13 at 10:21 am
Posted on 1/26/13 at 1:04 pm to wegotdatwood
Congrats man. Good work.
Posted on 1/26/13 at 5:58 pm to BigBoyTiger
Nice job!!!
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