Some of you know that I have been looking for houses in North County (since May) and that I had looked up here in the bay area (since January).

Now after looking at well over 100 homes I have written only 1 offer. I have “attempted” 5 others. In 4 of those 5 cases, the house sold for “less” than I was willing to pay. Amazing, because I offered or was going ot offer below asking in 3 of those 4, by at least 10% below asking, and asking for the 4th (above asking for the 5th).

Why would those 4 sellers essentially chase me away from buying their house for more than they actually got? Well, essentially their selling agent did. This utterly amazes me. The sellers of these houses have no idea that their agent screwed them from a better sale. In all cases, I showed the selling agent my bank pre-approval letter to indicate I was a serious qualified buyer.

Here are my brief experiences on those 6 cases. In the order in which I came upon them. All this happend this year.

1. I was going to offer 93% of asking on a house that had been on the market 90+ days and had my agent tell the selling agent we wanted to write an offer. The response? “Do not consider writing an offer a penny below asking.” Sellers had purchased the home in 2005 and were not willing to take a loss. 4 months later, the house was still not sold and sellers dropped the asking price “below” my planned offer price. That was a month ago and it remains unsold. I have seen other houses since then and am no longer interested in that one. After seeing so many, quite frankly, it is still overpriced and the selling agent did me a favor.

2. Another case where I wanted to offer 91% of asking. Another case where the selling agent indicated they would not consider anything below asking so don’t bother writing an offer. Now, 5 months and 3 price reductions later, the house went off and back on recently, with an asking 8% below my original planned offer price.

3. Selling agent let me write an offer. I wrote it for 85% of asking (expensive fixer upper). Seller countered, I countered back, seller countered again, and we got to within $50k of eachother. I held firm and so did she. After 3 more months, seller dropped the asking price to below my “first” offer price. Again, I was by then more savy on the market and no longer interested. Since then, they let the listing expire.

4. The first house we fell in love with at first sight (bonus for seller). It was perfect. To boot the ad said it had over $200K in built in electronics (18 zones of sound/plasma TV’s in 3 rooms) built in. We just loved it and told the selling agent we were writing an offer at asking. You will not believe what happend next. We made the mistake of saying how much we loved the electronics. Selling agent said, “oh, did you know the electronics is seperate and will cost you another $200k, so if you want it you will have to write your offer for $200k more. My client will not take a below asking offer.” The add said nothing about the electronics being seperate. In fact it said they were built in. I think he just saw our obvious enthusiasm and excitement about the house and electronics and saw a chance to make more money for his client. The result was, however, that he pissed me off with that dirty trick and I walked. A month later the house sold for $210k BELOW my original asking price planned offer ($410k below what he told me I would have to pay).

5. The only time I indicated I was writing an offer above asking. It was an underpriced bargain in a great area. Cheapest house on the nicest street and all that. The seller’s agent said, too late, I am closing offers at 2pm and you won’t be done by then sorry. Ok, 10 offers came in and it sold for slightly more than I wanted to pay but why oh why chase away more “bidders” in a buyer’s market? I would have helped drive the price even higher.

6. Another house we fell in love with. It was a stretch so I indicated I was writing an offer for the bottom end of the range they gave. Seller’s agent said they really want the top end and they had other offers comming in. We walked. 2 months and the house was not sold so we tried again (we reallly did like the house). Suddenly, after the other offers dissaperaring previously and no sale in 2 months we were told 2 more offers had just come in that day so we walked again. Again the house was not sold. Turns out both times we are pretty sure the selling agent was bluffing. My agent was representing another buyer recently who looked at this same house and found out there were no offers pending or comming. It sold last week and she thinks at below my planned offer, but we will have to wait for escrow to close to find out.

Now I have to thank those selling agents because I am far more savy and knowledgeble about the market. But they sure seemd to screw their clients out of better sales. They seem to be part of the problem to me.

I am writing about my experiences because in #6 above I was particularly frustrated as that was the house I really wanted. But the selling agent chased me away. If it sold for less than I was willing to pay I am going to be really pissed as I would have paid even more than I offered. I feel like finding the sellers and telling them their agent screwed them out of extra $$ by playing games.

Anyway, I now play even harder hard ball with selling agents and have all the time in the world for their little games.

I wonder if any other people here have experienced what I have from selling agents. I also note that many act like they are doing me a favor showing me the house and come accross as arrogant and cocky. I experienced this in Santaluz recently and was so turned off by the attitude of the selling agent, I told my agent to take that house off our list. I would not want to negotiate with that #$hole. Come on dude, your clien’t house has been on the market over 100 days, get a clue!