Are selling agents part of the problem?

[NotCranky]

Raptorduck,
Regarding the property you were really interested in. Think about submitting a complete back up offer.

The other thing that comes to mind is offering to replace the buyer. If your offer was above theirs maybe they would take the difference and give you the house? Honestly I don’t know how to pull this off. I have heard of it happening before. Getting the buyers name and agents name or the escrow office would be what you need. I am not sure if all this is considered “above board” or not. There must be a proper way to do it.

Finally, regarding all the BS in buying/selling RE in general.Something like normalacy is nice when it happens but is not the rule.I wouldn’t worry about it too much because the way you are going about things you will always get something better than the one you missed. I often employ or suggest this corny sort of mantra/affirmation when property shopping after getting pretty exited about a place….”if not this something better”.

[NotCranky]

Raptorduck,
Regarding the property you were really interested in. Think about submitting a complete back up offer.

The other thing that comes to mind is offering to replace the buyer. If your offer was above theirs maybe they would take the difference and give you the house? Honestly I don’t know how to pull this off. I have heard of it happening before. Getting the buyers name and agents name or the escrow office would be what you need. I am not sure if all this is considered “above board” or not. There must be a proper way to do it.

Finally, regarding all the BS in buying/selling RE in general.Something like normalacy is nice when it happens but is not the rule.I wouldn’t worry about it too much because the way you are going about things you will always get something better than the one you missed. I often employ or suggest this corny sort of mantra/affirmation when property shopping after getting pretty exited about a place….”if not this something better”.

[patientlywaiting]

You should always write an offer if you want to do so, even if it’s a low-ball, regardless of what the agent tells you.

The seller’s agent is obligated by fiduciary duty to present all offers to the seller.

They may not respond and let your offer expire. But in this declining market the sellers will kick themselves over and over again when they look back and see your offer in writing. When the house eventually sells for less than your offer, you’ll have the satisfaction of knowing they’ll still be thinking of you for some time. 🙂

[patientlywaiting]

You should always write an offer if you want to do so, even if it’s a low-ball, regardless of what the agent tells you.

The seller’s agent is obligated by fiduciary duty to present all offers to the seller.

They may not respond and let your offer expire. But in this declining market the sellers will kick themselves over and over again when they look back and see your offer in writing. When the house eventually sells for less than your offer, you’ll have the satisfaction of knowing they’ll still be thinking of you for some time. 🙂

[HLS]

I think that this post proves, beyond a reasonable doubt, that even with a qualified, interested buyer, there are participants in this foursome that just don’t know what they are doing. When homes were 20% of today’s prices the same nonsense was going on.

It further confirms my belief that so many “professional” people involved in the industry aren’t really professionals.
Lack of skills, lack of common sense, lack of acumen.
Many just got lucky. It wasn’t because of skill or wisdom that many RE agents have done well.

In ANY market you should be getting better representation than it sounds like you are getting, but especially in this market, AND the dollar amount of the commissions is huge.

Regardless of how successful any of the parties have been, there are some poor business decisions that were made here.

In this case, I think the buyer will ultimately benefit by the sheer stupidity of the other players. We’ve got an intelligent buyer that knows what he wants, an nobody to keep a deal together ??

With this kind of money involved, sounds to me that there are high school athletes trying to play in a professional league.
Too many agents only knew how to convince people to buy something that they didn’t really want, telling them that it was going to go up, don’t worry. They don’t know how to deal with a REAL buyer that doesn’t need to be sold.

I don’t have the whole story, but I’m not so sure that the buyer’s agent is the right person for the job.

I have negotiated terms and bought properties for less than I ever thought possible because I insisted that the agent write an offer regardless of anything that was said.

This buyer has been looking for awhile. If I were representing you, you’d probably be having your 2007 Thanksgiving dinner in the wired house and I’d make sure that you had plenty of cranberries or whatever else you needed.

Please let ME know if you are looking for a loan.

[HLS]

I think that this post proves, beyond a reasonable doubt, that even with a qualified, interested buyer, there are participants in this foursome that just don’t know what they are doing. When homes were 20% of today’s prices the same nonsense was going on.

It further confirms my belief that so many “professional” people involved in the industry aren’t really professionals.
Lack of skills, lack of common sense, lack of acumen.
Many just got lucky. It wasn’t because of skill or wisdom that many RE agents have done well.

In ANY market you should be getting better representation than it sounds like you are getting, but especially in this market, AND the dollar amount of the commissions is huge.

Regardless of how successful any of the parties have been, there are some poor business decisions that were made here.

In this case, I think the buyer will ultimately benefit by the sheer stupidity of the other players. We’ve got an intelligent buyer that knows what he wants, an nobody to keep a deal together ??

With this kind of money involved, sounds to me that there are high school athletes trying to play in a professional league.
Too many agents only knew how to convince people to buy something that they didn’t really want, telling them that it was going to go up, don’t worry. They don’t know how to deal with a REAL buyer that doesn’t need to be sold.

I don’t have the whole story, but I’m not so sure that the buyer’s agent is the right person for the job.

I have negotiated terms and bought properties for less than I ever thought possible because I insisted that the agent write an offer regardless of anything that was said.

This buyer has been looking for awhile. If I were representing you, you’d probably be having your 2007 Thanksgiving dinner in the wired house and I’d make sure that you had plenty of cranberries or whatever else you needed.

Please let ME know if you are looking for a loan.

[waterboy]

HLS….How much business do you get from this site?

[waterboy]

HLS….How much business do you get from this site?

[vizcaya]

I had some of the same things happen to us.

We sold our home back in April, and looked at moving up into a nicer home in Murrietta. I submitted a few offers, and they were both turned down. I did not counter, and decided to continue to rent. I am so glad we made that decision.
The asking price of the home we looked at was $400, we offered 385k. This was back in April. They denied at that price, I did not counter. We went ahead and rented. 2 months later, they dropped the price to $375k, I made a offer of $370, they denied again. I did not counter. I knew the market was in my favor. Last I checked they had lowered the price to $320, still has not sold.

I made a offer on a short sale recently, for a home closer to my work in Riverside. It needed some work, but had potential. The asking was $420k. I offered $400k. The owners accepted and the bank seemed OK with everything. But the bank took to long getting some approvals done. I therefore pulled my offer off the table. The same home got foreclosed, and was listed for $350k, which ended up being sold within a week.

I did put a offer in on a bank owned home that me and the wife fell in love with(2500sqft, 4 bedroom,3car garage, pool, above ground spa, 8500sqft lot, Orangcrest community home Riverside . The house sold for $540 back in 2005, and the bank offered it at $450k in July. They lowered it to $434k. Thats when I put my offer in at $420k. They accepted the offer. Which was a surprise to me. The house across the street which is the same model was up for sale at $475K, and had a smaller yard, no pool, or Spa.

Since I purchased last month, the home across the street has lowered the price to $420k. I believe that when my comp came in, he was asked by his agent to lower his asking price. He may have to go as low as $400 if he wants to sell soon, otherwise he may be looking at losing more, the longer its on the market.

I have done a good amount of research, and believe the homes in this area will drop another 10%, or 40% off of peak before was see the bottom in this area of Riverside.

[vizcaya]

I had some of the same things happen to us.

We sold our home back in April, and looked at moving up into a nicer home in Murrietta. I submitted a few offers, and they were both turned down. I did not counter, and decided to continue to rent. I am so glad we made that decision.
The asking price of the home we looked at was $400, we offered 385k. This was back in April. They denied at that price, I did not counter. We went ahead and rented. 2 months later, they dropped the price to $375k, I made a offer of $370, they denied again. I did not counter. I knew the market was in my favor. Last I checked they had lowered the price to $320, still has not sold.

I made a offer on a short sale recently, for a home closer to my work in Riverside. It needed some work, but had potential. The asking was $420k. I offered $400k. The owners accepted and the bank seemed OK with everything. But the bank took to long getting some approvals done. I therefore pulled my offer off the table. The same home got foreclosed, and was listed for $350k, which ended up being sold within a week.

I did put a offer in on a bank owned home that me and the wife fell in love with(2500sqft, 4 bedroom,3car garage, pool, above ground spa, 8500sqft lot, Orangcrest community home Riverside . The house sold for $540 back in 2005, and the bank offered it at $450k in July. They lowered it to $434k. Thats when I put my offer in at $420k. They accepted the offer. Which was a surprise to me. The house across the street which is the same model was up for sale at $475K, and had a smaller yard, no pool, or Spa.

Since I purchased last month, the home across the street has lowered the price to $420k. I believe that when my comp came in, he was asked by his agent to lower his asking price. He may have to go as low as $400 if he wants to sell soon, otherwise he may be looking at losing more, the longer its on the market.

I have done a good amount of research, and believe the homes in this area will drop another 10%, or 40% off of peak before was see the bottom in this area of Riverside.

[Wrangler]

PatientlyWaiting,

I don’t agree so. My experience told me that an offer will be used by the seller’s agent to stir up the bidding.

I offered a good price for a new home recently below the asking price. The sales girl told me they would take it but it would take three days to pass the accounting etc. Three days later, she called and told me that some one offered above the asking price and they decided to give him the offer.

Think about this scenario: you walk into a house that you want to buy, but you are still hesitate about how the price. Then you are told there has already been an offer. What would you do? If you want to get the house, you’ll likely to offer above the asking price, because you don’t know that offer was way below it. The problem with new home is that you cannot set the offer limit fo 24 hours.

[Wrangler]

PatientlyWaiting,

I don’t agree so. My experience told me that an offer will be used by the seller’s agent to stir up the bidding.

I offered a good price for a new home recently below the asking price. The sales girl told me they would take it but it would take three days to pass the accounting etc. Three days later, she called and told me that some one offered above the asking price and they decided to give him the offer.

Think about this scenario: you walk into a house that you want to buy, but you are still hesitate about how the price. Then you are told there has already been an offer. What would you do? If you want to get the house, you’ll likely to offer above the asking price, because you don’t know that offer was way below it. The problem with new home is that you cannot set the offer limit fo 24 hours.

[JWM in SD]

Wrangler, if that is how approach the biggest decision in your life then you have no business making offers in this market. You might as well walk into their office with Sucker tattooed on your forehead.

[JWM in SD]

Wrangler, if that is how approach the biggest decision in your life then you have no business making offers in this market. You might as well walk into their office with Sucker tattooed on your forehead.

[Wrangler]

JWM,

I don’t mean I gave a price above the offer, but there are people out there would pay more because they want to get the house. Just like what I just experienced. Then if this go through, the neigherhood price will be droven higher. Am I wrong about it?

It is frustrated to decide how to make offer.

[Author]

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