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S00N2BEAMOM
LIF Toddler
Member since 12/07 390 total posts
Name:
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Upset about real estate tactics
After looking for houses for over a year we finally found something we thought was perfect! We went to see the house on Saturday and I have to admit that the asking price was a bit low but nothing crazy. So we loved the house and 15 min after seeing it we called the RE agent and offered asking....the agent then said are you sure you don't want to offer more they set it at this price to attract a lot of attention to get a higher price  so we said as an initial offer we would like to keep it at the asking price. What do you know.... a 1/2 hour passes and she calls and says they have a higher offer. In this market I refuse to get into a bidding war... but honestly how do you know if you are bidding against yourself? Has anyone else encountered this RE tactic? Thoughts?
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Posted 1/12/09 10:55 AM  |
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kristinel
Steinbeck
Member since 5/08 1224 total posts
Name:
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Re: Upset about real estate tactics
Similar thing happened to me. DH and I put in an offer, it was accepted, we had the house inspected, signed our end of the agreement, passed it on to the seller, and didn't hear anything. When our agent called their agent a week later, they told her that the sellers went with another offer. What?! I'm thinking they had another buyer before we came in and they were planning on selling it to whomever could get the paperwork in the fastest, or maybe they sold it to a family member or friend. Why do I think this? Well, a few months later I checked to see how much the house sold for, and come to find out they sold it for $15,000 less than we had offered.
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| Posted 1/12/09 11:05 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Upset about real estate tactics
Tell the agent either send you a copy of the contract or you are bidding on another house.
Simple as that.
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| Posted 1/12/09 11:08 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Upset about real estate tactics
Posted by S00N2BEAMOM
After looking for houses for over a year we finally found something we thought was perfect! We went to see the house on Saturday and I have to admit that the asking price was a bit low but nothing crazy. So we loved the house and 15 min after seeing it we called the RE agent and offered asking....the agent then said are you sure you don't want to offer more they set it at this price to attract a lot of attention to get a higher price so we said as an initial offer we would like to keep it at the asking price. What do you know.... a 1/2 hour passes and she calls and says they have a higher offer. In this market I refuse to get into a bidding war... but honestly how do you know if you are bidding against yourself? Has anyone else encountered this RE tactic? Thoughts?
You don't. We just bought our house for asking last week, less than a week after it was put on the market. We gave our agent the number, she called back and asked if we wanted to go higher because others were interested, and I said we won't get into a bidding war. Turns out we were much more attractive because of the amount we were putting down and our credit scores (both over 800), so they accepted our offer over higher ones since we were a sure deal in terms of getting the mortgage, and getting it quickly.
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| Posted 1/12/09 11:09 AM |
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S00N2BEAMOM
LIF Toddler
Member since 12/07 390 total posts
Name:
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Re: Upset about real estate tactics
At this point we just asked the RE agent :can you just tell us what they want for the house?" We can then tell you if it's something we are willing to offer or even afford, so that way we can stop wasting everyone's time. She acted as if she didn't know how much they wanted to get. HELLO.... are you not the one who is selling the house for these people? How can you not know? What's with all the games?
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| Posted 1/12/09 11:14 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Upset about real estate tactics
Posted by S00N2BEAMOM
At this point we just asked the RE agent :can you just tell us what they want for the house?" We can then tell you if it's something we are willing to offer or even afford, so that way we can stop wasting everyone's time. She acted as if she didn't know how much they wanted to get. HELLO.... are you not the one who is selling the house for these people? How can you not know? What's with all the games?
We worked with our own buyer REA, and I think that really helped with the games. I think they are more honest with each other than they are dealing with buyers!
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| Posted 1/12/09 11:28 AM |
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S00N2BEAMOM
LIF Toddler
Member since 12/07 390 total posts
Name:
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Re: Upset about real estate tactics
you would think she wouldn't want to split the comission and make the sale on her own though right?
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| Posted 1/12/09 11:37 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Upset about real estate tactics
Posted by S00N2BEAMOM
you would think she wouldn't want to split the comission and make the sale on her own though right?
You'd think that, but I think working with a buyers agent makes things go more smoothly for the seller agent because she's already checked that we are preapproved, etc. And our REA is working with our lawyer getting the contracts together more quickly, etc. She has made the process go so much more smoothly for us.
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| Posted 1/12/09 11:40 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Upset about real estate tactics
When we encountered issues like this, we moved on. It wasn't worth it for us. We saw a house advertied for 60k less than what the owner really wanted to sell the house for. We only found out what he really wanted when we gave our first bid We told him-yeah right, good luck! The owner wanted a bidding war to push the price up. We weren't going to play.
We just saw the house was sold for 50k less than asking, and 5k less than we offered. Serves him right!
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| Posted 1/12/09 12:10 PM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: Upset about real estate tactics
Just encountered that this week. On market for well over 6 months, no bites at all. Saw house on a Saturday, went back on a Tuesday. The owner was practically 'begging' us to buy the house.
We put a bid in (9% less than asking) Wednesday morning and the agent automatically said we got a bid last night at $X amount, you have to bid more. (btw, they are not supposed to do - she wanted to start a bidding war)
we then came back 6% lower than asking (a bid more than the supposed 'other buyer'), and the owner retorted with 1% lower than asking. We walked away. If he has a real buyer, great, if not, there are 100's of other houses available.
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| Posted 1/12/09 1:13 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Upset about real estate tactics
it's a total scam.
This buyer just happened to offer 30 minutes later?
Before we put our offers in we asked the agents point blank. What do you think is the right offer. I wanted to bid lower than ask, but back in 2002 everything was going for ask and above. They all told me, if you really want the house, bid ask..there were no games..that market was nuts!
We bid ask and $10K over ask and still got outbid. You never knew what the real price was.
Walk away from the house. Tell them, no thanks...don't want to play games. There is the right house out there for you for sure.
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| Posted 1/12/09 1:16 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Upset about real estate tactics
i am selling and wonder if this happened to any potential buyers? that would totally suck.
Message edited 1/12/2009 2:50:42 PM.
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| Posted 1/12/09 2:49 PM |
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MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
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Re: Upset about real estate tactics
I would bid what you are willing to pay if they don't like it walk away. You and your dh need to decide what the house is worth to you. Don't let the realtor dictate how much you bid.
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| Posted 1/12/09 4:32 PM |
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Agape08
LIF Adolescent
Member since 10/08 807 total posts
Name:
Kathy
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Re: Upset about real estate tactics
IT HAPPENED TO US!!!! we told that broker, if you have another buyer that is willing to pay that, then go with them. Sure enough she kept calling us after but we told her we were serious buyers and don't appreciate her games. we ended buying a much nicer home just a couple of weeks later and they STILL haven't sold their house (this was around nov/dec 2007) HA!
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| Posted 1/12/09 9:57 PM |
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Re: Upset about real estate tactics
Posted by S00N2BEAMOM
At this point we just asked the RE agent :can you just tell us what they want for the house?" We can then tell you if it's something we are willing to offer or even afford, so that way we can stop wasting everyone's time. She acted as if she didn't know how much they wanted to get. HELLO.... are you not the one who is selling the house for these people? How can you not know? What's with all the games?
no sellers agent will tell you what the seller wants for the house. it is their job to get the best price for the seller so for them to give you an actual # defeats the purpose.
the games stink.
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| Posted 1/12/09 11:16 PM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
Name:
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Re: Upset about real estate tactics
I think that in this market the fact that you even offered asking is a gift. I don't think you should budge. In fact I think you should play hardball - call their bluff and tell them to go with the other offer. If you do not get the house it was not meant to be but the last thing you want to do right now is overpay.
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| Posted 1/12/09 11:39 PM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: Upset about real estate tactics
Wow - I can't believe how many of you this has happened to! I would only offer more if you think the house is worth more, and you would be willing to pay more if there was no other offer. Good luck!
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| Posted 1/13/09 8:24 AM |
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S00N2BEAMOM
LIF Toddler
Member since 12/07 390 total posts
Name:
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Re: Upset about real estate tactics
Posted by waiting4ablessing
Posted by S00N2BEAMOM
At this point we just asked the RE agent :can you just tell us what they want for the house?" We can then tell you if it's something we are willing to offer or even afford, so that way we can stop wasting everyone's time. She acted as if she didn't know how much they wanted to get. HELLO.... are you not the one who is selling the house for these people? How can you not know? What's with all the games?
no sellers agent will tell you what the seller wants for the house. it is their job to get the best price for the seller so for them to give you an actual # defeats the purpose.
the games stink.
I can understand that to some degree but most sellers ask a little more than they want for the house and then leave a little room to negotiate down to the price that they want. At least this way you know the ballpark figure. The backwards way they are going about this is what makes it so frustrating.
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| Posted 1/13/09 9:39 AM |
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Re: Upset about real estate tactics
Posted by S00N2BEAMOM
Posted by waiting4ablessing
Posted by S00N2BEAMOM
At this point we just asked the RE agent :can you just tell us what they want for the house?" We can then tell you if it's something we are willing to offer or even afford, so that way we can stop wasting everyone's time. She acted as if she didn't know how much they wanted to get. HELLO.... are you not the one who is selling the house for these people? How can you not know? What's with all the games?
no sellers agent will tell you what the seller wants for the house. it is their job to get the best price for the seller so for them to give you an actual # defeats the purpose.
the games stink.
I can understand that to some degree but most sellers ask a little more than they want for the house and then leave a little room to negotiate down to the price that they want. At least this way you know the ballpark figure. The backwards way they are going about this is what makes it so frustrating.
ITA Why put your home on the market for an amount if you want more than that? Dont fall for the games. A house we bid on had another offer higher than ours. We walked away. They sold the house 6 months later for 20K less than we offered.
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| Posted 1/13/09 10:39 AM |
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ooom416354
LIF Zygote
Member since 1/09 40 total posts
Name:
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Re: Upset about real estate tactics
I don't think any agents actually realize that they wont be able to sell their listings if they play games like that. It's so much of a buyers market now that you can and should just lowball the listing price. I don't believe anything these agents say; in one case they were telling me to offer just about asking on a house that was way overpriced because there were "other offers" which were supposedly on the table. Basically I told them here's my number and that's as high as I'm going. A few weeks later the asking price of the house was lowered. Where are those other offers? Pathetic! I don't believe anything any agent says, in this market you the buyer are in complete control and even if you love a home and have to have it, lowball. Worst case is they say no. But never listen to what these agents say. I don't trust that they even put my offers in sometimes. To check that I usually will call the buyer's listing agent directly and ask if there is an offer on the table for x amount of dollars.
They are trying to make as much money as possible now because nothing is selling anymore but honestly why should you overpay for something to line their pockets.
Just my two cents worth...
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| Posted 1/13/09 5:29 PM |
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S00N2BEAMOM
LIF Toddler
Member since 12/07 390 total posts
Name:
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Re: Upset about real estate tactics
Posted by ooom416354
I don't think any agents actually realize that they wont be able to sell their listings if they play games like that. It's so much of a buyers market now that you can and should just lowball the listing price. I don't believe anything these agents say; in one case they were telling me to offer just about asking on a house that was way overpriced because there were "other offers" which were supposedly on the table. Basically I told them here's my number and that's as high as I'm going. A few weeks later the asking price of the house was lowered. Where are those other offers? Pathetic! I don't believe anything any agent says, in this market you the buyer are in complete control and even if you love a home and have to have it, lowball. Worst case is they say no. But never listen to what these agents say. I don't trust that they even put my offers in sometimes. To check that I usually will call the buyer's listing agent directly and ask if there is an offer on the table for x amount of dollars.
They are trying to make as much money as possible now because nothing is selling anymore but honestly why should you overpay for something to line their pockets.
Just my two cents worth...
I totally agree with you although we did end up going a little higher than asking. And guess what the agent has now been calling us asking for our pre-approval. Like you said where are all the other (higher) offers? I guess since we have such good credit we are starting to look a lot more attractive even if we might be offering less than other buyers.
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| Posted 1/14/09 10:29 AM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Upset about real estate tactics
Posted by MrsO
I would bid what you are willing to pay if they don't like it walk away. You and your dh need to decide what the house is worth to you. Don't let the realtor dictate how much you bid.
Exactly. You have to decide up front how high you are willing to go, and anything over that amount, you walk away. Period. There are plenty of other great houses out there, especially in this market.
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| Posted 1/14/09 10:47 AM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: Upset about real estate tactics
Real Estate agents are sales people and get paid based on commision. Do you think he/she is playing games? Don't overpay in this market. There are plenty of houses to buy.
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| Posted 1/14/09 2:43 PM |
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