Home for sale - fsbo mess

[DrPizza]

Originally posted by: MasonLuke

Originally posted by: AnonymouseUser
Tell them to call you if the other deal falls through. Also tell them that your offer will be $5000 LOWER a week from now.

:thumbsup:

lmao, we had a house that we placed a purchase offer on. About 2 weeks later, the realtor got back to us, "there's been another offer. We need your best and final offer, and whoever has the higher offer will get it." So, we put in a higher offer. (the place was a foreclosure property.) A week passed, we heard nothing... continued looking at other places... A month and a half later, we found out that our offer had been accepted. Ohhhhwellll! We were in the process of buying a different house. Realtor essentially screwed the bank out of that sale.

(Thank you to that realtor; we like this place much much better!)

 

[Vic]

Originally posted by: DrPizza

Originally posted by: MasonLuke

Originally posted by: AnonymouseUser
Tell them to call you if the other deal falls through. Also tell them that your offer will be $5000 LOWER a week from now.

:thumbsup:

lmao, we had a house that we placed a purchase offer on. About 2 weeks later, the realtor got back to us, "there's been another offer. We need your best and final offer, and whoever has the higher offer will get it." So, we put in a higher offer. (the place was a foreclosure property.) A week passed, we heard nothing... continued looking at other places... A month and a half later, we found out that our offer had been accepted. Ohhhhwellll! We were in the process of buying a different house. Realtor essentially screwed the bank out of that sale.

(Thank you to that realtor; we like this place much much better!)

Wow... what a totally worthless realtor. Nothing surprises me in real estate anymore though.

 

[NoShangriLa]

FSBO sucks. My recent experience with 2 FSBO properties is that home owners like to drag out the deal.

I backed out of 1 FSBO deal because I felt that the home owner was trying to railroad me in for higher price than market value due to the suggestion of my lawyer.

The second deal was that the FSBO was trying to screw his agent out of the commission, and they wanted me to wait 3 months till their contract expire. And, I purchase another house.

I'm in the process of moving to my new home this month (took possession on Dec 29, 2006). I was in no rush moving in therefore it give me time to install bamboo flooring & paint for the entire house that look absolutely marvelous.

You should have given him less than 24 hours due to the sweet full price offer.

[add] I gave the previous home owner of my current house 12 hours to respond at full price offer, no condition, and rapid 2 weeks possession date.

 

[Capt Caveman]

Originally posted by: amdskip
I live in west central Illinois and I am unsure of what the rules are. It was a verbal offer and the seller acted like that was all he wanted, nothing formal at all.

This is your problem. You should have presented him with a written offer with dates and deadline for acceptance/counter-proposal.

Now, I would do what others have said, let him know you're not willing to get into a bidding war and your offer is good for only three more days.

If you don't get it, you'll find something else.

 

[JDMnAR1]

I would definitely not counter the other "offer" - chances are it doesn't exist as already mentioned. In fact, I would wihdraw the offer currently on the table. If you are still interested after the sellers shenanigans, make sure he has your contact info and ask him to let you know if that deal falls through. When he calls you in a week or two, feel free to make another (lower) offer. Of course, if he is playing fast and loose with the deal, keep in mind that he may be playing the same way in terms of full disclosure and the condition of the home, etc.

 

[Slew Foot]

Originally posted by: Vic

Originally posted by: Slew Foot
Oldest trick in the book. 99% of the time, there arent any other offers. If you cant get this one now, wait a year and itll be cheaper.

You have a crystal ball?

You continue to demonstrate that you don't know what you're talking about when it comes to real estate. The OP (if his profile is correct) does not live in an appreciated area. The median home value is only about $80,000.

I agree that the OP should not deal with this seller. FSBO should have been his first hint that something was up. Dirty tricks should not be rewarded. I would just tell the seller that he already has my offer, take it or leave it but I want an answer in a week.

Look at every one else's advice. "Bid lower" is the general theme. How are prices going to jump when everyones bid is going lower? The sinking tide will sink all boats (some more than others obviously).

 

[FoBoT]

Originally posted by: amdskip
It was a verbal offer and the seller acted like that was all he wanted, nothing formal at all.

:Q
verbal?
you should be doing written offers with deadlines

"i offer $XXX,000 and this offer expires april 9 2007"

you are just setting yourself up to get played

 

[amdskip]

Well he said his deadline is 6pm tonight so I should know by then what the outcome of this mess is. I am not going higher and at this point I'm not sure if I will lower my offer. I really like the place and the banker has told me nothing holds its value as well as a place like this.

 

[Vic]

Originally posted by: Slew Foot

Originally posted by: Vic

Originally posted by: Slew Foot
Oldest trick in the book. 99% of the time, there arent any other offers. If you cant get this one now, wait a year and itll be cheaper.

You have a crystal ball?

You continue to demonstrate that you don't know what you're talking about when it comes to real estate. The OP (if his profile is correct) does not live in an appreciated area. The median home value is only about $80,000.

I agree that the OP should not deal with this seller. FSBO should have been his first hint that something was up. Dirty tricks should not be rewarded. I would just tell the seller that he already has my offer, take it or leave it but I want an answer in a week.

Look at every one else's advice. "Bid lower" is the general theme. How are prices going to jump when everyones bid is going lower? The sinking tide will sink all boats (some more than others obviously).

Who said prices are go to "jump"? Not I. You OTOH are predicting that they will fall even in areas where price never went up in the first place.

Sorry to hear about the Sacramento market. I predicted it would eventually collapse more than 4 years ago (I even predicted that 2006 would be the year). That however has no bearing on home values in Podunk, IL and never will. In real estate, the "sinking tide" never "sinks all ships." Location, location, location. Usually what happens when overspeculated markets fall is that underspeculated markets rise.

 

[Vic]

Originally posted by: amdskip
Well he said his deadline is 6pm tonight so I should know by then what the outcome of this mess is. I am not going higher and at this point I'm not sure if I will lower my offer. I really like the place and the banker has told me nothing holds its value as well as a place like this.

If the seller is gonna put a deadline on your qualified written offer in preference to a verbal, then he's not worth dealing with. Obviously, the banker is gonna tell you nice things. He's trying to save a qualified deal while, in the meantime, he's cursing the seller for being such a douchebag.

 

[xgsound]

When you said you made an offer, I assumed you meant a written contract that only needed the seller's dated signature and a witness dated signature to have force of law for all parties. That's what a Real Estate offer is in this state. If the seller wanted more money (or any other change) he would write in and initial the change. The contract then requires your initials and new dated signature to have force of law. I see I assumed wrong.

Your verbal offer is just talking about making an offer.


Jim

 

[BoomerD]

My limited experience is that FSBO deals are usually more trouble than they're worth, and MOST of the time, there's more to the reason they're doing it that way than just trying to save the realtor commission.
My neighbors are trying to sell their house. Nice house, well kept, large pool in the back yard...He built on a room for his wife to use as an office. Did a GREAT job, AFAIK, everything is to code, BUT, he did it without bothering to get it permitted...same with the cover he built to park his boat under...none of the local realtors will touch the thing...and they're trying to do a FSBO on it...even though the realtors have warned them that most lenders won't loan for a house with unpermitted construction.
One of the other neighbors built an attached pool-house in his back yard...unpermitted...the city made him tear it out...