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House buying advice

A

AdamSnow

Diamond Member
Hey guys... need your advice... Last night I worked with my real estate agent and drafted an offer letter that will be presented tonight at 6:00pm.

He has called me today, to state that there is another offer going in on the home at 6:00 as well.

The house is selling for 109,900... I placed my offer for 100,000. I have to let him know if I want to change my offer at this point in time...

Now - Do I hope that the other offer is less then what I offered, IS there really another offer going in, or is this the selling agent trying to get me scared and raise my offer?

Just need a quick advice... I'm pretty sure I'm going to leave it at 100,000 and see where it goes... but I'd like some advice from some people who may have been in this situation before...

Thanks for any help or advice you can give me ATOT... 🙂

Adam

Update: I have told the agent to present my offer of $100,000 to the sellers and I should hear what is going on tonight. Cross your fingers for me 🙂 And thanks again to everyone that has posted.

Update 2: Just heard back from the real estate guy... Time to start from scratch - they accepted the other offer... Bah!!
 
At this point, assume that the "other offer" is real. However, I wouldn't change your offer just yet. If you are dead set on aqcuiring this property, your motivation to increase your bid will obviously be higher. I'd say unless it is *THE* place you want, just stick with your initial offer and see how things go.

Best of luck to you Adam!
 
$10k is a big drop in price. As a rule, i tend to not believe anything real estate people have to say since so many lied to me.
 
stick with your initial offer, they are trying to scare you into offering more. unless you absolutely must have the place and you think it is still a good buy for you at a higher price, then you have some thinking to do.
 
In Cali, that price would ballon to 500K by the end of the day. For 500K, you can buy a nice 2 bedroom 1 bath apt. condo.
 
Adam: would you happen to know any real estate people? I have a couple friends in the business. If you like, I can hook you up with my friend's contacts... he is active in the Kent County area as well as Essex. Perhaps he could do a little bit of searching / research for you.
 
Stick to your guns. It's not worth getting into a bidding war. You'll find another house if you get beat.
 
Awesome... thanks everyone!

Yes - $10,000 is a big drop for the offer, but not really in this market... This ain't no California on the ocean property or anything 🙂

I've called him back with directions to present my offer as it is as that is what I have to work with. see where it goes from there.

J - Yeah, shoot me a PM with some people you know... 🙂 Who knows who may like my commission... hehehe 🙂


Thank you everyone that replied. Very appreciated.
 
how badly did you want this property ? If you're pretty desperate for it, it's ok to play it safe and raise your offer even if they're lying about having another offer. I'd hate to be looking for months on end to find the perfect house then lose it over a few thousand.
 
Where in the world do you live that you can buy a house for 100k? I couldn't even buy a closet here for that much.
 
Whatever you do, don't make the mistake I made (out of my own ignorance). I told our agent that I wanted to offer $150K, so I could counteroffer at $160K if I needed to.

He promptly told the other agent I'd go up to $160K. Turns out he's obligated to do that, except he's not obligated to tell you he will. The only way to assume the agent will truly represent your interests is to pay out of your pocket for a buyer's agent.
 
Originally posted by: Malfeas
Where in the world do you live that you can buy a house for 100k? I couldn't even buy a closet here for that much.
Click to expand...

Southwestern Ontario, Canada...
...that $ will actually get you a decent starter home here, in quite a few nice communities.
 
I just bought a house. Do you have your own realtor? Do you just love the house? If you don't care about the house either way leave the bid as it stands. If you love the house raise your bid to 109k and put in the contract you want them to pay all closing and your first years insurrance and stuff like that. That's what I did and I close on my house on Wed.
 
Originally posted by: Malfeas
Where in the world do you live that you can buy a house for 100k? I couldn't even buy a closet here for that much.
Click to expand...

I'm buying my house for 86k, 3bed, 2bath, pool in the back, new appliance all the way around. Oklahoma city.
 
Originally posted by: kranky
The only way to assume the agent will truly represent your interests is to pay out of your pocket for a buyer's agent.
Click to expand...

You shouldn't have to pay upfront for a buyer's agent, they usually just take a cut of the sale price just like the other agent.

You do, however, need to sign a contract with the agent specifying that he is committed to your best interests. Of course, I would still play my cards close to my chest, as contract aside, would you be able to prove that your agent screwed you? A contract is nice, but still hard to enforce, so be careful and find an agent you can trust.
 
Originally posted by: Jzero
Originally posted by: kranky
The only way to assume the agent will truly represent your interests is to pay out of your pocket for a buyer's agent.
Click to expand...

You shouldn't have to pay upfront for a buyer's agent, they usually just take a cut of the sale price just like the other agent.

You do, however, need to sign a contract with the agent specifying that he is committed to your best interests. Of course, I would still play my cards close to my chest, as contract aside, would you be able to prove that your agent screwed you? A contract is nice, but still hard to enforce, so be careful and find an agent you can trust.
Click to expand...

I fixed my real estate agents computers and sold him a new machine for a good price and I know he has been honest and fair with me. He also told me what he would have done if I was someone else on a few occasions which I thought was terrible but i'm glad he is on my side. I'm even thinkin about buying a rent house and letting him manage the property.
 
The best policy is to always keep things on a need to know basis. The agent doesn't need to know what your limits are, ever, as you should be making all the decisions not them.

The second thing to keep in mind for the OP is that the sellers are going to want you in a bidding war if there is a second offer. Don't play games, you need to be ready to walk away from any offer if you don't believe it's worth it. Don't set your mind on anything. I had 6 addendums to my last contract to sell and I think 8 to my last purchase so there is often plenty of room to negotiate, if they want a higher price demand extras (like my first purchase I went up in price a bit but demanded the fridge, washer/dryer and a china cabinet (because I knew the seller didn't care about it).
 
Originally posted by: Baked
In Cali, that price would ballon to 500K by the end of the day. For 500K, you can buy a nice 2 bedroom 1 bath apt. condo.
Click to expand...

That was helpful.

How long has the house been on the market? If it's been a while, I wouldn't believe they got two offers on the same day. Unless you're dead set on that house, I'd stick with the original offer.
 
Originally posted by: Cuda1447
Originally posted by: AdamSnow
Just heard back from the real estate guy... Time to start from scratch - they accepted the other offer... Bah!!
Click to expand...

What was the other offer?
Click to expand...

I'm not sure... I didnt ask, he didnt say...

I'm not really sure that I want to know... I would hate to know that I lost the house over $1000 or something... But, they have accepted it... so I cant make another offer anyway... 🙁

Ah well! There's tonnes of homes out there!
 
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