[Updated - resolved] Home purchase has turned into a bidding war...any realtors here?

[badmouse]

Offer the extra money. I assume you like the house, you need it, and in the long run a few thousand extra isn't going to kill you.

And then afterwards . . since you are moving into the community in the trusted position of physician, you will ask EVERYBODY if that was standard industry practice in the real estate biz, and be sure to tell everybody about that realtor. Both real estate and medicine are highly community-trust-based, and the realtor is messing with you. Pay them back. Ha. They deserve it - this is a nasty practice.

 

[rh71]

Similar thing happened to us in a for-sale-by-owner deal. I ended up paying an extra $2k because I felt it was worth it. It was the nicest house I had seen in the previous 3 weeks... so I jumped at it. Was worth the extra money because I wanted it enough. And what's $2k in the long run, ya know ? Obviously you like that house... and it sounds like they aren't easy to come by... so it depends how much you can live with giving away to secure it...

You will also have some pull as far as asking the owner to leave behind some things (light fixtures, blinds, fireplace stuff, etc.) because you showed this good faith.

 

[richardycc]

since dont have an agent working for you, the seller agent is most likely want keep the whole ~6% commission, so tell him/her that you will call another agent in the area and get him into this deal too, and have him handle the deal for you so he will cut into his commission, etc... if you say that to him, I bet the seller agent will want to close this deal as soon as possible.

 

[woowoo]

Offers are not accepted on price alone.
Your ability to obtain financing and stipulations come into play

 

[The Sauce]

I am not convinced here that they are at all being dishonest with me. I just don't know...and I don't know exactly how the process works. What the agent has told me is that since there are two offers each of us must put in one final bid and whoever's is highest will get the contract. I do not know if this is standard realty practice or what... I suppose that it is possible that they have been truthful with me. It would be easier for me to evaluate the matter if I had any understanding of how things are supposed to work under these circumstances.

Oh and to answer an earlier question we are not under contract yet. They (the realtor) have my deposit, contract and preapproval but the owner did not sign yet.

 

[Vette73]

Originally posted by: Hammer
their financing might fall through. tell them if they play this game, your offer will go down.

Agreed. That and like you said it may just be a ploy to get the offer up.

I would counter with a LOWER offer. Offer 250K and see what happens

 

[The Sauce]

Originally posted by: DougK62

Originally posted by: Snatchface
Yeah I'd love to do that but it's 600 miles away.

Calling her on the phone is good too - anything where you can appeal to her on a human and emotional level rather than through paperwork and a cold agent. Is she divorced with children? Tell her how you want to start a family there and all that fun stuff. Pull them heart strings

I am afraid that could backfire on me. I don't want the owner thinking that I have any emotional investement in the purchase.

 

[Ornery]

Originally posted by: richardycc
since dont have an agent working for you, the seller agent is most likely want keep the whole ~6% commission, so tell him/her that you will call another agent in the area and get him into this deal too, and have him handle the deal for you so he will cut into his commission, etc... if you say that to him, I bet the seller agent will want to close this deal as soon as possible.

Hah! There's a smart cookie!
$16,500 goes into real estate agents pockets... FOR WHAT? :disgust:

 

[Vette73]

Originally posted by: Snatchface

Originally posted by: DougK62

Originally posted by: Snatchface
Yeah I'd love to do that but it's 600 miles away.

Calling her on the phone is good too - anything where you can appeal to her on a human and emotional level rather than through paperwork and a cold agent. Is she divorced with children? Tell her how you want to start a family there and all that fun stuff. Pull them heart strings

I am afraid that could backfire on me. I don't want the owner thinking that I have any emotional investement in the purchase.

Agreed don't call back.

What you do is make your 2nd offer 250K and if they ask why lower say ANOTHER house came up and you think this is is NOW over priced and not worth the extra effort, UNLESS you come to a agreement SOON!!! or you walk

 

[The Sauce]

Seriously...I can't believe how aggravated I have gotten myself over this. The problem is that my wife is totally in love with the place and there is nothing else even close in that area that we saw. I can not wait much longer either.

 

[rh71]

Richardycc's idea is pretty good.

It takes a lot of balls to try and call their bluff if it were your own place and you really wanted it. Of course many of us on an Internet forum don't have the same to lose as you do. I personally would at least keep the same offer or a couple thousand higher (if it's worth it to you).

 

[Rufio]

Originally posted by: Snatchface
Seriously...I can't believe how aggravated I have gotten myself over this. The problem is that my wife is totally in love with the place and there is nothing else even close in that area that we saw. I can not wait much longer either.

u got 3 options (from reading this thread):

1. get another realtor involved and see if the bids are true or not.
2. call the seller and tug at the heartstrings
3. offer a lower bid and call their bluff.

I say you do #3, if you are a gambling man.

Or you can get another realtor, and make them give you some of the commission. That's what one of my acquantinces does. He gets Dave Chaimberland to sign as his realtor, and they split the commission. All Dave does is sign the freaking paper and he gets money!

 

[Mill]

The realtor saw you and your wife salivating over the place. You were an easy mark and now being played. I'd do what Richard said, or tell them you are looking at another house and say your orginal offer is as high as you can go.

 

[Ornery]

"Richardycc's idea is pretty good."

Hell, at this point, I'd bring another agent in on the deal, just to spite the mofo! :|

 

[Ameesh]

Originally posted by: Snatchface
Seriously...I can't believe how aggravated I have gotten myself over this. The problem is that my wife is totally in love with the place and there is nothing else even close in that area that we saw. I can not wait much longer either.

i seriously hope you didnt tell the selling agent this...

 

[rh71]

how much of a hurry is she in to sell / move ?

 

[The Sauce]

Well I am going to wait it out and see what happens for now. If it falls through I am definitely going with another realtor. Problem is there are only two agencies in that town so my choices are limited.

 

[rh71]

Originally posted by: Snatchface
Seriously...I can't believe how aggravated I have gotten myself over this. The problem is that my wife is totally in love with the place and there is nothing else even close in that area that we saw. I can not wait much longer either.

If it's heads and shoulders above the rest of the places you've seen (meaning you probably won't see another one).. just ante up a few grand more, but bring in your own agent too. Seriously, I would HATE to lose this place.

 

[cjchaps]

It's sounds like they are trying to squeeze every last penny out of the deal. It sounds like a great place, but don' t let them take control. There will be other houses around, and it might be in your best interests to look for other places as well. I agree with what these folks are saying, keep your bid the same or lower it, and see what happens. It's the realtors job to get you to buy this house, they are the professional, you are not. They know every trick in the book, and they can make it sound like if you don't buy this house it is going to be the worst decision in your life. I agree that you could say you looked around, and it's not what you thought it was worth....

 

[The Sauce]

Originally posted by: Ameesh

Originally posted by: Snatchface
Seriously...I can't believe how aggravated I have gotten myself over this. The problem is that my wife is totally in love with the place and there is nothing else even close in that area that we saw. I can not wait much longer either.

i seriously hope you didnt tell the selling agent this...

Hehe...of course not. I'm a bit more shrewd than that. Actually I looked at 12 more homes after that one.

 

[Fingolfin269]

Houses and cars are two items that should be purchased with as little emotion as possible.

You're showing emotional attachment already. You're screwed.

 

[arcenite]

if you aren't in a hurry to find THE house, do what others have said and call their bluff, offer a lesser amount... If you're in a hurry, and want a house now, and you really like this house (if you can afford a 270k house, my guess is you can afford a 275k house)) go for it.

 

[The Sauce]

Originally posted by: rh71
how much of a hurry is she in to sell / move ?

She has all the time in the world...like I said she is just moving to a retirement home, not buying a new property. I, on the other hand, have precious little time to decide here.

 

[PingSpike]

Originally posted by: Ameesh

Originally posted by: Snatchface
Seriously...I can't believe how aggravated I have gotten myself over this. The problem is that my wife is totally in love with the place and there is nothing else even close in that area that we saw. I can not wait much longer either.

i seriously hope you didnt tell the selling agent this...

Seriously. Even if you are head of heels in love with the place, your response should be an emotionless "Its pretty nice."

Maybe next time...don't bring the wife.

 

[Nitemare]

Tell the realtor that you didn't really want to pay more than 260 and with the extra cost, you have a few more houses to look at.

Make it sound like you could care less about the house.