I had this happen. I offered to buy a house cash and the realtor kept saying they were considering offers. I offered $3k under asking price. They put me off for 2wks and the listing was coming to a close. We came across the owners in town and the realtor had told them nothing about any offers. What was worse if it didn’t sell on time they would owe a percentage to the realtor regardless. They had to demand the realtor take my offer.
That was bloody deceptive of them. That doesn't sound like it should be legal. Yes they should be fielding offers, but if the only offers they are getting they need to sort them out with what's their ability to pay etc.
@ yes and the property was an old 1800s farm house with a cesspool and fuse box. There was also a reverse mortgage lean on the property. It was in the owner’s best interest to sell for cash even at a slight discount because it would be harder to get a mortgage or insurance under such circumstances as I have learned after the matter. Very few insurance companies want to insure homes with fuses and most mortgage companies require to update to a septic service prior to sale at the owner’s expense.
We bought during a different market climate, but the house we ended up buying had been on the market for 11 months even though it was in a nice neighborhood. We looked at it even though it was above our price range since we didn't have anything to lose, and offered 20k below their asking price. After negotiation back and forth that evening we settled on 12k below asking price. They'd been having some showings and open houses, but it just wasn't getting offers. Listing price had already been reduced 26k while on the market. I believe we were the only offer and the estate didn't want to keep paying taxes on the empty house. 🤷🏻♀️ In our smaller market a 38k difference from original asking price was a big swing.
How about the houses that keep getting sold? I know of homes that regularly show up on the market every few years. Is it only because the new owners can't afford it, or there is something wrong with the place? Should these places be avoided, or should this fact be used in negotiating.
That’s what I wondered also. The house on the corner from me has sold 4 times in the last 5 years. I thought Covid might have been a factor but since then it has sold twice more.
Sometimes people don't want the property to sell. If its maybe the parents house who have passed away and there is still a sibling living there - rent free- they have an incentive to not sell! They tell their siblings the house is listed but in reality it'll never sell at the current price!
I once found the perfect house and tried to inquire about it, and the agent kept making excuses, i.e. the owners lived out of town and they could not get a hold of them, then the agent said the owner did not want to sell because they were renting it to someone. I was willing to work around that, but they refused. I wonder if there was more going on that the agent did not want to say, but I still regret missing the chance to get that house.
My agent wanted me to list my 1 bedroom condo for $310k because of comps. I said $340k despite it being empty for 2 years (i spent weekends there). Sold, CASH offer in a week (3weeks to close)
@ west coast is expensive! I upgraded to a townhouse for $600k (The condo was updated & upgraded with all new appliances, fixtures, custom closet, solid hardwoods, new AC, blinds…top floor with floor to ceiling windows)
Ahh yes. Friends recently sold their house They had been following the local market for months in the lead up and thought $325,000 to be a realistic price. The first Realtor suggest $270,000 for a quick sale because it's a small town and no one can afford to buy. 2nd Realtor agreed with $325,000 because it's a small town with good facilities and a nice house that's been freshly renovated. They went with the 2nd Realtor, the house sold in 3 weeks for the asking price. I do believe 1st Realtor was going to buy the house herself to resell and take that profit for herself.
Someone may be being forced to sell and if their price is too high they get to stay longer, say in a death or a divorce. They might need time to get the money together to buy someone else out. Or they have a crap agent pushing so they get a higher commission or the seller is delulu
Some people just don't get it when it comes to pricing houses. There's two houses around me that haven't sold and been on the market for quite some time. They're not getting showings. You never see vehicles there. One's vacant one isn't. They're priced too high so they're going to continue to sit. Obviously they can afford to do so but in my opinion the price too high. I would take a lower offer if that's all I could get to sell
People pay all that money to these GREEDY homeowner's and/or agents and most times the houses aren't even worth the prices. I purchased my first house in 2022; had a 3-hr inspection prior and regretted it. It's a nice house, but the previous owner didn't disclose a number of things. You don't truly know about a house until you've lived in it for about a year. Also, talk about tax and interest deductions is a f-ing joke!! I only received $300 more dollars in a refund compared to when I rented. I would much rather go back to renting.
I would never ever lower my orice again. Agents screw you. Sell it yourself. I lowered to help buy qualify then lowered again because of the agent saying so. ILOST MONEY A LOT OF IT. NOW THAT LAND IS 5 TIMES THE VALUE AND IT HAS BEEN 10 YEARS. The next one, agent says lower the price pushed me hard, by the way keep paying the mortgage no matter what they tell you. I AGAIN lost money because I lowered the price and in 6 months that home doubled in price checking now, 7 years later it is worth 4 times as much. I will die in this house before i sell or lower a price again. Sorry lady, not sorry, you people lie.
That sounds like really unfortunate timing, but it's HIGHLY unusual. I also have a hard time believing that your market doubled the value of that home in six months. Did the people who bought it from you flip it? Is that where you are getting that number? Because if they flipped it, it was no longer how your house was before and so was with more for being in more modern condition.
I had this happen. I offered to buy a house cash and the realtor kept saying they were considering offers. I offered $3k under asking price. They put me off for 2wks and the listing was coming to a close. We came across the owners in town and the realtor had told them nothing about any offers. What was worse if it didn’t sell on time they would owe a percentage to the realtor regardless. They had to demand the realtor take my offer.
That was bloody deceptive of them. That doesn't sound like it should be legal.
Yes they should be fielding offers, but if the only offers they are getting they need to sort them out with what's their ability to pay etc.
@ yes and the property was an old 1800s farm house with a cesspool and fuse box. There was also a reverse mortgage lean on the property. It was in the owner’s best interest to sell for cash even at a slight discount because it would be harder to get a mortgage or insurance under such circumstances as I have learned after the matter. Very few insurance companies want to insure homes with fuses and most mortgage companies require to update to a septic service prior to sale at the owner’s expense.
We bought during a different market climate, but the house we ended up buying had been on the market for 11 months even though it was in a nice neighborhood. We looked at it even though it was above our price range since we didn't have anything to lose, and offered 20k below their asking price. After negotiation back and forth that evening we settled on 12k below asking price. They'd been having some showings and open houses, but it just wasn't getting offers. Listing price had already been reduced 26k while on the market. I believe we were the only offer and the estate didn't want to keep paying taxes on the empty house. 🤷🏻♀️ In our smaller market a 38k difference from original asking price was a big swing.
How about the houses that keep getting sold? I know of homes that regularly show up on the market every few years. Is it only because the new owners can't afford it, or there is something wrong with the place? Should these places be avoided, or should this fact be used in negotiating.
That’s what I wondered also. The house on the corner from me has sold 4 times in the last 5 years. I thought Covid might have been a factor but since then it has sold twice more.
It’s probably a variety of reasons and I would never buy that one
Mortgages probably too high and lender won't allow a short sale.
Mortgage amount is not standardized, it varies based on multiple different factors.
Maybe the RE agent didn't even tell seller about offer even though required to.
That has happened to us as buyers
Sometimes people don't want the property to sell. If its maybe the parents house who have passed away and there is still a sibling living there - rent free- they have an incentive to not sell! They tell their siblings the house is listed but in reality it'll never sell at the current price!
I once found the perfect house and tried to inquire about it, and the agent kept making excuses, i.e. the owners lived out of town and they could not get a hold of them, then the agent said the owner did not want to sell because they were renting it to someone. I was willing to work around that, but they refused. I wonder if there was more going on that the agent did not want to say, but I still regret missing the chance to get that house.
My agent wanted me to list my 1 bedroom condo for $310k because of comps. I said $340k despite it being empty for 2 years (i spent weekends there).
Sold, CASH offer in a week (3weeks to close)
A one-bedroom condo for $340K?? No way in the hell would I have paid that. Talk about desperation and greed.
@ west coast is expensive! I upgraded to a townhouse for $600k
(The condo was updated & upgraded with all new appliances, fixtures, custom closet, solid hardwoods, new AC, blinds…top floor with floor to ceiling windows)
Ahh yes. Friends recently sold their house
They had been following the local market for months in the lead up and thought $325,000 to be a realistic price.
The first Realtor suggest $270,000 for a quick sale because it's a small town and no one can afford to buy.
2nd Realtor agreed with $325,000 because it's a small town with good facilities and a nice house that's been freshly renovated.
They went with the 2nd Realtor, the house sold in 3 weeks for the asking price.
I do believe 1st Realtor was going to buy the house herself to resell and take that profit for herself.
what CRM do you use?
Someone may be being forced to sell and if their price is too high they get to stay longer, say in a death or a divorce. They might need time to get the money together to buy someone else out. Or they have a crap agent pushing so they get a higher commission or the seller is delulu
Some people just don't get it when it comes to pricing houses. There's two houses around me that haven't sold and been on the market for quite some time. They're not getting showings. You never see vehicles there. One's vacant one isn't. They're priced too high so they're going to continue to sit. Obviously they can afford to do so but in my opinion the price too high. I would take a lower offer if that's all I could get to sell
Price is one of the biggest reasons homes don't sell for sure, we have to listen to what the market is telling us!
People pay all that money to these GREEDY homeowner's and/or agents and most times the houses aren't even worth the prices. I purchased my first house in 2022; had a 3-hr inspection prior and regretted it. It's a nice house, but the previous owner didn't disclose a number of things. You don't truly know about a house until you've lived in it for about a year. Also, talk about tax and interest deductions is a f-ing joke!! I only received $300 more dollars in a refund compared to when I rented. I would much rather go back to renting.
I would never ever lower my orice again. Agents screw you. Sell it yourself. I lowered to help buy qualify then lowered again because of the agent saying so. ILOST MONEY A LOT OF IT. NOW THAT LAND IS 5 TIMES THE VALUE AND IT HAS BEEN 10 YEARS. The next one, agent says lower the price pushed me hard, by the way keep paying the mortgage no matter what they tell you. I AGAIN lost money because I lowered the price and in 6 months that home doubled in price checking now, 7 years later it is worth 4 times as much. I will die in this house before i sell or lower a price again. Sorry lady, not sorry, you people lie.
Sounds like you’ve had bad timing
That sounds like really unfortunate timing, but it's HIGHLY unusual. I also have a hard time believing that your market doubled the value of that home in six months. Did the people who bought it from you flip it? Is that where you are getting that number? Because if they flipped it, it was no longer how your house was before and so was with more for being in more modern condition.