Dealing with a seller who has a better backup offer
lisarfuller
11 years ago
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OttawaGardener
11 years agoTony2Toes
11 years agoRelated Discussions
seller agent didnt submit offer
Comments (41)Linda - what are you seasoned realtors seeing that those of us who think something is not right aren't? Sparkels Im only seeing that some of the facts are missing here. From being in the business, it sounds to me like they had a very strong offer on the property. (CASH or, a strong pre approval, good money down, strong credit scores, no contingencies) and had no reason to listen to any other offers, especially from a buyer who looked at the property a month ago (wasnt motivated enough to make an offer then). A red flag to me is that this buyer wasnt in contact with the listing agent for a whole month. Is this not a strong buyer that the LA didnt bother keeping in touch with him/her? When a bank has a strong offer on the table, they arent necessarily interested in getting the "highest" price, just the strongest buyer. They obviously felt that had that. Alot of people think the agent is doing something crooked or underhanded when things dont work out in their favor. I think most of the agents here are seeing that things are just not adding up. Parts of the story are missing. Agents have NO REASON at all not to submit offers, especially in this case where it would have been a double for the agent. My guess is they had a very motivated cash buyer in hand and had no reason to listen to any other offers....See MoreSeller won't budge, the deal is off. Were we wrong?
Comments (43)"The house has been in his family for many decades and he hasn't even lived there in almost a year." This is your problem, Glassapples. This kind of seller may be one of the hardest to work with, because he/she has no incentive to bargain with you. Owners who have inherited property from parents or family members often have very little, or even zero, costs associated with the house -- especially if Mom & Dad left a bit of cash to cover taxes and repairs. Consequently, they are disinclined to see the disadvantages of the home in realistic terms and are all about making as much pure profit as possible. If you end up in contract with this seller, I think you should be prepared for a tough time. When we were looking to buy two years ago we focused our search in a small city where prices were flat and where there was a good-sized inventory of small, affordable homes from the 1920s - 1960s. What I realize now is that many of these older and smaller homes change hands because the initial sellers die off and no one from the second generation wants to go back and live in their childhood home. Instead, they plan to sell the property off and share the proceeds. The problem seems to be that this type of seller often sees the sale as a windfall, not as a business deal, and they won't budge from the imagined value they've placed on the home. We viewed several properties with 'off-premise' sellers offering horror-homes for nutty prices -- like the one home that was filled with dead flies covering the pink wall-to-wall carpet, or the closets that held porta-potties and molting mink stoles. We saw one -- a small 1 & 1/2 story built in 1935 -- that could have been the right place for us, with some work. The hardwood floor in the liv. room stank of cat pee, however, and the small kitchen hadn't been updated since 1979. The selling agent explained that the husband and wife who raised their family there had both died and the kids were selling it (my heart sank when I discovered Dad's well-worn moccasins tucked in a cubby on the stairway down to the basement... son and daughter had overlooked them when cleaning the house out, along with two truckloads of trash in the basement.) We asked her if they were firm on the price, because it reflected a house of that vintage in top condition, with new appliances, a new roof and nore modern bathrooms -- in other words, about $20,000-30,000 more than the fixer-upper was worth. The agent said no, don't even bother making an offer much below asking -- apparently the house had been listed for three months already and the sellers were 'holding out' for their price. Not long after, we found the house we were looking for, at a very good price, and we live there now. About a year later, I found myself in the same part of town and drove up the hill to see the little Colonial with the shaggy camellias and the old man's moccasins on the stairs. The place looked shabbier than ever. It was empty, and a new agency's "For Rent" sign stood out front in the uncut grass. The moral of this story is: beware of a buyer with nothing to lose and everything to gain. From you. If he/she has got the house you want, then you may willing to deal. But as you yourself have pointed out, so far, you're the only one negotiating....See MoreSellers Unfazed by Reality (another deal's death by appraisal)
Comments (21)... DESERVE to be low-balled! By both you and the appraiser! What kind of hoser allows his family to live in a house with obvious (and CHEAPLY corrected) WIRING faults? And the FURNACE thing, WTF? I know of AHJs in the northeast that will DENY YOU A C.O. for such lack of major infrastructure! Throw in the shabby roof and it would require ALL my self-control to not be openly snide with such sellers! You "done good" to just remain civil. Perhaps these sellers hit the HELOC "ATM", but spent it on everything BUT the house?... like maybe... recreational chemicals? =:O Very odd situation... as noted above, you might be picking up this same house in a foreclosure auction, not too far in the future. Feel for ya inexplic... buying a home for your family to live in naturally gets more emotional than looking for an income property you'll never spend a single night in. Next time be working a few in parallel. Nothing wrong with that in a buyer's market. PS: Don't do the long letter thing anymore... casting pearls to swine. But DO tell us more about the seller's appearance, behaviors, nervous tics, etc. ;')...See MoreWhat's the deal with all these seed sellers?
Comments (11)It was just a curious question. Like the show "How it's made". It's interesting to know how the system works and how people use it. I'm not one to blindly walk on the earth. I think it's good stuff to know. But I do know, I only like to buy seed from people that are harvesting and growing their own. Not someone who lives on a city lot and buy big bags of seed and sticks it in their own envelopes. And I have every right to require that from the people I give my money to....See MoreUser
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