Shall I Meet the Buyers Before the Closing
sixtyohno
8 years ago
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Meeting with buyer's agent, what to expect
Comments (21)An update: the buyer came through the house on Saturday as part of a tour of 13 houses in my area. He is going to make an offer on a house in a neighboring town, so no sale for us. Feedback from the buyer's agent was mostly as expected: - kitchen is dated - wallpaper in powder room has to go - faux painting in LR and DR needs to be neutralized - square footage is good for buyer(3000 sq ft) - rest of house is gorgeous - buyer didn't want a pool I'd already planned to update the kitchen and strip the powder room wallpaper, wasn't sure how the faux painting would be viewed but will repaint if needed. The pool...well, why look at a house with a pool if you don't want one? The house is overpriced given the dated kitchen; new granite countertops and appliances would support the higher price. Lots of interesting comments above. I'll try to address what I can. The poster who said my agent misled me: actually, he didn't; he was clear in his email that it wasn't his buyer. I read the email again and saw my mistake. He had brought up my house to another agent in his office who had a buyer looking for houses in my price range. I didn't think it was ethical to cut out my agent completely and just offer 2.5% to the buyer's agent; I had no idea who the buyer's agent even was, and my agent would have had no incentive to give the buyer's agent my contact information/address so she could show her client my house. Whether my agent's services were worth the additional 2% is of course debatable. I saved him a lot of money that he would have spent marketing the house, and a lot of time. However, I feel he should be compensated for the referral and for any work he might do to shepherd the sale along (not a trivial process in my county). All this for 2%? Maybe, maybe not, but we thought it was a reasonable, low-risk opportunity to test the market and get feedback on the pricing and condition of our house. If you are willing to pay 4.5% commission why are you only listing on zillow? Because I don't really want to sell the house, but would be willing to sell at the right price. When I get to the point that I'm 100% committed to selling the house, I'll definitely be on the MLS. The usual commission in this area is 6%. This off-market strategy is something I really need to investigate further as it's quite new to me. The idea is that in return for an "exclusive" look at a house that's available for sale, the buyer agrees to meet the seller's asking price. That's why the price isn't negotiable in this kind of a listing. The listing agent markets the listing to other agents, rather than to potential buyers. I think the main advantage to the seller is that it keeps the dreaded days-on-market clock from beginning to tick. Any house with DOM over 30 days or so and people begin to wonder what fatal flaw the house has that keeps it from being sold. I live in an area where it's quite common for the following: Agent open house on Friday General open house on Saturday Offers accepted on Tuesday My next door neighbor's house sold like this for $62,000 over asking, 7 offers, late last year. I know my area (Silicon Valley) has a very unusual real estate market. My town is completely built-out, there's no land at all for new building, and it's a very desirable place to live. Inventory is quite low right now. Prices have come down around 10% here in the past couple of years, based on the values of the peak in mid-2008. The comps for my house support this: a house in my neighborhood with the same floorplan as mine sold in 2008 for 15% more than my zillow price. A more recent sale of this floorplan was December 2009 at the same price as my zillow price. Could I get more than the zillow price for the house and have the appraisal support that? Who knows, but I was willing to take that risk. The only issue I have with this agent so far is that he didn't do his homework regarding the buyer who came through the house on Saturday until I started asking questions. At that point he called the buyer's agent and got all my questions answered, but I thought he should have done that without my asking. Otherwise I think he's an honest agent. It's a small world - another agent from his office is a neighbor, and a third is a friend from my son's soccer teams. References will be thoroughly checked if we decide to sign any longer-term listing with him. I was upfront with him as well: I told him my soccer mom friend is someone we'd consider listing with if/when we decide to hire an agent. And I forgot to add that my "listing" agent actually does have a buyer, a different person who is out of the country. Whether this buyer is interested in my house or not hasn't yet been determined. I'm not counting on it, at any rate....See MoreQuestion about buyer's access before the closing
Comments (12)That is absolutely NOT ok. The agent should not have given the key to the "buyers" (that's what they are, NOT owners). Unless stated in the contract, the day of closing is the day they take possession (ie. get the key). A quick call to the agent's broker should confirm this. The agent is taking a big chance by doing this. If there is any damage to the house (done by the buyer's coming in and out as they please), they could bring that up at the final walk through and want them fixed. *I am a real estate agent, not an attorney or anything. This is personal opinion and should not be used as legal advice or guidance. (sorry, with the way the world is, this in necessary)...See MoreBuyers asking for Price Reduction before Closing
Comments (34)In our area, so many contracts do not make the period of refusal after the inspection that we do not even put the earnest money into the escrow account after the contract has gone past the inspection and acceptance by both parties. If you want them to buy the house more than you are willing to walk away from these buyers, then you give in. If they want to buy the house more than you are willing to lower the price, then they give in. This is just a business transaction and you are coming to a new agreement about the price within the bounds of the contract law. You need to know what the contract says in your particular situation and in your local area or trust that your real estate agent will advise you correctly/appropriately. In general, the investor does not have to buy this house. Another house will come up for them. So they maybe willing to walk. You HAVE to sell this house. You are not in the driver's seat. They have the money, and you want their money. Unfortunately, if you call their 'bluff' you may hurt yourself more than the potential buyer precisely because they DO NOT have to buy this house and buy another house just as easily. It is just a commodity to them. Your real estate agent should have advised you this fact about the investor buyers. If your local area allows it, it does not matter what the reasons are, they have the right to terminate (within the deadline) the contract based on the inspection; as least that is the law in my state. I can simply say that there are thing about the house that I don't like 1,2,3 etc, and I have the right to terminate. The contract says that the condition of the sale is based on inspection. (there is always something one can use to get out if one really does not want to buy the house...) It seems harsh but in the buyers market, the buyers have that option. You need to know your market to know how much you can leverage the market conditions. If the market is so hot where there will be another buyer quickly, then you hold your position. If the market is soft and you are not sure if you will have another buyer quickly, then you renegotiate to get the best price that you can. If they are investors, they maybe more savvy than you about buying and selling houses and have a better real estate agent to negotiate for them. Don't take any of this personally. Evaluate each position methodically and take the one that meets the most of your needs. Take the emotion out of this and ask yourself what is an acceptable price to you to close the deal and negotiate toward that. In business transactions, unless the deal closes, no one gets paid; the seller, the real estate agents (yours and theirs), the loan officer etc. This is why all agents really work for the 'sell' and not the 'price'. Most of all, you don't get paid until the deal closes....See MoreBuyer wants walk through day before closing
Comments (37)We have bought several homes and only sold one and in each transaction, there was a walk through day of or day before closing. We close on the purchase of another house next week and the sellers have been super nice and accommodating in letting us see the house multiple times thru out the 7 weeks after contract signing. They even allowed us to store our new sofa and cabinet in their garage last week. (We‘re moving from a townhouse two miles away to a SFH.) I offered to sign a statement waiving their liability for damage to my furniture but they were ok without it. We close at 11am next Monday, and I know we can’t get the house keys until after all the paperwork is signed and settlement check passed to the title company. I’m tempted to ask the seller if we can move some boxes of household items (not high value) and keep them on the covered back porch one day before closing when we go to do walk thru, but don’t want to take advantage of their generosity any more than we already have. i may have my contractor come with me to the walk thru so he can get measurements and evaluate the powder room for a total remodel....See Morelucy132
8 years agosixtyohno
8 years ago
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