Negotiation buying a house

[sv2007]

BTW the first home is only been in the market for 1 day--rental HUD property with complete house renovation. The owner is in Italy for two weeks vacation. So the decision won't be decided next week.

Who told you that? Sellers can definitely accept an offer anywhere; it's just a matter of electronically signing a few forms via email/web (even back around 2005, fax was around and that's how things get done).

The reason they are waiting for 2 weeks is to get more offers. Very, very few sellers sell the first day unless the incoming offer was very good (like 30-100% above asking) AND that offer expires in that 1 day.

In this case, unfortunately you've already got a buyer agent. So you must work thru the buyer agent and figure out the best time to put in the offer. Putting in your offer too early may not be the best thing.

[DaveInPgh]

If you don't have a buyer agent, then there may be a possibility of getting it for a little less by working with the seller agent. But you must know the market well and know how RE works (legally you are not supposed to get a better price, but in practice, you do). Here, many times you can even find out the competing offers (which is really not legal on the seller agent part). You bank on seller agent greed.

Where do you come up with this stuff? I swear you just pull stuff out of your ass

You are completing misrepresenting how a seller's agent interacts with a prospective buyer. There are bad apples in every profession, but suggesting a buyer is going to get a better deal or find out competing offers is complete BS.

Have you made a credible post on this forum?

[sv2007]

Where do you come up with this stuff? I swear you just pull stuff out of your ass

You are completing misrepresenting how a seller's agent interacts with a prospective buyer. There are bad apples in every profession, but suggesting a buyer is going to get a better deal or find out competing offers is complete BS.

Have you made a credible post on this forum?

What's your level of experience here? 1 or 2 houses in your life?
You've got a lot to learn.

[DaveInPgh]

Who told you that? Sellers can definitely accept an offer anywhere; it's just a matter of electronically signing a few forms via email/web (even back around 2005, fax was around and that's how things get done).

The reason they are waiting for 2 weeks is to get more offers. Very, very few sellers sell the first day unless the incoming offer was very good (like 30-100% above asking) AND that offer expires in that 1 day.

In this case, unfortunately you've already got a buyer agent. So you must work thru the buyer agent and figure out the best time to put in the offer. Putting in your offer too early may not be the best thing.

Again

Perhaps the sellers won't accept any offer because they are on vacation and simply just don't want to deal with it. You have no idea why they are waiting two weeks.

And unfortunately? In the real estate transaction, a Buyers Agent is the only person legally looking out for the buyer's best interest. Without that agreement in place, the agents are working for the seller.

[DaveInPgh]

What's your level of experience here? 1 or 2 houses in your life?
You've got a lot to learn.

I was a licensed agent. You are talking out your ass. I am basing my posts on the proper education and handling transactions as both types of agents and as a buyer and seller on multiple properties of my own.

[sv2007]

And unfortunately? In the real estate transaction, a Buyers Agent is the only person legally looking out for the buyer's best interest. Without that agreement in place, the agents are working for the seller.

If you were really a realtor then you need to go back to school. Oh wait, you are no longer one; I guess that's doing RE a favor because I'd hate using you as my realtor. Cause, you just don't know anything.

Once a seller agent handles both sides of the transaction (legal an many jurisdictions), they must legally watch for both buyer and seller interests. In jurisdictions where this isn't legal, the seller agent will generlly recommend you a buyer agent (and usually not just any buyer agent).

After dealing with enough realtors, there are honest ones (even they have conflict interest... when they have conflict of interest in possibly wanting money quickly sometimes which means selling faster which means possibly less money if the seller can wait, schedule conflict I call it). RE agents look out for themselves first, you second.

[sv2007]

I was a licensed agent. You are talking out your ass. I am basing my posts on the proper education and handling transactions as both types of agents and as a buyer and seller on multiple properties of my own.

Go back to school.
Ignorance isn't going to make you much money in the world.
Even ignorance in saving money will mean saving less money.

[tripods68]

Please stick to topic guys.


Lot of good pointers. We're not a first time home buyer. At the same time, we don't want to be in the bidding war either. We already put forth our MAX price target for the house. We have an agent that I've known for 25 years. She was our realtor when we bought our home we currently living and my parents as well.


This home is on our top list: We will be visiting the agent during open house to get a feel and sense about the home. The agent wants to talk with us. The seller don't want Investor buyer since the neighborhood is mostly owners.

1st home:

http://www.metrolistpro.com/homes/6/2/9324-NEWINGTON-WAY-ELK-GROVE-CA-95758/16032512

This is the 3rd home we like.

http://www.metrolistpro.com/homes/6/2/9365-LA-TONIS-WAY-ELK-GROVE-CA-95758/16044345

We got few more houses to look at this weekend that we like/want to visit. Hopefully if it works out, we may have to offer several bids (at least 3) after this weekend based on location relative to kids school/near highway/parks/church/shopping center.

BTW: I found out the co-worker live next door 1st home. They been there for 13 years. The agent will be talking with her to find out what type of buyer we are.

[DaveInPgh]

If you were really a realtor then you need to go back to school. Oh wait, you are no longer one; I guess that's doing RE a favor because I'd hate using you as my realtor. Cause, you just don't know anything.

Once a seller agent handles both sides of the transaction (legal an many jurisdictions), they must legally watch for both buyer and seller interests. In jurisdictions where this isn't legal, the seller agent will generlly recommend you a buyer agent (and usually not just any buyer agent).

After dealing with enough realtors, there are honest ones (even they have conflict interest... when they have conflict of interest in possibly wanting money quickly sometimes which means selling faster which means possibly less money if the seller can wait, schedule conflict I call it). RE agents look out for themselves first, you second.

I don't need to go back to school. You clearly don't understand how agency agreements work. You specifically told the OP if he didn't have a buyer's agent already, "there may be a possibility of getting it for a little less by working with the seller agent."

I put seller's agent in bold for a reason. In my state of PA, it is the duty of the agent "to be loyal to the seller by taking action that is consistent with the seller's interest in a transaction." Clearly it is not in the seller's best interest if the said agent is trying to get the buyer a better deal.

In the situation you originally suggested, the seller's AGENT is not looking out for the buyer's best interest. Why? Because they have no agency relationship to do so.

The seller agent DOES have the duty to deal honestly and in good faith along with a bunch of other requirements. None of which form an agency relationship with the buyer, or put the buyer's best interest ahead of the sellers.

You appear to be trying to put DUAL agency into your scenario now, but that is definitely not how you suggested it in your original post. The duty of a DUAL agent is "to take no action that is adverse or detrimental to either party's interest in a transaction." Certainly not the same as looking out for both the buyer's and seller's interests.

[DaveInPgh]

If you were really a realtor then you need to go back to school. Oh wait, you are no longer one; I guess that's doing RE a favor because I'd hate using you as my realtor. Cause, you just don't know anything.

Once a seller agent handles both sides of the transaction (legal an many jurisdictions), they must legally watch for both buyer and seller interests. In jurisdictions where this isn't legal, the seller agent will generlly recommend you a buyer agent (and usually not just any buyer agent).

After dealing with enough realtors, there are honest ones (even they have conflict interest... when they have conflict of interest in possibly wanting money quickly sometimes which means selling faster which means possibly less money if the seller can wait, schedule conflict I call it). RE agents look out for themselves first, you second.

Also, although I was a Realtor, it is certainly not a requirement to handle real estate transactions as a seller's or buyer's agent. What is required is being licensed by the state in which the real estate transaction is taking place.

A REALTOR is a licensed real estate salesperson WHO also happens to belong to NAR. Belonging to NAR is not a requirement. Your general use of Realtor and your generalization of transactions is just an example of your ignorance to the laws and regulations of the profession.

[97guns]

Please stick to topic guys.


Lot of good pointers. We're not a first time home buyer. At the same time, we don't want to be in the bidding war either. We already put forth our MAX price target for the house. We have an agent that I've known for 25 years. She was our realtor when we bought our home we currently living and my parents as well.


This home is on our top list: We will be visiting the agent during open house to get a feel and sense about the home. The agent wants to talk with us. The seller don't want Investor buyer since the neighborhood is mostly owners.

1st home:

http://www.metrolistpro.com/homes/6/2/9324-NEWINGTON-WAY-ELK-GROVE-CA-95758/16032512

This is the 3rd home we like.

http://www.metrolistpro.com/homes/6/2/9365-LA-TONIS-WAY-ELK-GROVE-CA-95758/16044345

.

nice looking homes, are you relocating or have you been in elk grove for a while. just curious because i have an uncle that moved there from the bay area and found out the crime rate was too much for him to handle, ended up coming back to the bay area. he had his house broken into twice and his truck was stolen too, all in a nice clean neighborhood, he later found out crooks are coming from stockton and sac to burglurize

[sv2007]

I don't need to go back to school. You clearly don't understand how agency agreements work. You specifically told the OP if he didn't have a buyer's agent already, "there may be a possibility of getting it for a little less by working with the seller agent."

I put seller's agent in bold for a reason. In my state of PA, it is the duty of the agent "to be loyal to the seller by taking action that is consistent with the seller's interest in a transaction." Clearly it is not in the seller's best interest if the said agent is trying to get the buyer a better deal.

In the situation you originally suggested, the seller's AGENT is not looking out for the buyer's best interest. Why? Because they have no agency relationship to do so.

The seller agent DOES have the duty to deal honestly and in good faith along with a bunch of other requirements. None of which form an agency relationship with the buyer, or put the buyer's best interest ahead of the sellers.

You appear to be trying to put DUAL agency into your scenario now, but that is definitely not how you suggested it in your original post. The duty of a DUAL agent is "to take no action that is adverse or detrimental to either party's interest in a transaction." Certainly not the same as looking out for both the buyer's and seller's interests.

Read it however way you like; I guess you can just be poor forever.
The smart people is only poor temporarily; can't say the same for the dumb ones.

[DaveInPgh]

Read it however way you like; I guess you can just be poor forever.
The smart people is only poor temporarily; can't say the same for the dumb ones.

lol

Proven wrong so you come up with some type of nonsense about my wealth. I am doing quite fine for my age and location.

[sv2007]

Also, although I was a Realtor, it is certainly not a requirement to handle real estate transactions as a seller's or buyer's agent. What is required is being licensed by the state in which the real estate transaction is taking place.

You just said " I am basing my posts on the proper education and handling transactions as both types of agents and as a buyer and seller on multiple properties of my own. " in a few posts up. You should make up your mind on which way to tell your story.

I've asked texas hustler once if he was a realtor because in TX to manage other people property you must be one. I've seen a lot; it is up to you to take or leave the advice.

Seriously, you won't go far in life with whatever you know based on your posts and it shows.

[tripods68]

nice looking homes, are you relocating or have you been in elk grove for a while. just curious because i have an uncle that moved there from the bay area and found out the crime rate was too much for him to handle, ended up coming back to the bay area. he had his house broken into twice and his truck was stolen too, all in a nice clean neighborhood, he later found out crooks are coming from stockton and sac to burglurize

The crime rate in Elk Grove area is very low traditionally, no where near Sacramento region. I've lived here for over 20 years now and it been growing the but a more family oriented growing town.