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06.18.08, 06:24 AM General Topics
28 replies
we called about a house about two weeks ago. they said they were asking $730, firm. called again this week, it's under contract for somewhere in the low to mid 500s. I am just going to start looking at any priced house and giving an offer on what i'm willing to pay for it. [ Reply | Watch | Flag ]
General Topics 06.18.08, 06:24 AM Flag
 

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how would you know the closing pricu so fast? [ Reply | More
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General Topics 06.18.08, 06:25 AM Flag
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i don't know the closing price but i was looking on line for this zip code and saw a house listed for 519. i called and they told me the address and i realized it was the same house i had called about recently. [ Reply | More
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General Topics 06.18.08, 06:26 AM Flag
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^^^i asked her if it went for 519 and she said "it went for a little over that" but it hasn't closed yet. [ Reply | More
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General Topics 06.18.08, 06:27 AM Flag
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who is her? Sellers? [ Reply | More
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General Topics 06.18.08, 06:32 AM Flag
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the broker that i spoke to. she wouldn't give me an actual price b/c it hasn't closed yet. [ Reply | More
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General Topics 06.18.08, 06:33 AM Flag
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So it wounds like they were trying to sell it themselves at that silly price, then they hired a broker who priced it appropriately (probably around what you thought it was worth in the first place) and someone beat you to the new price. The mistake here is that Sellers should have taken your name and # and called you once they agreed to the new price. [ Reply | More
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General Topics 06.18.08, 06:28 AM Flag
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yes, they should have. they were using a broker the whole time but it sounds like the seller was firm. it's just frustrating b/c i would have looked at it if i thought they'd consider something in the 500 range. so i'm just going to ignore prices from now on. i'll offer what i'm willing to pay. the real estate agents might hate me but i might actually end up with a house that way. [ Reply | More
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General Topics 06.18.08, 06:30 AM Flag
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oh please - who knows if a broker was involved in the FIRST price? [ Reply | More
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General Topics 06.18.08, 06:30 AM Flag
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No realtor says any sellers is asking a certain price "firm" - especially over the phone! This whole thing is bogus. [ Reply | More
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General Topics 06.18.08, 06:31 AM Flag
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op: what do you mean it's bogus? that's what they told me. do you think the guy just didn't know what he was talking about? [ Reply | More
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General Topics 06.18.08, 06:32 AM Flag
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np - MOST brokers do not know what they are talking about. [ Reply | More
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General Topics 06.18.08, 06:33 AM Flag
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i think you are very right. some are really on the ball but most don't know what is going on. [ Reply | More
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General Topics 06.18.08, 06:36 AM Flag
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np: Would you have offered more than the mid-500 range? If so, I would throw a wrench in the works and tell the manager of that brokerage office that they did not represent their client well since you were turned away on the phone. [ Reply | More
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General Topics 06.18.08, 06:36 AM Flag
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i didn't really ask. he told me it was a firm price and do i want to look at the house and i said i'd call him back. [ Reply | More
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General Topics 06.18.08, 06:39 AM Flag
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absolutely - why wouldn't you? I wouldn't waste your time on $1m homes but if your budget is $500k, there is no reason why you shouldn't big $500k on a $700k house - all they can say is no! good luck! [ Reply | More
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General Topics 06.18.08, 06:29 AM Flag
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well one good reason is that most Sellers wont negotiate with an insulting lowball. [ Reply | More
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General Topics 06.18.08, 06:30 AM Flag
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IME (which is considerable in real estate investing) you are wrong. Plus - again - what does OP have to lose? She isn't going to buy it at $700k anyway so who cares? [ Reply | More
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General Topics 06.18.08, 06:32 AM Flag
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I can assure you I am not wrong. I have supported my family well for 20 years selling residential real estate - a very different business than "investing", whatever that is. I get these lowball offers on my listings every day and will respond with an appropriate counter which is 1-3% below asking depending on conditions. [ Reply | More
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General Topics 06.18.08, 06:34 AM Flag
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You would be wrong in the exact situation that OP described, no? [ Reply | More
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General Topics 06.18.08, 06:35 AM Flag
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how can you respond? i thought brokers are obligated to relay all offers to the owner? op. [ Reply | More
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General Topics 06.18.08, 06:35 AM Flag
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MANY brokers are extremely shady. this is clearly one of them. [ Reply | More
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General Topics 06.18.08, 06:36 AM Flag
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Of course I relay all the offers but the Sellers are paying me for my counsel. Why would they pay me if they weren't going to follow my suggestions on how to respond to offers and negotiate their best price? [ Reply | More
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General Topics 06.18.08, 06:37 AM Flag
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you get paid when a deal closes. period. [ Reply | More
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General Topics 06.18.08, 06:39 AM Flag
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No realtor will stay in business for too long with that attitude - my business is completely based of referraks. [ Reply | More
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General Topics 06.18.08, 06:40 AM Flag
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i didn't want to b/c i was afraid the brokers would hate me. there aren't that many good brokers in this neighborhood and i was afraid of getting on the "she's not realistic, don't bother with her" list. otoh, i see that if i want a house, i need to start putting in offers. [ Reply | More
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General Topics 06.18.08, 06:34 AM Flag
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brokers ultimately want a deal to close - if they believe that you can close a deal at X price and that the seller will take it, they won't care if they hate you. [ Reply | More
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General Topics 06.18.08, 06:36 AM Flag
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good point. thanks. [ Reply | More
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General Topics 06.18.08, 06:36 AM Flag
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Not a bad idea. I know someone who offered 20% less than asking and said the offer was firm. It was rejected at first, but then a couple of months later when the house wasn't sold the buyer accepted the low offer. It's always worth a try. [ Reply | More
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General Topics 06.18.08, 06:31 AM Flag
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