Home buying frustration

[dakcp2001]

Excellent decision. Makes me wonder if 1) there is another offer and 2) if there is, if its better than yours. This guy sounds like he's negotiating to get the best price, but its not in good faith, or at least with any type of professionalism. When does your contract with this realtor expire?

Not soon enough! October. I don't trust the seller at all, and the fact that he is handling this himself with no expert to reel him in, well, just not worth the hassle to us. His house is nice and in a nice area, he will sell it. I feel sorry for the person who has to deal with him to buy it. It wont be us.

 

[dakcp2001]

OP, that sucks. Not sure if you believe in "signs. you may love the house, but it may not be for you. The nosy odd lady, this new issue with the seller' I wish you luck in getting the house for you, even if this is not the one.

You were right, I should have listened to you!

 

[manning]

Quite obviously I can't. But from our early home buying days in Maryland I think I remember this being mentioned. I may very well be wrong. I just don't see how you counter a full price offer with no contingencies. You either accept the offer or not. Maybe that's where I think the issue was. You can't raise the price rather than being required to accept the offer. I'm sure it's a state by state thing anyway.

On a slightly related note, when we bought our first house the contract stated that the blinds conveyed with the house. After a very contentious settlement (the bank appraised below the agreed price), the sellers took the blinds and we made them bring them back.

I think what you may have heard was if a seller gets an offer for the asking price and turns it down the realtor has fulfilled his commitment and is entitled to the commission.

 

[manning]

Amen!!

Part of my job was negotiating and was given negotiating training. The very first thing they taught us was eliminate your emotions. Almost every time you allow emotions to get involved you make a bad deal. Also we were taught to be prepared to walk away from a deal.

I would counter original price and they take the refrigerator. And put a short time limit for them to accept the offer. The time limit will be the trigger. Almost all acceptance is made at the end of the time limit. Maybe hint your next offer will be lower.[/QUOTE]

We are not making any more offers, this guy is going to be too difficult throughout the sale process, and the added stress is not worth it. There are a lot of houses out there and we will find another.

Good choice. I posted before reading the entire thread.

I'm not familiar with discount realtor. With a regular realtor if they turned down your offer they may be stuck with paying a commission. If the realtor found a qualified buyer at the asking price they fulfilled the terms of the listing contract.

Sometimes greed is good...not

 

[hereyago]

OP, I am sorry the house didn't work.out for you. And wish you better success and less drama on the next house.

 

[tvguy]

Not soon enough! October. I don't trust the seller at all, and the fact that he is handling this himself with no expert to reel him in, well, just not worth the hassle to us. His house is nice and in a nice area, he will sell it. I feel sorry for the person who has to deal with him to buy it. It wont be us.

I have signed a contract with a Realtor to sell a house, but never heard of signing a contract to have a Realtor find you a house.
But I have only purchased one home, and that was 30 years ago. But we did look at moving once, and that agent showed up 40 houses before we decided it made more sense to add on to our home than to move. She had no issue with that. The way the market was at the time, we saved over $100,000 by adding onto our house instead of buying a different one with the same square footage and featured.

 

[lovin'fl]

I thought a contract with a buyers agent was not truly binding...meaning you can walk away and get another realtor at any time, no???? We have bought 5 houses and sold 4 (all from 1998-2007) and have switched realtors before. I think you can even switch sellers agent too???????

Also, I don't think the times are that of bidding wars anymore, at least not where I live (Balt-Wash area...and it once was). I can't understand even paying full price nowadays. OP walking away is smart IMO. I think she'll hear back from seller though, when he realizes nobody is going to overpay for his house right now.

Good luck OP...I hope you find something better!!!

 

[aaarcher86]

I thought a contract with a buyers agent was not truly binding...meaning you can walk away and get another realtor at any time, no???? We have bought 5 houses and sold 4 (all from 1998-2007) and have switched realtors before. I think you can even switch sellers agent too???????

Also, I don't think the times are that of bidding wars anymore, at least not where I live (Balt-Wash area...and it once was). I can't understand even paying full price nowadays. OP walking away is smart IMO. I think she'll hear back from seller though, when he realizes nobody is going to overpay for his house right now.

Good luck OP...I hope you find something better!!!

Any realtor (besides my cousin, who we ended up using) required me to sign a contract before they would show me any houses. I assumed it was the norm. All the realtors I know require a contract for selling as well.

 

[lovin'fl]

Any realtor (besides my cousin, who we ended up using) required me to sign a contract before they would show me any houses. I assumed it was the norm. All the realtors I know require a contract for selling as well.

Yes, but there's no recourse from walking away from the contract...I thought I was once told...could be wrong.

 

[Luvchefmic]

OP good call on your part...you'll find the home you are meant to have I'm happy for you, it was a slippery slope that you were on

 

[manning]

there are buyer agents and seller agents. one represents the buyer's interest and the other the seller's.

Many think that when they walk into a real estate office looking for a house they are dealing with an agent looking out for their interest. They're not. They are looking out for the interest of the seller. By law they have to. The contract is between the seller and the agent. Their responsibility is to get them the best deal.

To have a realtor look out for your best interest you have to hire (sign) with him/her as a buyer agent. Again by law they have to look out for your interest. They take payment from you.

Neither one can represent both sides. That would be seen as conflict of interest.

 

[Robbi]

OP, the seller might be full of it about another offer. If he isn't but is as hard to deal with, the other potential buyers might walk.

 

[deedeecee]

Bidding wars are not uncommon in our area right now, although the market has cooled somewhat. We sold our home in April and received 13 offers. Crazy. House sold for 6K more than list price (and I thought the list price was on the high side).
The same agent that sold our home also found us our new home. Our new home was his listing so he served as both seller's and buyer's agent. As long as there is full disclosure, it is OK, well, at least in this area.

To the OP, good luck in your home search. It can be a challenging process, but when you find the right home, so worth it in the end.

 

[FlyingDumbo]

Dee dee what area are you in? We have decided maybe when our lease is up to buy something. I have been told in our area the market is crazy like that! Going up quick. I like our rental but our neighbors are awful.

 

[DebbieB]

there are buyer agents and seller agents. one represents the buyer's interest and the other the seller's.

Many think that when they walk into a real estate office looking for a house they are dealing with an agent looking out for their interest. They're not. They are looking out for the interest of the seller. By law they have to. The contract is between the seller and the agent. Their responsibility is to get them the best deal.

To have a realtor look out for your best interest you have to hire (sign) with him/her as a buyer agent. Again by law they have to look out for your interest. They take payment from you.

Neither one can represent both sides. That would be seen as conflict of interest.

Not true. When I bought my townhouse last year, I called the agent on the sign, the sellers agent. I didn't have an agent. When I signed the offer, the agent was designated as a "dual agent". It had been on the market for a long time and I did my homework to get a fair deal. Since she was going to get full commission, she threw in some commission to get the price down.

 

[mfd25wife]

We found a home we really like. We offered full asking price, with seller to pay closing costs. They countered with wanting 5 ABOVE asking price, zero closing costs, and now they want to take their fridge which was previously part of the deal. I am so aggravated. Any advice? Im thinking of walking away but my husband really wants this home. I love the home, but I think seller is being a bit ridiculous.

I'd walk away. It sounds like they know how badly you two want it, and thinks you will give whatever they want.

 

[manning]

Not true. When I bought my townhouse last year, I called the agent on the sign, the sellers agent. I didn't have an agent. When I signed the offer, the agent was designated as a "dual agent". It had been on the market for a long time and I did my homework to get a fair deal. Since she was going to get full commission, she threw in some commission to get the price down.

Yes, if they disclose they are dual agents. If not they have to represent one or the other.

 

[deedeecee]

Dee dee what area are you in? We have decided maybe when our lease is up to buy something. I have been told in our area the market is crazy like that! Going up quick. I like our rental but our neighbors are awful.

Southern California. Specifically, North Orange County.
It was crazy there for a bit, but I think the market has calmed down slightly.
We were very fortunate because we were able to buy our new home after the first buyers backed out. We quickly put in an offer before the open house because I expected that this house would get multiple offers and I assumed the owners wanted to be done with it all, after dealing with the first buyers who backed out (been there, done that).
It worked out for us and we love our new home.
Timing is everything. I think it's a great time to buy if you can be patient.