I'm only posting this discussion because we really LOVED 3 properties so much we made full price cash offers, and included a nice handwriten letter to the seller. We lost to lower price offers by investors who could close in 14 days (so could we, but we didn't think of that), and would not need inspections (that one is dicey! obviously repairs, and if you get it for less...! These are evil games investors and their agents play!
Do you think these games are ok? They lack integrity. An investor wants to fix and flip. A buyer/ocuppant wants to fix and enjoy.
I am not a realtor, but we may sell MY home and if I see any of you realtors representing this type of buyer... you will NOT list my home! EVER!
Dirk, I'm not sure if you meant to reference your post to someone else. I never said all offers aren't submitted to the seller or to hold offers. Per our association of Realtors we should tell agents if there is a multiple bid situation and give them 24 hours to resubmit highest and best- if that is what you are referencing. No offers are held. Sometimes, within 24 hours we can get 3 offers. The ratified agreement is then submitted to the lender. The seller usually decides within 48 hours. I'm not sure where you got from that I should be reminded the seller's agent works for the seller and not the note holder.
What I was trying to imply was that the holder would have agents believe that they work for them, not the seller or buyer. Some agents seem to forget this when they are working and the servicer/holder begins to place requirements, even those that might be illogical, unethical or even possibly illegal.
Dirk, It may be helpful to you to read comments by other experienced agents on here in regards to multiple offer situations.
Susan, I don't think there are any games if another buyer makes a lower offer and can offer a quicker closing time and no inspections. I've seen that all day long in my market. ESPECIALLY if the homeowner is up against an auction. I've seen agents take higher offers that fell through because of inspection contingencies or finance contingencies. The cleanest offer out there is cash, no inspection, and quick closing and they all aren't like that.
You have to keep in mind too that a short sale seller's objective isn't the same as a traditional seller in the sense that a traditional seller wants the most money. many short sale seller's don't get $$ at closing so higher offer means nothing, but boy if someone is a strong buyer and they are up against an auction, they will take a lower offer cash many times.
I know it stinks. Especially if you are in a hot market, but eventually something will come together for you. Good luck.
Yep! I hear you, and I'm actually a player. I'll jump with no inspections, but my husband with his darling engineer brain will not! It is frustrating. I would be willing to do a clean offer, like you state, but he will not budge!
Our offer is almost 3 weeks in, and no others, to my knowledge have been made. Evidently our offer is the only one submitted to the lender, GMAC!Wow! GMAC! Evidently they are a facilitator for a lot of companies. Our offer has been presented to the "investor" for approval. I'm really happy it's not with BOA or WF. Horror stories there!
When the approval comes, I'll say it loud and clear! Happy New Year!
Good luck- hope you get it! Sounds promising it has made it to investor so soon. I've had good experiences with GMAC so hang in there!
I'll be honest with Susan! There are plenty of dirty agents out there, at least there are in my market (southern California) and in Las Vegas where I am trying to buy. Almost every time I see a home listed under market and it sells under market, it has been double-ended by the listing agent with an investor buyer, and then relisted after a quick rehab. It's not the cash-buyer part that is dirty but double-ending without truly trying to get the highest offer or a market price is the unethical part.
Around here it happens fairly frequently. The time you can beat one of these agents is in those cases when a short sale lender realizes the house is under market and comes back with a higher price than the listing agent's investor buyer was willing to pay. It will come back on the market with a note saying "Approved short sale and first buyer backed out, we need a new buyer fast."
My advice is to let the frustration roll off your back because there isn't anything you can do about it. Just keep making offers and the right property will work out for you.
The price paid and the net price enter into the reason why a lower price will be accepted. I know some of the banks are putting 90 day flip clauses into the deeds now to stop this. Fannie mae and HUD will sell to owner occupied first. I have had seller agree to only sell to owner occupied as they ran into this issue at the time they were buyers.
Investors have contractors that can fix the problems the inspection is not a deal breaker for them. You can try taking someone with you to view the home that has the knowledge or try shorting the inspection period.
I have been licensed in 2 states both say I have to write what a client wants. Further it is our job to do what is in our clients best interest by the oath of the National Association of realtors.
I feel for your pain. When you go to sell your home ask yourself, Will you take the offer that is in your best interest? That is always the final discussion. Whether the client is a buyer or a seller.
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