|
DaveSauce posted:Great experience to get an idea of what to look for and how to quickly evaluate a house based on a 30 minute tour. Oh, most of the places we looked at, only one, maybe two houses a day we would look at, did we spend even close to 30 minutes in. Most houses we were in and out in less than 15 minutes, unless it really caught our eye somehow. There's no way I'm going to go see a dozen houses in one day, plus transit time and parking, and spend more than a few minutes in each
|
#
?
May 17, 2021 16:14
|
|
|
|
| # ? May 15, 2024 22:51 |
|
|
DaveSauce posted:From a certain perspective maybe? Like, these days you shouldn't expect to buy the house you're going through since you were probably outbid before you even walked in the door. But that was all in the Before Times, so I dunno if it's even possible to have that period of quiet contemplation when the market is hot like the heart of the sun. Maybe you get an idea of what house you like and then you can jump in with your all cash no contingency bid when something similar shows up.
|
|
#
?
May 17, 2021 16:16
|
|
|
I asked my agent if I can make multiple simultaneous offers on multiple homes, and she told me no. Why is this? Sellers are allowed to entertain multiple simultaneous, so why can't buyers? Also I was under the impression that throughout the entire process, a buyer can back out of the deal at any time. If that is the case, then why couldn't I just back out of one of the offers I made if another one is accepted?
|
|
#
?
May 17, 2021 16:58
|
|
|
I bought the first house I went to see in person- to view 20 houses in my budget in my area would likely take a year/18 months+ We did have a very small search radius we wanted to buy in- literally just two adjoining estates which definitely didn’t help with the availability of properties! But, one month in and we are happy with our choice! Obviously your mileage may vary but looking at 20+ houses in a matter of days sounds exhausting and surely all of the houses meld together after seeing so many?
|
|
#
?
May 17, 2021 16:59
|
|
|
School of How posted:Also I was under the impression that throughout the entire process, a buyer can back out of the deal at any time. If that is the case, then why couldn't I just back out of one of the offers I made if another one is accepted? You need to look up what contingencies are. Slip your agent an extra buttcoin though and I bet they'll let you make a million offers.
|
|
#
?
May 17, 2021 17:07
|
|
|
School of How posted:I asked my agent if I can make multiple simultaneous offers on multiple homes, and she told me no. Why is this? Sellers are allowed to entertain multiple simultaneous, so why can't buyers? Bad faith. The contractual assumption is that you actually want to buy the house, not shotgun a bunch and see what sticks. Backing out because it was just one of many houses you submitted offers on could probably land you in legal hot water if the seller caught wind of it. Depends entirely on your area, laws, contract terms, etc. of course. Looking back, my state's standard offer to purchase explicitly says that the buyer can back out for any reason or no reason. But again, this is all predicated on a good faith intent to buy the house. Entering a contract in bad faith is generally frowned upon by the law. Mainly your agent probably just doesn't want to gently caress around with all that work for something that won't result in a commission, and she might even get in trouble with your state's realtor association for allowing you to do so. There's a chance you could be LEGALLY allowed to do it, but you might be on your own. edit: so the general power dynamic is as follows: Buyers submit offers. Seller receives multiple offers. Seller gets to pick which offer they like the best, but once they accept the offer they're stuck and only the buyer can end the transaction. If the seller gets an offer for 2x after they're under contract with you, too bad so sad. So yes, as a buyer you're screwed up front, but you have more power later in the transaction. IIRC most, if not all, states work like this, but I'm sure there's some oddballs out there that do things differently. DaveSauce fucked around with this message at 17:11 on May 17, 2021 |
|
#
?
May 17, 2021 17:07
|
|
|
If you submit earnest money with each offer, in theory that liquidates the damages in a breach of the purchase agreement. So if you have a bunch of homes and can give up thousands on each offer you don't intend to pursue should your bid gets selected, then it's possible. But ethically (insert studio audience laughter) you're not supposed to do that.
|
|
#
?
May 17, 2021 17:23
|
|
|
DaveSauce posted:Bad faith. The contractual assumption is that you actually want to buy the house, not shotgun a bunch and see what sticks. I am serious about buying the house. Its just that in this market, everything sells within days, so you have to be quick if you even want a chance. When three homes come up at the same time that are suitable for me, I have to pick one and let the other two go. I'd rather make an offer on all three at the same time, to increase my chances at anything. I don't see why "shotgunning until something sticks" is such a bad thing. All bids seem to be private. Recently my agent told me a property I wanted to bid on already had one bid and she told me "usually I can't tell you the details of a bid, but here are the details of this one...", implying that offers are private by default, but for some reason this particular bid was public. It makes sense that "unserious bids" is bad to the seller in a public bid scenario, like ebay. When you bid on an ebay auction, the bids are all public, and each bid raises the bid price. When you raise the bid price, you discourage new bidders. Making unserious bids on an ebay auction is bad for the seller. But bids for real estate are not public, and they have no effect on other bidders, so why is making "unserious bids" frowned upon?
|
|
#
?
May 17, 2021 17:30
|
|
|
School of How posted:I asked my agent if I can make multiple simultaneous offers on multiple homes, and she told me no. Why is this? Sellers are allowed to entertain multiple simultaneous, so why can't buyers? As others have mentioned, the answer to this question is going to be heavily driven by the laws and norms of your particular jurisdiction. For example, NJ has an "attorney review" period after both parties sign the contract where either party can bail for any or no reason. I've heard from both buyers and sellers realtors (and a couple of real estate attorneys) that this allows buyers to submit more than one offer and its within both the laws and norms of the state (our realtor also mentioned she's had deals where she and her seller backed out during attorney review due to a late high offer - leaves the other side pissed but it's accepted as a risk of doing business in the market). Other states are going to have different laws and norms (and even in NJ, there are very different norms between north jersey and south jersey). Your realtor has has an interest in preserving their credibility in the market with other realtors, and shotgunning offers all over the place has the chance of hurting their credibility for when they're trying to close their next sale. Now, their future credibility isn't your concern, but the ideal situation is to find a realtor with good credibility who is also ok with blowing their future credibility for your benefit (good luck finding that, though). The bottom line is to speak with a real estate attorney who is familiar with the jurisdiction where you are going to be buying - they'll be able to advise you on the actual risks of submitting multiple offers since they're pretty much the only party in the transaction who actually works for you.
|
|
#
?
May 17, 2021 17:37
|
|
|
School of How posted:I am serious about buying the house. Its just that in this market, everything sells within days, so you have to be quick if you even want a chance. When three homes come up at the same time that are suitable for me, I have to pick one and let the other two go. I'd rather make an offer on all three at the same time, to increase my chances at anything. Yeah, no that's not it. You're not seriously intending to buy all three houses. In any case, this still applies: kw0134 posted:If you submit earnest money with each offer, in theory that liquidates the damages in a breach of the purchase agreement. So if you have a bunch of homes and can give up thousands on each offer you don't intend to pursue should your bid gets selected, then it's possible. But ethically (insert studio audience laughter) you're not supposed to do that. So maybe best case you're ethically and legally free to do this, but now you owe thousands of dollars in earnest money to the 2+ houses you don't actually follow through on. You're probably better served taking that money and boosting your offer. At least around here, the Offer To Purchase is the contract. If the seller signs it, congrats you are now under contract. There's an expiration, and I'm sure a way to retract it prior to that, but you're basically handing the seller a signed contract and hoping they'll sign it too.
|
|
#
?
May 17, 2021 17:40
|
|
|
Pilfered Pallbearers posted:This seems like the kind of thing to get ahead of and be prepared for. Does prepping a real estate attorney cost money if they end up not doing anything? I have a friend who has a real estate attorney representing them right now because of some pretty wild closing stuff that's happening to her and she definitely just reached out once there was a problem with the sellers- her realtor referred her to one. The house I'm moving into is FSBO, but I am using a realtor to buy, so if that's the normal way to go about it I can just ask my realtor to give me the number for an attorney if I need it. If you just mean "ask around so that you know who to contact if the need comes up in the future", then that is certainly doable, but I don't want to spend spend hundreds of dollars an hour just to set up an attorney for something that, at this point (multiple days after the agreed upon repair), is looking like it's not at all likely to become an issue.
|
|
#
?
May 17, 2021 17:51
|
|
|
m0therfux0r posted:Does prepping a real estate attorney cost money if they end up not doing anything? I have a friend who has a real estate attorney representing them right now because of some pretty wild closing stuff that's happening to her and she definitely just reached out once there was a problem with the sellers- her realtor referred her to one. The house I'm moving into is FSBO, but I am using a realtor to buy, so if that's the normal way to go about it I can just ask my realtor to give me the number for an attorney if I need it. I can’t speak to cost for your situation because I don’t know the answer. My understanding is if you had already hired an attorney for this processes, this would be appropriate to at least bounce off them and get a temperature check. In my state an attorney is required for the transaction. Even if it wasn’t required, I would have still hired one. Especially because mine was FSBO and there was a ton of weirdness due to that. My attorney cost me $2k flat, and it was worth every penny, even if we didn’t really need him to throw much weight. As someone above said, your attorney is the only person in this whole process who has only your interests to protect. Your REA gives much less of a gently caress about protecting you then you think they do.
|
|
#
?
May 17, 2021 18:07
|
|
|
quote:Yeah, no that's not it. You're not seriously intending to buy all three houses. In this market, the odds of an offer being accepted is very low. I think that makes the situation much different. If I made 10 offers simultaneously, the likely hood that any of them get accepted is still very low. If the market was such that every single offer resulted in a sale, then I would agree with you, multiple offers is bad. Because the market is the way it is right now, "offer" means something different than what it means during better market conditions. In my opinion, it should only be frowned upon to make multiple bids in a buyer's market, but in a seller's market, it shouldn't be frowned upon. Anyways, one of the properties I was looking at has one bid and that one bid was contingent on the buyer's previous house selling. Couldn't I make an offer with a contingency that says the offer is only valid if my other offers don't get accepted?
|
|
#
?
May 17, 2021 18:10
|
|
|
School of How posted:In this market, the odds of an offer being accepted is very low. I think that makes the situation much different. If I made 10 offers simultaneously, the likely hood that any of them get accepted is still very low. Yes, the laws and norms that have been in place for decades no longer matter because there’s some competition over the last year. Congratulations. You’ve found the loophole. I recommend having three different real estate agents so they don’t complain when you ask to offer on multiple properties.
|
|
#
?
May 17, 2021 18:17
|
|
|
Motronic posted:Go find a local real estate attorney that accepts bitcoin and ask them. That's how you answer a question like this.
|
|
#
?
May 17, 2021 18:21
|
|
|
School of How posted:In this market, the odds of an offer being accepted is very low. I think that makes the situation much different. If I made 10 offers simultaneously, the likely hood that any of them get accepted is still very low. A couple points, here:
Toaster Beef fucked around with this message at 18:25 on May 17, 2021 |
|
#
?
May 17, 2021 18:23
|
|
|
School of How posted:In this market, the odds of an offer being accepted is very low. I think that makes the situation much different. If I made 10 offers simultaneously, the likely hood that any of them get accepted is still very low. Low, but not zero. If we assume that this is both legal and ethical, then that's strictly a function of your own personal risk tolerance. There's always a chance more than one, or all 10, offers are accepted, so you have to decide what it's worth to you. But again, this is at minimum unethical, and it would take some convincing for me to believe that it's legal (though IANAL so  ).School of How posted:If the market was such that every single offer resulted in a sale, then I would agree with you, multiple offers is bad. Because the market is the way it is right now, "offer" means something different than what it means during better market conditions. In my opinion, it should only be frowned upon to make multiple bids in a buyer's market, but in a seller's market, it shouldn't be frowned upon. Thing is, that's not true. "Offer" means the exact same thing it used to, the only difference is that there's a bunch of other insane offers you're competing with. This isn't an auction, because the seller doesn't have to take the highest bidder. They may take the low cash offer, or the quickest time-to-close, or they may decide the guy who sent in an offer for $69,420 is the winner. The seller has complete discretion to take whichever offer tickles their fancy. School of How posted:Anyways, one of the properties I was looking at has one bid and that one bid was contingent on the buyer's previous house selling. Couldn't I make an offer with a contingency that says the offer is only valid if my other offers don't get accepted? I'm sure you can get an attorney and draft any number of contingencies you want to add to the contract. No reasonable seller will sign on to that, but you can always try.
|
|
#
?
May 17, 2021 18:23
|
|
|
How do you decide between two homes that have accepted offers? And if you could apply that sorting mechanism to your decision, why not just go all in the one you really want and move from there?
|
|
#
?
May 17, 2021 18:47
|
|
|
Please hire three different real estate agents and somehow get three separate offers accepted and lose all your bitcoins in earnest money. I need this.
|
|
#
?
May 17, 2021 18:51
|
|
|
DaveSauce posted:No reasonable seller will sign on to that, but you can always try. I don't see why not. If I was a seller, and I got 20 offers, and the best offer a happened to be contingent on their other offers being rejected, then I'd might still accept that offer. Why wouldn't I? If two days later I get a message telling me the offer I accepted just got receded because another one of their offers got accepted, then I'll just accept the second best offer out of the 19 remaining. No skin off my back. How is a "only if my other offers get rejected" contingency so much crazier than "only if my previous house gets sold" contingency or any other contingency?
|
|
#
?
May 17, 2021 18:51
|
|
|
School of How posted:I don't see why not. If I was a seller, and I got 20 offers, and the best offer a happened to be contingent on their other offers being rejected, then I'd might still accept that offer. Why wouldn't I? If two days later I get a message telling me the offer I accepted just got receded because another one of their offers got accepted, then I'll just accept the second best offer out of the 19 remaining. No skin off my back. Talk to a real estate attorney please.
|
|
#
?
May 17, 2021 18:55
|
|
|
School of How posted:I don't see why not. lmfao
|
|
#
?
May 17, 2021 19:00
|
|
|
School of How posted:I don't see why not. If I was a seller, and I got 20 offers, and the best offer a happened to be contingent on their other offers being rejected, then I'd might still accept that offer. Why wouldn't I? If two days later I get a message telling me the offer I accepted just got receded because another one of their offers got accepted, then I'll just accept the second best offer out of the 19 remaining. No skin off my back. Seller has to re-list. All the other offers will have likely expired by then, so they'd have to re-solicit them. Re-listing also comes with a massive penalty of, "what is so wrong with this house that the buyer bailed out so fast??" Maybe they walked for unrelated reasons, maybe it was financing, but as a buyer it's a red flag that requires further scrutiny. In reality, your oddball contingency would probably be framed and put up on the seller's agent's wall and laughed at for years to come. Unless your offer was insanely high, nobody's going to take a "maybe" offer unless they're desperate. And if you can afford a high enough offer to justify that contingency, it'll probably win anyhow so just do that and forget wasting your time with other houses. School of How posted:How is a "only if my other offers get rejected" contingency so much crazier than "only if my previous house gets sold" contingency or any other contingency? Hint: in many US markets right now offers are frequently being sent without any contingencies. The "house sale" contingency is historic because often people aren't able to secure financing unless their current house sells. Even in saner times, if your offer contains a financing contingency it's not going to be top choice, and nearly any competing offer is going to take priority over it. DaveSauce fucked around with this message at 19:11 on May 17, 2021 |
|
#
?
May 17, 2021 19:07
|
|
|
School of How posted:I don't see why not. If I was a seller, and I got 20 offers, and the best offer a happened to be contingent on their other offers being rejected, then I'd might still accept that offer. Why wouldn't I? If two days later I get a message telling me the offer I accepted just got receded because another one of their offers got accepted, then I'll just accept the second best offer out of the 19 remaining. No skin off my back. When you've got 19 other offers waiting for you, unless the one with that contingency is miles ahead of all the others why would you even bother entertaining it? Why would you put yourself in position to have your house move into "pending" and then fall into "back on the market" with all the associated stigmas? Why bother with the headache of an offer from a buyer who's apparently so lacking in enthusiasm for your place that they're putting out a bunch of other offers, when you can take an offer from someone who's all-in on yours?
|
|
#
?
May 17, 2021 19:11
|
|
|
We spend 3-4 hours a week, sometimes more, touring homes with our agent because we want to avoid open houses (we have kids). It’s exhausting and we don’t spend more than 15-20 min in a house because then we have to drive to the next one. Since we’re looking in towns next to each other it’s a 15-20 min drive between areas. There’s also zero guarantee we’ll even put an offer down but it helps us familiarize ourselves with the neighborhood etc. We had planned to put an offer one one but the day after it was listed they already had 2 offers waving all contingencies at 1.3M and probably more on the way. The neighbor’s house was a mess too in the backyard and overall not well kept so possibly a rental. The latest trend this weekend is not even seeing “for sale” signs anymore. Two homes didn’t even have for sale signs this weekend in place, the listing agents don’t even care anymore. They’re going to get 30-35% over list without doing any work.
|
|
#
?
May 17, 2021 19:14
|
|
|
Johnny Truant posted:lmfao Sometimes I feel down that my current favorite thread is about the most tedious terrible yuppie crap possible, but then there's little rays of sunshine like this and it's all worth it
|
|
#
?
May 17, 2021 19:17
|
|
|
aDecentCupOfTea posted:I bought the first house I went to see in person- to view 20 houses in my budget in my area would likely take a year/18 months+ We saw three houses in person, total. The second we put an offer in on and won and it’s turned out great. 20+ houses seems unnecessary as a “minimum” but everyone’s situation is different. I did look at every listing on MLS for like 3 months. Probably hundreds of listings. We also had some pretty confining factors that narrowed our search. I didn’t want anything bigger then 2000 sq ft, it’s just me and my partner right now and I don’t need to furnish/heat more then we can use. That limited our search some. I also lived in a nearby area and had a pretty decent feel for the area, if not the specific neighborhood. It was also June of 2020. Weird time to buy a house. No open houses, super low inventory, and you had to wear gloves the entire time you were in the house. Technically only our realtor was allowed to touch anything. It can’t hurt to hit a lot of open houses or see a lot of properties, but I think that would really start to burn me out.
|
|
#
?
May 17, 2021 19:41
|
|
|
School of How posted:I don't see why not. If I was a seller, and I got 20 offers, and the best offer a happened to be contingent on their other offers being rejected, then I'd might still accept that offer. Why wouldn't I? If two days later I get a message telling me the offer I accepted just got receded because another one of their offers got accepted, then I'll just accept the second best offer out of the 19 remaining. No skin off my back. If your offer is so strong that they’re willing to take a contingency like this why do you need the contingency in the first place? You should be able to land these properties outright.
|
|
#
?
May 17, 2021 19:47
|
|
|
Welp, sellers real estate agent called Better and became very uncomfortable after being on hold for 10 minutes. Seems like a gatekeeping profiteer is about to make me pay 150 dollars a month on interest due to discomfort with a modern process that making REAs and Loan officers redundant.
|
|
#
?
May 17, 2021 19:55
|
|
|
The Puppy Bowl posted:Welp, sellers real estate agent called Better and became very uncomfortable after being on hold for 10 minutes. Seems like a gatekeeping profiteer is about to make me pay 150 dollars a month on interest due to discomfort with a modern process that making REAs and Loan officers redundant. What business does the seller's agent have calling what is presumably your lender? The seller has almost nothing to do with your financing, let alone their agent.
|
|
#
?
May 17, 2021 20:00
|
|
|
The Puppy Bowl posted:Welp, sellers real estate agent called Better and became very uncomfortable after being on hold for 10 minutes. Seems like a gatekeeping profiteer is about to make me pay 150 dollars a month on interest due to discomfort with a modern process that making REAs and Loan officers redundant. See thread title.
|
|
#
?
May 17, 2021 20:00
|
|
|
DaveSauce posted:What business does the seller's agent have calling what is presumably your lender? Our original offer had a different lender on it. We need the seller's approval to change lenders. Seller's agent seems dead set against it. Spoke with the person at Better who ended up speaking with the seller's agent. Apparently it was a 2 minute conversation in which the agent was rude and incensed that the underwriter hadn't approved the loan yet despite being 5 days from offer with a pre approval letter and 2 days since Better became involved.
|
|
#
?
May 17, 2021 20:09
|
|
|
The Puppy Bowl posted:Our original offer had a different lender on it. We need the seller's approval to change lenders. Seller's agent seems dead set against it. Spoke with the person at Better who ended up speaking with the seller's agent. Apparently it was a 2 minute conversation in which the agent was rude and incensed that the underwriter hadn't approved the loan yet despite being 5 days from offer with a pre approval letter and 2 days since Better became involved. Oh, that's a problem then, huh? That's weird, in NC our standard Offer includes type of loan, term, and "interest rate no greater than _____%" line, but not the name of the lender since it's entirely irrelevant. edit: seller's agent is all bark no bite. At least in terms of being rude to the lender. They're going do be rude to you, and to anyone else. It's their job to make sure the transaction happens. Just roll your eyes and let your agent fight. Also, you SURE you need their approval to change lenders? I have never heard of that. If the material terms change for the worse (like above, rate/term/type), then sure, but outside of that the seller shouldn't care. DaveSauce fucked around with this message at 20:20 on May 17, 2021 |
|
#
?
May 17, 2021 20:14
|
|
|
DaveSauce posted:Oh, that's a problem then, huh? Huh, that would be better.
|
|
#
?
May 17, 2021 20:16
|
|
|
Epitope posted:Sometimes I feel down that my current favorite thread is about the most tedious terrible yuppie crap possible, but then there's little rays of sunshine like this and it's all worth it   Attempting to shitpost my appraisal anxiety away, I'll be here for the next 1-2 weeks, according to PP.
|
|
#
?
May 17, 2021 20:17
|
|
|
School of How posted:I don't see why not. If I was a seller, and I got 20 offers, and the best offer a happened to be contingent on their other offers being rejected, then I'd might still accept that offer. Why wouldn't I? If two days later I get a message telling me the offer I accepted just got receded because another one of their offers got accepted, then I'll just accept the second best offer out of the 19 remaining. No skin off my back. 1. Houses have carrying costs. It's not free to sit for a week while a potential buyer picks which of their offers they intend to honor. 2. A deal falling through devalues the house for the immediate future. 3. If I'm the seller, I'd reject this out-of-hand for having unrealistic expectations that are likely to manifest in other ways. 4. Other parties in this aren't NPCs whose entire world revolves around your wants.
|
|
#
?
May 17, 2021 20:30
|
|
|
Johnny Truant posted:I def didn't think it was a joke but also ymmv Open houses have been a thing for the last few months in Seattle. They used to have capacity limits which were mandated by the state and enforced by the agent at the showing. They also required people to sign in for covid tracing. They only allowed so many people in at one time and asked people to socially distance but surprise, people are selfish and don't give a poo poo about getting too close to you or awkwardly trapping you in a tight space. They're still happening and restrictions are getting loosened in regards to how many people can be in there at one time. School of How posted:I asked my agent if I can make multiple simultaneous offers on multiple homes, and she told me no. Why is this? Sellers are allowed to entertain multiple simultaneous, so why can't buyers? Because sellers are auctioning off their home. The notion of submitting an offer on a house is with the intent to go under contract to buy something. Most people don't buy multiple houses at the same time. You can make multiple offers in a week but not on the same day or you might be legally liable for the costs/contractual obligations in your offer if both get accepted. Thats what we were doing. We really liked two houses that had offers due the same week but on different days. You submit an offer on the first house and if that gets rejected then you submit an offer on the second house. If you don't really like the first house and you REALLY want to try for the second house, you simply don't put an offer on the first house. Plain and simple. You can't/shouldn't put simultaneous offers on both houses. Most sellers in this extremely sellers market are getting tons of offers thrown at them, most waiving contingencies making the sale increasingly in the sellers favor. What they want is a clean and simple offer, best and highest. No bullshit. IF they picked your offer and you were like "meh, we got a different house, I don't want this one anymore", they would be pissed that they wasted their time considering you as you clearly weren't serious. They might report your agent. This isn't a cheap TV on offer up/facebook marketplace. They also might risk losing buyers/offers who moved on and submitted offers on other homes when they accepted yours. Your agent will tell you, if two homes are due on the same day, decide which house you're serious about and go all in on that house. You are literally asking to be the person at an auction who raises their hand, and then when you win the item you say "oh, no I don't want it anymore .. something better came along". Thats not how the process works and you could be making it worse for everybody else. School of How posted:Also I was under the impression that throughout the entire process, a buyer can back out of the deal at any time. If that is the case, then why couldn't I just back out of one of the offers I made if another one is accepted? Lol no. While certain contingencies exist for a buyers protection (inspection, appraisal, financing, title etc) which allow you to back out without penalty if something meets the criteria of those contingencies. You really shouldn't be using them to back out of a deal for any reason other than what they're meant for. If you have an inspection done and it raises some major concerns, you can back out. They may ask to see the inspection report to verify you had reason. You will typically bring it up to the sellers to see what the issues were, they may pay to offset the cost of the repairs or agree to have them done before closing. In some states, they are required to be disclosed to both parties. In others, they can refuse to know what your inspection found to wash their hands of any liability. But using those contingencies to walk away from a house because you liked something else, I have a hard time thinking you will stick with an agent very long. Plus, most offers are waiving some contingencies due to the heat of the market so even if you wanted to, those contingencies are probably being waived anyway. You could be in legal trouble if for any reason the seller/agent found out you did this. I would assume your agent could be reported as well and your agent won't risk their career for you. I'm curious if you were to go under contract for a house, get an inspection and use that to back out of the house because you liked something else more, and the seller (depending on state) demanded to see what was in the inspection and found nothing wrong ... I'm sure they would take you to court for the earnest money/losses. There's a reason people only put one offer per day. Its best that your agent is suggesting the same. Its protecting you from being on the hook for being under contract on two homes. Verman fucked around with this message at 21:04 on May 17, 2021 |
|
#
?
May 17, 2021 20:30
|
|
|
Toaster Beef posted:When you've got 19 other offers waiting for you, unless the one with that contingency is miles ahead of all the others why would you even bother entertaining it? Why would you put yourself in position to have your house move into "pending" and then fall into "back on the market" with all the associated stigmas? Why bother with the headache of an offer from a buyer who's apparently so lacking in enthusiasm for your place that they're putting out a bunch of other offers, when you can take an offer from someone who's all-in on yours? Because there is no headache associated with relisting a property in a seller's market. If you have to relisted it, you'd still get 20 offers within a few days. I see properties all the time get relisted over and over again because potential buyers can't get financing. It's not a stigma at all. Also, you don't even have to relist it in the first place. The point of listing is to get offers. Who says that because you select on offer, than all other offers become expired? If you have 20 offers, you always have 20 offers. Maybe on a legal basis those offers might be not valid any more, but practically speaking, since it's a seller's market, those 20 offers are made by people who still likely need a home.
|
|
#
?
May 17, 2021 20:37
|
|
|
It’s a seller’s market so they don’t have to put up with your bullshit. The only incentive you can give them to put up with your bullshit is the same incentive you can give them to win the bid without your bullshit.
|
|
#
?
May 17, 2021 20:44
|
|
|
|
| # ? May 15, 2024 22:51 |
|
|
School of How posted:Because there is no headache associated with relisting a property in a seller's market. If you have to relisted it, you'd still get 20 offers within a few days. I see properties all the time get relisted over and over again because potential buyers can't get financing. It's not a stigma at all. Also, you don't even have to relist it in the first place. The point of listing is to get offers. Who says that because you select on offer, than all other offers become expired? If you have 20 offers, you always have 20 offers. Maybe on a legal basis those offers might be not valid any more, but practically speaking, since it's a seller's market, those 20 offers are made by people who still likely need a home. You know what? You’re totally right about relisting not being a black mark. No one would ever think twice about a home that was continuously relisted when all contingencies are typically being waived. Everyone else here is wrong. If you somehow manage to bumble your way into purchasing a house, please never stop posting in this thread.
|
|
#
?
May 17, 2021 20:47
|
|