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follow RC2006 2009 Jun 23, 3:31am
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I put a lowball offer on a short sale 3 months ago, perfect house for wife and I next to great schools, great area, good price, ect. I get a call from agent yesterday saying bank has given the ok and there are only three people left making offers and the banks taking the best one and we need to send our best offer and loan approval letter by 9am today. I was thinking WTF this all seems rushed at the end and tell her to raise our original offer 10k. This agent has seemed pretty incompetent but I learned this as the months went by and I am only using her for this one short sale (This is when my wife and I first started looking for a house and this was our first agent we tried working with, now we are much better at weeding out losers.) The problem now is our last loan approval is going on 4 months old, and she called so late in the day that my loan guy canâ€™t do much till the next day, no way is he going to be able to get it before 9am.
So I call the listing agent and ask him what is going on with the house, he says our old offer is one of the highest but that our agent hasnâ€™t call in a while and finally he called our agent to see if we were still interested in the house, the other people who made offers were told last week when they call to see were the house was at and were told to get all there paper work ready for today. He then say the only reason he called our agent was because he knew we liked the house and we called him more than our agent to see were the house was at and thought it was strange our agent hadnâ€™t called. He then tells me if it falls through for us there will be better deals in the future and it will be good no matter what the outcome is. (An honest agent?). This listing agent knows that we have been having communication problems with our agent, so he tells me after this deal is done he could send me lists of future short sales since that is mostly what he deals with along with handling properties for banks.
There really needs to be something done about all these incompetent agents that donâ€™t know what they are doing they need to be purged from the system somehow. A lot of them seem to just do it part time or something and must have a spouse that supports them because they would be starving if they had to make a living with their job.
Never let an agent tell you to raise your price. Stick to the price YOU feel is right.
She didn't, I already came in really low, and I didn't even expect it to go through. She just asked if I wanted to go in higher, I knew originally there was one offer just below mine and one that was 30k higher. I just wanted to make sure the guy right below me stayed there and hoped that the guy above me failed on loan or backed out. I will not be countering with this offer.
You're not the only one..
Yep thomhall, that is what I saw in the Bay Area over the years. Every time there was another housing boom, every body and his brother/sister were real estate agents on the side. "Well, I am a hair stylist during the day, but I have my real estate license and..."
I heard it a thousand times. There must have been thousands of part time agents running around try to sell their relatives and neighbors houses in Santa Clara alone.
I think the only reason Coldwell Banker and the other worms had 500 part time agents is because the owner of the agencies were really trying to sell all of THEM a house. Then in a bust like the early 90s, they all go away for a while. Then 2002-03 here they all come again. Dusting off those worthless state licenses again...
So true, quite a few people I know quit their jobs and become real state agents during the bubble years, I used to see some of their Ad Signs when driving around.
Total population is something like 30M with # of realtors at 1M 30:1 is pretty think ...
The system is broken...
We need an open bid system.. all parties with their agents meet , say on a week end do the round of open bids and someone walks away with best offer ! and everyone else knows who and how much was finally prce was. this would kill off all the fake phantom offers/bids in the system.
The current process needs to change and change now.
"Agents are mostly housewives who once sold Tupperware"
God almighty... leaving a $1M transaction in the hands of one of those!
No wonder we are screwed!
>> We need an open bid system..
Word. Transparency is the only way.
>>I think the only reason Coldwell Banker and the other worms had 500 part time agents is because the owner of the agencies were really trying to sell all of THEM a house.
Never heard that one before, but it makes some sense. But think about all the waste and hot air and CO2 generated this way. Astounding.
justme wrote: "Word. Transparency is the only way."
LOL, who are you? Paging Vanilla Ice.
just me wrote: "Never heard that one before, but it makes some sense. But think about all the waste and hot air and CO2 generated this way. Astounding."
Ask not from whence the hot air flows it flows from thee.
Aah Willy, I thought we were buddies now. If I were a little girl, I'd think you were teasing me just because you like me.
What did you do? WillyWanker catch you in a 3-way with his wife and daughter, and you ran over his dog as you peeled out of the driveway?
Headset, something like that, except worse. I deconstructed some of his "logic" one time. I wasn't being real evil or anything. It just hit a nerve. I've tried apologizing but it does not seem to work.
OK all you liberal cry babiesâ€¦take the weekend real estate class, get YOUR OWN real estate license, earn ALL the COMMISSION, do it yourself so YOU have TOTAL CONTROL and STOP WHINING.
Or buy without a realtor. Why is it that, if we say anything that's outside of your paradigm (in which you are so deeply entrenched), we're liberal cry babies? Oh, I get it - it's the liberals that created the housing crash and the financial meltdown of our country. Why is it that people have to assign blame to beliefs that are different than theirs?
Ask any realtor, now is the time to buy always. That's because they're broke.
Good story...any more like it these days?
how real estate transactions are conducted today is a national travesty