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Tenpoundbass
2014 Jul 5, 3:23am
Get a title lawyer, and screw the realtors.
Just have the title lawyer handle every legal aspect of your purchase. They don't have any skin in how much you pay for the house. They don't get a bigger commission for a bigger or more expensive house.
SFace
2014 Jul 7, 3:45am
You can bid whatever you want. I mean it's not like the real estate agent know what your goal is. and there are only three goals, 1) that house is mine what will it take, 2) I like it this much only and 3) or I want a deal only.
Just understand that the seller determines whether your offer is good enough or not, not you. It has nothing to do with where the price was, but where the market is. You are contributing to the market, not the market. There is no math involved in real estate, it is just understanding/gougiing demand from yourself and options besides the target house. Buyer/seller gauge the same damn thing.
Three years ago, A lot of posts on Patnet was saying bid 70%, 60 or even 50% of asking and let the seller come down to their price. There were literally 100's of lowball bids back then all posted here for enjoyment. Sounds like a great strategy except these are the very people that got destroyed and bitter now.
Realtor math is simple - the more the selling price, the more money I make. While on the one hand, if the seller doesn't like the price (it's too low) I won't make any money at all. On the other hand, if the price is high, the seller will be delighted, the sale goes through and I make more money. See? I told you the math was easy.
Now back to reality. I know certain areas of WA have real estate going high. How long has the property been listed? For a house THAT old, in THAT condition ... uh, I'd be ticked off if I had to offer $70K, if I really, really, really liked it, maybe $70K but not a penny more. Tell the realtor that they work for you, so zip it and put in the offer or you'll find another realtor.
$70K for a house built in 1935 the size of a trailer ... uh, no way.
Hold on a sec...you mean the realtor would make a whole extra $200 if you spent $7000 more? Wow..$200...such greed, such corruption...off with their heads...
I mean seriously, pay what you're willing to pay, but not exactly the payday others make it out to be.
lostand confused
2014 Jul 7, 10:05am
Decide what you are willing to pay. Then stick to that -if this house is worth it, then go for it , else probably plenty of others?
Mirror, mirror on the wall.....
I love this site.
Let's blame the realtor for making us buy a house. Then if the value goes down, we can blame them too.
Let's blame the mortgage guy for making us sign the loan papers. Then if the interest rate drops a year later, we can blame them too.
Let's blame the flipper for charging too much. He's the one that took the risk. If you don't like the price or the work he did, then don't buy it. No ones forcing you to do anything.
Funny how when the value of your house or stock portfolio goes up, we're all pretty proud of ourselves..."I" made a good move...
But when we lose money in the market....all of a sudden it's someone else's fault!
This country has become a society of professional victims. Oh I'm being taken advantage of, oh Im being disrespected...who can I blame? Youre all a bunch of whiny complainers.
The person who is to blame....is staring back at you in the mirror and the sooner you start taking responsibility for you actions and decisions the better we'll all be.
tatupu70
2014 Jul 7, 9:57pm
Do the math!
$87,000 X 3% = $2,610
$80,000 X 3% = $2,400
Tell her that if she can get you the house for $70K (throw the flipper a
bone) you will add $5K to her commission. She will probably counter that she can
get the house to you for $50K if you pass her $10k on the side.
She doesn't care about the extra $200--she just wants you to win the bid. Bidding higher gives her a better chance of making a sale. She doesn't get paid unless there's a sale--so everything she does will be towards that end.
APOCALYPSEFUCKisShostikovitch says
It's a statistical certainty that if there is a REALTOR anywhere near a transaction, a crime is being committed.
That's what the license is for.
So, I started working with a realtor on a very cheap house in a small city. They have many affordable homes, but it's a remote rural area. So be it.
The house I looked at was built in 1935, and is essentially the size of a mobile home. It has a nice, but small, backyard and rickety wooden garage.
The list price was $97,000. The realtor said my bid should be +/- 3% to start with. While I liked the house, something in me said it seemed a bit high, even relative to other homes I had looked at there.
I checked Zillow and it informed me that it had last sold for $60,000 and that the owner had bought it post-foreclosure. He painted up the interior and put modern appliances in, although the central air is only half-built (no outside unit).
I suggested that a much lower price would be appropriate, since anything above $70,000 would give the guy a nice payday...but not a $40,000 premium!
She countered that she would do a competitive market analysis to confirm the value of the home relative to other similar homes that sold there. It said that the average for that home should come to $87,000 -- with a low bid of $80,000.
I then said, what should I bid. She said well, the price should settle to $87,000, so bid that. I said, why wouldn't I start bidding at $80,000 and then let the price rise to that (or lower).
I guess I don't understand real estate. The logic seems to be different from normal math.
#housing