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Additional Details<... |
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Additional Details
Thanks for your supportive answers so far. What about the situation specifically for an apartment unit inside a co-op building?... |
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Purple | Is the agent lying to me? |
I recently put in a low starting offer for a house I love. I gave it to my agent to give the listing agent/also the home's owner. Well she came back to me demanding my biggest and best offer, signed approval letter, and a check for $15,000. It was like she got too excited, and started spewing out these demands (for an over priced house I might add $ 314,000)
Anyway she came back with his answer, and apparently he has someone interested in renting it for $2,600 a month. Sorry, but I call bs on this one. Anyone willing to pay that, could just get a mortgage on a $500,000 home! So my question is, do you think they are lying? |
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Expert Realtor
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Ok...here is what we have:
1. If you have a seller demanding a $15K deposit on a $314K home...walk away...1% of the sales price is customery, MAYBE 2%, but $15K is out of the ballpark.
2. Easy way to find out whose lying..call the listing agent directly...now, SHE cannot negotiate with you directly out of ethics, but she can tell you if your offer was ever presented.
3. No one is going to rent a home when they can sell it.
Just verify with the listing agent...if all is true, then walk away. |
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J. Philip Real Estate
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Ah, the shock of a competitive bid in a slow market. It still happens. People don't seem to realize that, while the market is slow, there is still a market. Moreover, if a place is nice enough for you to put in an offer, someone else might find it just as nice and make an offer too. All markets are local. Bad market or not, if the property has some scarcity, such as the only one close to a school, or the only condo with a river view available in the building, the seller might have some leverage.
Are they lying? They may or may not be. Your agent can't ask to see proof of the other offer, but the seller is wise in asking to see a pre approval and good faith deposit. It would be unwise for them to tie the house under contract with you and have if off the market the rest of the spring only to find out that you weren't a qualified buyer.
If you have alternative homes to consider, tell them no thanks and stick to your offer. If they take it, you'll have called their bluff, even if they were truthful. If they say no thanks and go with the other offer, then they weren't kidding. If you have no other options like this house, it isn't overpriced. Scarcity justifies a premium. But whatever you do, be prepared to produce a pre approval letter. That is a reasonable request.
Highest and best offers are the protocol in a multiple bid situation and aren't demands being spewed out. Also, the option to rent doesn't mean that the renter is made up. They might feel that renting is betterfor a variety of reasons- they could be executives on temporary assignment, be still saving for a larger downpayment, or a dozen other legitimate things. You admitted your opening offer was low. Why not hedge your bet and raise it a bit to a more reasonable number and see what happens?
It is, frankly, unlikely that the listing agent/owner is completely fabricating another option. If they are in the business that have probably staged the house attrractively, bought in a desirable locale to begin with, and have the place in great shape. They know what they're doing. Moreover, they could get into considerable hot water for lying- I certainly wouldn't risk my license for any one transaction, even my own. Whatever you do, presume that they are truthful.
Don't presume that just because you read doom and gloom in the newspaper headlines that everyone has no plan B & should be delighted to accept your low offer with no preapproval or deposit. |
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trblmkr30
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Here are a couple of possible explanations. First, it is very possible that there were competing offers on the home. If one was a rent situation for $2600 per month, and the agent/owner believes that the market will get better in the next year or two, then he should take that offer. Even better if this amount will pay the mortgage for the owner.
Next, you're saying that someone with the ability to pay $2600 per month should be able to get a mortgage. That may or may not be true. I just had a client who earns approximately $15,000 per month who cannot qualify for a loan on a $250K house. That's how screwed up people's credit has become. In a couple of years, with credit counseling, he will be able to buy on credit. Heck, in 2 years, he'll be able to pay cash, but that's not his goal. His goal is to get back to good credit scores.
All may not be bs here, but I agree with a couple of the previous answers - stick to your guns and leave the offer where it stands. If you get the home, great. If you don't, there are more out there. The only problem with keeping the offer you already have is your own - you say that you love the home. Take the emotional side out of it, and now how do you feel about your offer?
Good luck with this one. |
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PatV
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You've gotten some really thoughtful, good answers from the realty professionals on this board.
I'm a homeowner, not a realtor, and consider every realty transaction Negotiable. Everything, anything.
You're standing on the wrong side of the mortgage payment to know if you "love it". You love the look, the potential, the location, the price. But until you've spent the first few weeks, the first hard rainstorm, the first windy cold winter in the house, it's still someone else's property.
Once you start letting the transaction turn personal, you risk buying from an emotional level. I would expect a $300,000 sale to make my realtor very excited! These buyers don't sound like someone you really want to deal with - flaky sellers are too frequent. They could drag this one for months - you're still standing on the sidewalk.
Get those listings back out, pound the pavement and keep looking. If this deal is meant to be, it will happen.... Good luck |
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Real Estate Guy
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First, no seller would accept an offer (even above asking price) without a approval letter.
2nd: good for the seller to actually want a large deposit. We require 5% - period.
3rd: your opinion that the house is overpriced is just that, your opinion. Unless your agent actually gave you a summary of the like houses that have sold, you don't know if 314 is a fair price or under priced.
4th: maybe there is someone that is interested in renting and the seller has a "real" person vs you - who has made a low ball offer without loan approval and no deposit.
5th: 2,600 a month WILL NOT get you a 500,000 house. A 2,600 mortgage payment would get you around a 350,000 mortgage. Please know what you are talking about BEFORE you speak. Otherwise, it makes your whole post seem false.
6th: why does it matter if they are lying? If you want the house, show them. Make a fair offer based on it's actual value, show them that you can get a loan and not waste anyone's time and give them a fair deposit. |
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Landlord
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I doubt they are lying. There are lots of people with lots of money, but with bad credit and foreclosures who must rent.
The demand for best offer and the preappoval is normal. The 15k is not though. No agent can tell you what your earnest payment should be, you make that choice. I would not have paid more the 1% in earnest money. 15k is more like the down payment, payable at closing, not offering. |
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chatsplas
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Is your agent a buyer's agent? Otherwise she's representing the seller mostly, although working with you. Some one needing a short-term rental, 1 year or less might well be willing to pay that much. In this market, doesn't pay to buy. Is that rent out of line for the house?
Ignore all the extraneous stuff. Whether the realtor or seller is lying is irrelevant. You LOVE the house. So make a written offer, a better offer or your best offer, with a copy of your pre-approval and a judgement note for your earnest money (money to paid upon 5 days of acceptance). Decide what the house is worth to you. Decide whether you are willing to lose it.
Don't OVEREXTEND yourself. Don't pay more than you can easily afford. Don't buy MORE house than you need and can afford. This is what gets buyers in trouble, particularly first time buyers. And don't let the hype about the market make you unrealistic about the home's value. If you've been looking, you know what other similar homes are priced at. If you want to be a bottom-fisher you may get stuck in the mud! |
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!!!
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In this market the buyers are in charge, not the sellers. Impress this fact on your agent.
Be willing to negotiate if it's financially possible.
With market values plummeting so quickly it's hard to accurately determine what the market vaue of real estate is.
When making an offer tell the seller that they have "x" amount of hours to accept the offer, take it or leave it.
Give the seller a short window to accept the offer, your time is valuable too. Act tough. |
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Alterfemego
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Are you trying to buy a Home or a DEAL? Make your best offer. Base it on what has sold in the neighborhood. Don't just offer some WAG. Do your homework, don't be a cheat, make your best offer. |
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Ross
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Chatspla has a good question, who is the Realtor representing? If they are representing the seller than they are strong arming you and trying to make a deal happen in they way they think (they are only human and could be wrong) is best.
If they are representing you they should be more tack full. You have to know what you are willing to pay and it you think it is a good deal. 15k if alot to ask for a good faith deposit, maybe 2k is more reasonable, make it as low as possible. Your Realtor could feel this is the best deal in town and wants you to take it. If they are truely representing you they should be able to convey this too you in a less aggressive manor than you stated.
I have rentals and the rents are higher than my payment, people will pay alot to rent because they are either unable or scared to buy. As a seller I have found both a renter and a buyer over the same weekend. It is possible that they have found a renter.
A payment of 2600 would not cover a 500k loan unless it was maybe interest only or they had a huge down. |
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April L
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It is true that the market is different in places, however I love it when realtors say, "dont believe what you hear on the news"... Give me a break. This IS a buyers market!
Stick with your "low" offer and give them the approval letter and earnest money. They have to be considering your offer if they ask for that stuff.
Remember, although your realtor is working "for you", they are also working on commission. Buying a house is simply BUSINESS dont get emotional about it. Eventually you will find the perfect home at a great price! |
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6billionfriends
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it's not about whether or not she's lying. its the owner that could be lying and he probably is however, her request is not unreasonable. cut to the chase. give your best offer - and i mean your best offer - an approval letter and a deposit of $15,000 (only 5%). then you'll find out where the bs is.
this is like a game of cards. call the bluff and find out it's no bluff, then you lose.
if you really love the house and you want it, give it your best offer. |
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