Home Buying in Oakmont>Question Details

Lisa, Home Buyer in Oakmont, PA

Is there a way to find out if offers have been made on a property? We are interested in a home that has been

Asked by Lisa, Oakmont, PA Sat Jun 21, 2008

on the market and vacant for nearly a year. The price has not dropped at all, and we are wondering if there have not been any offers or if the owner will not negotiate on the price. Compared to other similar homes in the area, this one seems over-priced.
Thanks,
Lisa

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Answers

12
Your question is a good one. Is there a way to find out details about a home that will help you buy for price and terms that are to your advantage.

No matter what the details of that question, the answer is the same:

Find a good agent with whom you feel comfortable. Make that agent your one and only buyers agent. Sign a Business Relationship agreement with them for a specific period of time (I like to use 3-6 months) and put them to work. They will be in the best position to get you all the details that are available on ANY home you want to know about. Your previous answers give you some good insight into how they will do that.

By signing a buyer agency agreement you give your Realtor the legal right to work for your best interest. Otherwise, EVERY agent you call is WORKING FOR THE SELLER no matter how nice they are to you and how many hours they spend with you.

In most areas around the country it should not cost you anything more than your loyalty to "hire' your buyers agent. Why turn down a free service that could save you thousands of dollars and a huge amount of work?
2 votes Thank Flag Link Sun Jun 22, 2008
dont do this this person said , when you sign that you owe a commision even if you buy FSBO , the realtor going try to get the highest price out of you no matter what you sign, they get more more if you pay a higher price. so what do you think they will do. You be your own boss on what you pay and dont let anyone tell you, trust youeself only.
Flag Tue Apr 15, 2014
BEST ANSWER
The question you should ask is.... are you interested in this home enough to make an offer? If so, have your agent pull up the comps for you (and get the history about the house --- when was it sold last, for how much, and what is owed on the property).

Armed with that information, you and your realtor can gauge what price is reasonable. You'll never know what the seller will accept. Most agents will tell you to submit an offer, and see what happens.

After a year, the seller may be more inclined to negotiate. But what will they negotiate if there's no offer on the table?
2 votes Thank Flag Link Sat Jun 21, 2008
Cathy is correct in that the seller's agent may not choose to tell you if there have previous offers on the property. However, in my opinion, it doesn't matter how many offers there have been (if any at all). What matters is whether or not you are interested in making an offer. The fact that someone previously may have made an offer has no bearing on the current situation. A seller will sell when the right offer comes along. My suggestion is to decide if you like the property enough to make an offer. If so, then I'd suggest that you (or your Realtor if you have one) research the comps for the neighboring area to determine what the fair market value really is. Market value is a price that a ready, willing and able buyer is willing to pay, and a ready, willing, and able seller will sell for.

Best of luck!

-Daniel
2 votes Thank Flag Link Sat Jun 21, 2008
Lisa

Basically, we Realtors all agree. The only way to find out if the seller is willing to negotiate is to make an offer at or just below the fair market value of the property.

Sounds like you have a basic idea of the value. The best way to determine fair market value is to seek a knowledgable Buyer's Agent to represent you , research the property and discuss an offer and terms that would be in your best interest.
Web Reference: http://www.cathysloan.com
1 vote Thank Flag Link Sun Jun 22, 2008
Good morning Lisa,

Offers can be a very funny thing ... there is the "real" and there is the "perceived", many consumers end-up only hearing about the perceived offers ...

Real offers are from buyers that are *approved* - not qualified .. real offers are from buyers that can close in the next 30 days - not sell their home in Grand Rapids first .. real buyers are locked and loaded and ready to go - not waiting for graduation day in the year 2010 .... anything else is perceived - and almost worthless. .. no takers after all this time.

Loretta makes a good point here: "Just because a home is listed does not mean that it is in the correct range for comps..." ... comps can be nothing more than Papier-Mâché if you as the buyer aren't looking, seeing, feeling and actually walking through them ... depending on the area, some comps can be $150,000 apart and only be 500ft away....

Everything is life is negotiable and this one has been on the market for 350ish days ... do your homework and be patient, find a figure you feel very comfortable with - then start your offer 10% less than that ... you can always go up.


Good luck and happy hunting.!

-
1 vote Thank Flag Link Sun Jun 22, 2008
I agree - The agent may only answer this question with permission from the Seller. If you are truly interested, make an offer - First have a Realtor check recent comps, days on market and history on the house. Just because a home is listed does not mean that it is in the correct range for comps. I have often heard a client say they offered list price and actually wind up paying more than the market indicated. The offer may be accepted, countered, or rejected. Best of Luck to You!
1 vote Thank Flag Link Sat Jun 21, 2008
The only way to determine if offers have been made on the home is to ask the listing agent. However do not be surprised if the agent doesn't give you much information. Discussing previous offers with you may not be in the best interest of the seller and could be considered a violation of the agents fiduciary duty to the seller. In any case it doesn't hurt to ask.
Web Reference: http://www.cathysloan.com
1 vote Thank Flag Link Sat Jun 21, 2008
Lisa,
Times change and approaches differ.
More than once we have had someone say...I would never accept that!
Until "that" goes away...and 3 months later "that" cant be found.
"My 2006 appraisal said $-----"!
Experience offers clarity....potentially.
Have you considered the home could be so heavily mortgaged they feel they cant reduce it?
In any case...all the answers you get here are interesting.
Only action will get you insight...and maybe your house!
Your Neighborhood Professional
Mike Netzel
0 votes Thank Flag Link Sun Oct 3, 2010
Well I read her question as "have offers been made"...currently. Not have there "ever been offers"
0 votes Thank Flag Link Sun Jun 22, 2008
Responding to Darin...there is a difference between if there IS an offer on the property and what Lisa is asking and that is HAVE THERE BEEN offers on the property. We always ask if there IS an offer on the property because we want to know if there is a competing offer.
0 votes Thank Flag Link Sun Jun 22, 2008
Our agent always asks the sellers agent if there is an offer in on a home we might be interested in writing an offer on.

However, our agent is very nice and her peers seem to love her.
0 votes Thank Flag Link Sun Jun 22, 2008
All of these answers are terrific....but I'll just add this:
It doesn't matter at all if they have had other offers. This is one of those questions that buyers are "taught" to ask from their friends and family. It doesn't make a bit of difference. If you like the house and you have an agent to work with, use their expertise to make a good, strong offer and get the house you want!
Best of luck!
Oakmont is a beautiful area!!!
0 votes Thank Flag Link Sun Jun 22, 2008
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