Home Buying in 92555>Question Details

Amber, Home Buyer in Riverside County, CA

PLEASE HELP? HOW CAN I MAKE SURE?

Asked by Amber, Riverside County, CA Mon Jul 28, 2008

I PUT IN AN OFFER ON A BANK OWNED HOME THRU MY AGENT. I WAS TOLD THERE WERE NO OTHER OFFERS AT ALL. THE MORNING LATER (WHICH WAS 16HRS LATER) I WAS TOLD TO UP THE OFFER CAUSE THERES 2 OR 3 OTHER OFFERS. MY AGENT IS ACTING WEIRD LIKE HE DOESNT WANT TO PUT THE OFFER IN. HOW CAN I MAKE SURE THE OWNER WILL ACTUALLY GET MY OFFER? HOW CAN I MAKE SURE MY OFFER IS ACTUALLY SUBMITTED? PLEASE HELP!

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Answers

8
Amber -

Sean gave some great advice below. I would add and reiterate:

1.) Your agent works for YOU! Remind them of that and make sure they understand they are obligated to present your offer to the seller. If it is an "agent" and not a broker, you might want to sit down with both broker and agent and see if a meeting of the minds can be achieved with how you want them to represent you.

2.) Make sure you know your bottom line. In multiple offers on REOs the bank will normally come back to all and say, "What is buyer's best and final offer?" Remember they are trying to find the buyer who wants the property more than another buyer and is willing to up their price. If you know your bottom line and get the home, you will be happy when you put the keys in the door. If you don't get it, there are more out there and you didn't spend more than you wanted to.

3.) Be realistic about what you are offering. Make sure you are not simply making an offer that looks like an incredible deal to you but is truly way under priced for the market value. I am not saying don't be aggressive in your pricing but recognize that banks are looking to recoup a minimum of 85% to market value. Anyone that is near that or over, tends to get the deal.

Good luck!
CJ
1 vote Thank Flag Link Mon Jul 28, 2008
Work with an agent you trust. If you don't, fire him and get a new one.

When writing an offer, ask yourself, "What will I think if I don't get this house? Let that answer guide your negotiating strategy.

It's not uncommon for homes to not have offers and then get several in a matter of minutes or hours. The banks count on this. That's why they tell you nothing is a done deal until the bank fully executes the contracts.

Have someone you trust show you the recent comparables on a square footage basis so you can make an informed decision about whether to up your offer or not.

Thanks for the opportunity to help. I'd be happy to run the comps for you if you like for FREE and at NO OBLIGATION. I can be reached directly at 951-571-9229 or sean.giorgianni@gmail.com
Web Reference: http://www.frclsrtv.com
1 vote Thank Flag Link Mon Jul 28, 2008
Hi Amber,

As others recommended, you should sit and talk to your agent. Your agent is probably as frustrated as you are with the way bank are going through selling these foreclosed homes. I take my client to preview bankown properties and by the time they decide to write offers the bank have received 3 -5 offers already. Some for higher than asking price. I rather find a home for a buyer at a lower price so I can move and help another buyer. Try to calculate what 3 to 2% commission is on the amount that your agent will tell you to increase your price by. It is not enough to justify lossing your trust and your business. If you have other reasons to not trust your agent than you need to find another agent who you can trust.

Homa
Broker Associate
Prudential California Realty
0 votes Thank Flag Link Mon Jul 28, 2008
Amber, please give me the opportunity to earn your business. You can reach me directly at 951-571-9229 or sean.giorgianni@gmail.com.
Web Reference: http://www.frclsrtv.com
0 votes Thank Flag Link Mon Jul 28, 2008
I understand that agents only gets their commission after the sell of the house. But I also knkow that agents want a high commission. And also I know there are the agents that are having fits about the house prices dropping. And try to do whatever they can to get you to up your price so they get a higher commission. I have seen it. I just want an honest agent who will get me this house.
0 votes Thank Flag Link Mon Jul 28, 2008
I agree with all answers below , keep in mind your real agent ONLY receives commissions AFTER you close therefore your agent has an financial incentive submit your offer. All banks do have bidding wars, foreclosures and short sales most likely have drama.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jul 28, 2008
You've got to have confidence in your agent. However, before getting rid of him, have a heart-to-heart conversation with him and try to determine whether he is "acting weird" or whether there's some logical reason for his behavior. Then, based on that conversation, make a decision on how to proceed.
0 votes Thank Flag Link Mon Jul 28, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
I think it may be time for you to change agents. I am not taking sides here, but one of the basic ingrediants to a successful outcome is trust between an agent and the client. If you cannot even trust your agent to make an offer for you, and you are writing into a Real Estate Website in ALL CAPS, it may be time to move on to a different agent.
0 votes Thank Flag Link Mon Jul 28, 2008
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