Home Buying in Rowley>Question Details

Seller, Home Seller in Northshore, Houston,...

Is there really another couple putting in an offer tomorrow? Don't think this is a bluff but wondered if it?

Asked by Seller, Northshore, Houston, TX Thu Jan 3, 2008

could be?

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13
Good for you, Seller! I hope everything goes smoothly and the sale goes thru! :)
0 votes Thank Flag Link Mon Jan 28, 2008
JR, Thanks for your concern. It seems everything is falling into place. The week after we made the offer on our new house...we got a good offer on our current house. That means NO TWO MORTGAGES!!!!! Yippee. We still need to sort out dates, etc but fingers crossed the stars are aligning and we could not be happier.

Wishing your BIL great luck. Rowley is tough right now (lots of inventory and a dirth of buyers but they are out there. We had 8 couples show up to our early January open house. It was the day of a snowstorm and they still came - so there are definately some serious buyers out there. Our house is also large 3200 sq. ft. so hopefully those who did not buy ours will buy his.
0 votes Thank Flag Link Mon Jan 28, 2008
As Dan Tepper says, another offer MAY be coming in. Just because a buyer says he's going to make an offer doesn't mean it's going to happen or the offer will be a decent one. But the easiest thing is just to tell the truth -- you THINK an offer's going to come in because someone told you so. Some "offers" are not really offers at all, just bottom feeding to see if someone will bite. Just be sure your agent's telling you the whole story. The truth is so simple.
0 votes Thank Flag Link Sat Jan 26, 2008
Bluff or not - the most concerning detail, to my mind, in your notes so far, is that you'll be carrying 2 mortgages Rowley is a great area, but what happens if the house you are in now doesn't sell quickly and you have to under-price it to get rid of that obligation
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I just saw this. My BIL is trying to sell a house in Rowley, it's been on the market a long time, and I think it's priced correctly (and it's a beautiful, big house), from what I can see (obviously I'm in NY). He's had no offers, so I would be careful about getting into contract on another house without having yours at least in contract. Most sellers I've dealt with won't enter into a contract under these circumstances unless the buyer can prove they can carry both homes.
0 votes Thank Flag Link Wed Jan 23, 2008
I always tell the truth. If there's another offer I think is coming in, I say so. If there's already been an offer I say so. If there aren't other offers I say that. That said...one thing that seems to make other offers come in is the first offer. For some reason once I get an offer, another comes in shortly. I have told buyers that there is already an offer on the table, and been told that they think I'd giving them a hard sell, but I'm not, I'm telling the truth. It's a double edged sword.
0 votes Thank Flag Link Wed Jan 23, 2008
First of all, as a listing agent, unless I have an offer in my hand there is no offer on the property. Secondarily, from the "funny but true" catagory. 9 times out of 10 if there is no mention of activity on a listing, the potential buyer will ask if any offers have come in. Hovever, if an agent indicates a lot of interest they are putting the hard sell on. The bottom line is that the seller is has professional representation and so should the buyer. It will take all of the guess work out of the transaction.
0 votes Thank Flag Link Wed Jan 23, 2008
Telling people another offer is coming is always a difficult thing. YOuwant to give fair warning to all buyers and you want to get as many offers for your seller but sometimes it comes across as being insincere or untrue. Consider the information but do not let it pressure you into making an offer on something you do not want. Their are other houses out there.

You mentioned that the house is 200k under the assessed value. Keep in mind that assessed value has nothing to do with market value. It is merely a measure of what the town thought it was worth at some moment in time. The assessment could be years old. In our state the towns are required to reassess every 5 years. Get an agent to do an analysis for you against recently sold comparable properties and also comparable properties currently on the market. This will be more accurate in determining what the house is worth.

Good luck
0 votes Thank Flag Link Fri Jan 4, 2008
Bluff or not - the most concerning detail, to my mind, in your notes so far, is that you'll be carrying 2 mortgages Rowley is a great area, but what happens if the house you are in now doesn't sell quickly and you have to under-price it to get rid of that obligation (remember - 2 mortgages, 2 heating bills, 2 lighting bills, 2 tax bills, 2 driveways to keep shoveled). You may find that this huge equity gain you are anticipating is eaten up in carrying costs while waiting for courts which are beyond your control. I would advise caution.
0 votes Thank Flag Link Thu Jan 3, 2008
This offering price may have been a strategy to induce mulitple bids over the ask price. The court will be concerned with determining what the best this property can get in an open market with an arms length transaction. That is determined by market forces and current activity.
0 votes Thank Flag Link Thu Jan 3, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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House is 200K below tax assessment so even a full price offer (we wanted to pay less of course) is a great deal. Comps will probably argue against us. House is at 595, seller owe close to 800K. Bankruptcy judge is going to have to sort it out.

PLUS SIDE: House is absolutely worth more than 595 - instant equity the day you walk through the door.
NEGATIVE: Hate to pay full price:)
nervous that we've been played
we'll be carrying two houses (ours has not sold yet) but this is literally the deal of a lifetime in our area
0 votes Thank Flag Link Thu Jan 3, 2008
Since you stated the seller priced very low, that lends a bit more to the fact it could be true. I have been involved in several mulitple bid offers in our area, and we are definitley in a buyers market. There are buyers out there. They are cautious and study the market hard. It is not unusual to see multiple offers come in when a property is priced aggressively.

Still, you don't know, and probably won't ever know.

Submit comps along w/ your offer. Include a cover that mentions the DOM if it has been on the market long. The bankruptcy judge is concerned with indicators that tell him/her that this offer is the best that can be had in the current market. Provide supporting documentation for the court to review. The judge is not a real estate expert; provide support for your offer.

Do you have to do inspections before approval? Can't you structrue your offer so that any inspections are not done until the third party approval is granted?
0 votes Thank Flag Link Thu Jan 3, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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OK, to dig deeper. We are looking at a house with some substantial debt problems (soon to be foreclosed). They've set a price really low. The seller can accept the offer but it does not mean that the bankruptcy judge will accept it - where does that put us. For example, I don't want to pay for a home inspection on a house that a judge later tells me the bank will not accept the price.
0 votes Thank Flag Link Thu Jan 3, 2008
It's impossible to tell. Besides, even if the agents are telling the truth that another couple is planning to make an offer, it's not a "done deal" until the offer actually arrives in writing. But some agents have been known to say that they thought someone else was writing an offer just to prompt action from a potential buyer. Don't be pressured into doing anything you're not comfortable with.
0 votes Thank Flag Link Thu Jan 3, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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