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I put an offer on a homepath home for a personal residence. I was told that there were multiple offers and to put in my highest and best offer. Then I received a counter offer, after I just have my highest and best.
In a multiple offer situation you gather all the offers and present them together. An agent has ZERO incentive to lie about multiple offers. An agent wants the property sold so they can get a commission. They banks that particpate in small dollar loans do not want to scare away potential offers if there are none.
Usually you can ask to see the next highest bid in this case. If you have this doc you could always contact the person making the offer to see if they are a real person with a real bid. I see no real incentive for real estate agents to lie to prospective buyers. On the contrary, the buyer could turn out to be a future customer for the agent. I put in my offer on Monday and the time I saw the seller the second time was Friday.
Then the following Monday we were told our offer was rejected. The selling agent likely used 2000 loan bad credit no guarantor the same line, or stalled and used our bid to get a higher offer. This is a very hot market in NJ and agents how to get loans with bad credit know that for good properties, that if they wait they will likely get an offer near or above asking. I just find it very hard to believe that there were 4 offers near asking one day (first Monday) after the price dropped (no offers in 2 months) , and that a week later the seller had not heard about one offer when I asked him directly.
Could it be possible that the selling agent was holding all these offers 2000 loan bad credit no guarantor for over a week? Especially if the seller is older, lacks technology, etc.
The agent was most likely going to meet with the seller in person to go over the offers, explain things etc. The 40k reduction may have also compare personal loan rates been the spread between what the agent wanted to list it at and what he was told it at.
Sellers (and buyers) can sometimes have unrealistic opinions of worth. I believe he was doing his duty to collect "highest and best" before a prescribed date and present them together during a single sit-down with the client.
The seller is obviously going to act in their own self-interest, which may include a soft fib here or there to avoid an uncomfortable situation with you walking through their home. I asked a RE agent I frequently work with for a blank 2000 loan bad credit no guarantor copy of the single counter offer form. She just uses the multiple counter offer form in all circumstances. So go ahead 2000 loan bad credit no guarantor and assume there will always be alleged other offers, no matter what.
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Yes you win, but was the price you paid a fair price? Thankfully, we have stock market ticker prices, liquidity, SEC regulators, and an incentive system not predicated on the dollar value of shares you buy but simply the number of shares you buy. I do love the fact that RE is opaque and not every house is the same. You have 2 million agents in the US and you are telling me that zero have ever fudged numbers? Furthermore, who pays the selling commission of both the buying and selling agent usually? I bid low 580k as a starting bid figuring we should end up somewhere in the middle. Even if he does, he probably gets a slap on the wrist.
If you are an upstanding agent you have nothing to worry about. My point is that the selling agent sat on my offer and two there are games that some selling agents do to artificially raise the price by artificially demand that may or may not be there. You could be right that he was gathering bids but it goes contrary to what some people have said that all an agent wants to do is sell the house as quickly as possible. Another shady thing was the selling agent said he was authorized to counter on behalf of the seller. Finally, a slightly more transparent system where selling agents have to show any and all bids after close as a checks and balance system. Unfortunately, most of the players (agents, sellers) in this game have little incentive to push for change.
You are not supposed to spoof prices in the Stock Market (although it happens. Why should you be allowed to do so in the housing market? Which offer do you think you would take for very little effort involved? The buyers were expecting a contract addendum that contained standard release of all contingencies stuff. What they got was just that, with a bonus five grand that they did not ask for, expect, see coming, or even know to hope for. Its always good to put an expiration on an offer as well. An agents job is to get the best price for their client and some agents lie all the time (Some are also very honest, so no disrespect intended). My process is to make an offer that I am comfortable with and be willing to lose the deal if someone outbids me. If the agent asks for my highest and best offer, I have the choice of re-evaluating and raising my offer or not. Over time I may even get to know who the unscrupulous agents are and consider their request for a highest and best offer in that light. I insisted they get an appraisal, even though it was a cash offer. Now, do you think the sellers had the same opinion of me as my buyers did? You got outbid so obviously there was at least one other offer. I have found myself in highest and best situations quite a few times. Sounds like small payday loans no credit check a really bad agent and there are MANY bad agents out there that do not represent their clients the way they are supposed to.
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It sounds like you need a new agent yourself frankly. You have clearly never worked in a commission based job nor understand the economic incentives of one. The chances of getting caught in this kind of lie are incredibly high since the listing agent would need to provide the other offers to the winning bidder if requested. Possibile penalties for this would go far beyond the slap on a wrist you think would happen. We would be talking immense fines, loss of license and possible jail for fraud. For these reasons there is just very little chance an agent lies about multiple offers. There is almost nothing to be gained, but a ton to lose.
So if there are multiple offers they have to either decline or ignore the others unless of course they decide to go to them all and ask for "Highest and best". If we start countering the other offer, we are most likely going to ignore you and your offer while we are trying to come together with the other one.
Because it does not put my client in the best position.
On the same token one of the reasons you get in the multiple offer situation is because the minute your offer came in, the selling agent called everyone who looked at the house and said "Hey I know you showed the house last Tuesday... Just to let you know we just got an offer and if your clients are interested I am presenting tomorrow morning at 10:30.... I am just too busy today to get over there tonight". I understand how as a person trying to buy a property cheap it is no fair to have an agent doing these things to you. However if you are the person selling it is what you want and we are legally required.... No it is because we are representing the seller and working in their best interest. If the seller wanted "The most money", "The fastest close", "The least amount of personal items", "The best chance payroll loan interest mexico of closing" I am going to work to get them whatever is number one. When I listed it and spoke with the owner I asked if they wanted me to reject offers without POF? I also asked if they wanted offers only on our standard GRAR contract? I also asked if there was a number they did not want to be bothered below? When your used bad credit loans lenders TP comes in guess what I am doing with it? The "Listing Agent" is the one selling the property and the "Selling Agent" is the one representing the buyer. Here is an example for clarity: Traditionally, all agents involved in a real estate transaction legally represent the Seller (both the "Listing Agent" and the "Selling Agent. I put an offer on a homepath home for a personal residence.
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They refused to provide a copy of the agreements the buyers would sign, so I passed. Did any of the other agents in your office decide to partner with them? Any idea one way or the other whether they are a decent outift to get in bed with? I did track down an agent in CO who had done five of them. I asked him about the agreement the buyers signed and he responded "I never thought to ask to see it". I have signed up with them - it seems like a great option for those with little or no cash advance loan fast credit and need a fairly decent place to live - my problem would be in protecting my own skin - I mean, I would want a buyer to sign something that says they will hold me harmless when they sign up with this company.
But I hear it every day with the rental supply drying up in PBC, Fl. Keep these things in mind: Your deposit (2 months rent) is due as soon as the house is under contract - with no real clear picture of what your final right to purchase price will be. You are only allowed to attempt to exercise your right to purchase once, and if something goes wrong your purchase right is nullified completely. IMO, in most cases it would take a great deal of appreciation over the course of your lease in order to make it worth paying the full right to purchase price of the house that Home Partners buys for you to rent. In my home market of Southern California we are on a price increase escalator. Years ago I personally rented a home smaller than I needed for several years waiting to get into the market until my credit improved and payday loans in maine then buy a bigger house. By the time I finally entered the market I could barely afford to buy a house the same size I was renting.
Home Partners at that time would have been a fantastic solution. This is hardly an option any lender is currently giving, or has ever given. And because they buy cash they often get discounts.
Typically even finding an owner willing to finance is very difficult. Thirdly finding a buyer who, likes the house, is in the right price range, and has the large down and the desire to do it can be nearly impossible.