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Old 03-20-2013, 04:01 PM   #81
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My real estate agent is a retired preacher that married us 33 years ago. Very honest and ethical. And no matter which side of the transaction we are on, buying or selling, I have my minimum/maximum price predetermined and I do not disclose it.

If I am a buyer and there are multiple offers, I might remove contingencies on my offer, but I am not going to move on the price unless I get a counter offer.

NEVER FALL IN LOVE WITH REAL ESTATE!
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Old 03-20-2013, 04:09 PM   #82
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Quote:
Originally Posted by heeyy_joe View Post
If I am a buyer and there are multiple offers, I might remove contingencies on my offer, but I am not going to move on the price unless I get a counter offer.

NEVER FALL IN LOVE WITH REAL ESTATE!
I don't qutie understand what you are saying here. As a buyer, you are not going ot get any offers. Have you managed to get the seller to show you her other offers?

I'm sure there is something I do not understand here, can you explain?
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Old 03-20-2013, 05:05 PM   #83
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I don't qutie understand what you are saying here. As a buyer, you are not going ot get any offers. Have you managed to get the seller to show you her other offers?

I'm sure there is something I do not understand here, can you explain?
All depends on whether you are in a buyers' or sellers' market.

In a buyers market, I would always make a low ball offer, and wait for the seller to counter offer. The the fun begins, until a mutually acceptable strike price is reached.

In a sellers market, you are competing with other buyers, so best offer with the least conditions will win out. Unless of course the seller decides to go to auction, in which case you are in a bidding war with other buyers
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Old 03-20-2013, 05:42 PM   #84
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All depends on whether you are in a buyers' or sellers' market.

In a buyers market, I would always make a low ball offer, and wait for the seller to counter offer. The the fun begins, until a mutually acceptable strike price is reached.

In a sellers market, you are competing with other buyers, so best offer with the least conditions will win out. Unless of course the seller decides to go to auction, in which case you are in a bidding war with other buyers
Yes, I think I misunderstood what heevy said. After your post, I think what he meant was that he won't move on this price unless the seller counters him with a binding offer. I understand this.

I basically do not do sellers' markets. I have nothing against renting, and I imagine that when all costs are in, renting is likely cheaper and certainly a lot easier. So my plan would always be to rent until someone needed my liquidity.

A rational man will always be outbid by the good-job holding young couples and other starry eyed buyers that abound in hot markets. If you win a bidding war, you may well damage your financial position.

Ha
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Old 03-20-2013, 07:39 PM   #85
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Apologies if my view was obtuse. If I am a seller, I have my asking price, which I know I am unlikely to get in full if I have priced the property correctly, unless I am very lucky to have multiple people in a bidding competition. I also have my bottom line sale price which I will not go any lower. I do not reveal this number to anyone.

The same strategy applies if I am a buyer, I have a top dollar figure I will pay and there is no way that I will ever share that with a real estate agent. If I am a buyer and have made an offer, and then I am told there is another offer, I do not change my bid - I may eliminate a financing contingency, or an inspection option, or offer the seller more time to vacate.
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Old 03-20-2013, 09:28 PM   #86
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Originally Posted by heeyy_joe View Post
Apologies if my view was obtuse. If I am a seller, I have my asking price, which I know I am unlikely to get in full if I have priced the property correctly, unless I am very lucky to have multiple people in a bidding competition. I also have my bottom line sale price which I will not go any lower. I do not reveal this number to anyone.

The same strategy applies if I am a buyer, I have a top dollar figure I will pay and there is no way that I will ever share that with a real estate agent. If I am a buyer and have made an offer, and then I am told there is another offer, I do not change my bid - I may eliminate a financing contingency, or an inspection option, or offer the seller more time to vacate.
Yes, when you said "unless I see another offer", I thought you meant that your own eyes confirmed the existence and details of this offer. This struck me as unlikely to happen, and probably illegal if it did. Bsíng about nonexistant "other offers"is a cheap lie for the seller's agent, as how is she going to get caught? And what can happen if somehow she is caught?

As I said, I will not compete during a hot market. And I never would eliminate the need for a careful inspection, and in the case of a condo receipt of the Condo Sales document including a thrid party reserve study. IMO way better to lose a place that you may like than to get stuck with a big bill, or worse, an impediment to eventual resale.

On another topic, I think that the technique outlined in one of Calmloki's posts where an unscrupulous buyer will make offers on multiple properties then kill whichever ones he does not want really stinks. Another poster said that s/he had been victimized by this tactic.

Ha
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Old 03-21-2013, 10:57 AM   #87
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I have had great success using RE agents to sell RE. In fact, all my bad experiences have been with the suspect practices of other listing agents when I have been attempting to purchase. Aside from the impending event close that all realtors tend to overuse, my buyers agents have been stirling.
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