Sellers get greedy and dishonest

Filed Under (House Related, Personal) by Jason L. on 25-09-2008

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Very Honest For Sale By Owner Sign

Image by Casey Serin via Flickr

So remember that house I talked about a week or so ago. The house was a really nice house but had some querks we thought we could live with. The house was 249k and we offered 250k and they countered. Well when after about 24 hours from their counter to us, they called our agent and asked what we were going to do because they had another offer coming in that night. I told Mike to let them know we would need the weekend to think about it because we were putting in an offer on another house which was better and cheaper. Well on Monday the homeowner called Mike and pretty much demanded to know any feedback about why we weren’t jumping at their counter offer. He explained that we were upset about his commission being lowered, them wanting to rent the house for a month at lower than our mortgage payment projection, and the fact they were placing such high value on their theater equipment. The homeowner replied to Mike that “this must be the best you can do for what you know how to do” or something along those lines. And they didn’t have another offer.

At this time the house is still available and not under contract. Furthermore now that they have made a personal attack at our agent, you can be sure he won’t purposely show or promote this house to his buyers. Its no wonder they haven’t sold their house in 7 months.

Just to note, we had to contact the buyer directly because while they do have an agent, we are to deal directly with the buyer. Its one of those things where they seller just pays the agent a one time fee of like $1,000 for listing on the mls and a sign in the yard. The seller handles all negotiations and paperwork.

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Offer Approved!

Filed Under (House Related, Personal) by Jason L. on 24-09-2008

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The bank owned house we have been talking about for the last week, we got a response back yesterday that we were the only offer in the end and instead of taking our increased offer (in the multiple offer addendum) they took the original lower offer of 216 with closing of 5500 back. So basically we are paying 210 for a rambler that is 2675 sq feet built in 1999. Now we just have to get an inspection done and watch the interest rates to see where they go. Too bad we didn’t buy one week ago or we could have got 5.3% Here are the current rates:

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Offer on a Bank Owned Property

Filed Under (House Related, Personal) by Jason L. on 23-09-2008

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Mount Timpanogos, in the Wasatch Range, near O...

Image via Wikipedia

Friday we put in an offer on a bank owned propery in Orem. The house needs a bit of work but is a good price for the square feet and has a good layout. We honestly like it equal to the house you read about where we offered full asking price with closing costs back. This one however is 40 grand cheaper.

We expect to hear back today from the bank. There was another offer that came in over the weekend so we actually upped our offer 10 grand to be more competitive (i’m sure they did the same). The submission is due today at 10 am so hopefully we hear back soon after.

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Stubborn Homeowners Refuse to Negotiate

Filed Under (Ranting) by Jason L. on 16-09-2008

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SAN ANSELMO, CA - MAY 17:  A real estate sign ...Image by Getty Images via Daylife

Just this past Friday we put in an offer on a home (mls# 776061) which has been on the market for 202 days. The list price was 290k and has zero-scape and a giant concrete retaining wall in the backyard (taller than the house) which is probably the reason that people have shy-ed away from this property. The house was in pretty good condition, the carpets and walls needed some refreshing but overall it was in alright condition for being 2 years old.

We offered 269k which seemed like an affordable and reasonable place to start for this home. We put in an expiration date on our offer for Saturday and just today, Tuesday, we got a verbal response from the sellers agent. Apparently the seller countered with 290k and will only accept full price. Are you kidding me? Do you not understand that there are far fewer buyers out there, far fewer QUALIFIED buyers out there and that homes are not selling for full price. Price your house 10k or so above what you would be willing to accept.

All I can say is apparently this seller doesn’t really want to sell their home. What a shame. Thank you for wasting our time and your own. And now we move on. Today we are going to look at around 15 homes that are similar priced but brand new, never lived in and 500 sq feet bigger – with no giant wall in the backyard.
This is a perfect example of what we are encountering in the ProvoOrem area. Buyers that still think their house is worth the same as it was in 2006. Stubborn ignorance. No worries, we are getting used to it and don’t really get attached to any one house.

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