Put in an offer for a house....

[RenoCarolina]

1 hour ago, thefuzz said:

 

However, to just walk into Coldwell Bankers office right now, and tell them you want to go looking at houses...that person is immediately working for you, 

 

I am guessing that you are or have been a licensed broker or agent?  That would explain a lot.

I just posted the "working with agents" directly from the NC Real Estate Commision site and it clearly says that unless you have agreement orally or in writing  that you should avoid telling any agent anything you do not want the seller to know.

Why make this required reading for the consumer?  Because in NC the agents are working for the seller unless and until it is expressly agreed they are not.  

This was exactly my point earlier that you said was 100% wrong.  

Not trying to call you out or derail the thread but you need to take a closer look at all the percentages you are throwing out.

 

 

[thefuzz]

24 minutes ago, RenoCarolina said:

 

I am guessing that you are or have been a licensed broker or agent?  That would explain a lot.

I just posted the "working with agents" directly from the NC Real Estate Commision site and it clearly says that unless you have agreement orally or in writing  that you should avoid telling any agent anything you do not want the seller to know.

Why make this required reading for the consumer?  Because in NC the agents are working for the seller unless and until it is expressly agreed they are not.  

This was exactly my point earlier that you said was 100% wrong.  

Not trying to call you out or derail the thread but you need to take a closer look at all the percentages you are throwing out.

 

 

Agents are not working for sellers unless expressly agreed.

Look at the sentence above the one you highlighted.  What the commission is trying to tell you is to know who you are talking to before spilling the beans.  IT DOES NOT mean that that agents are working for sellers.

The commission made this doc required to be handed out because people don't understand real estate law, and often complain about not being represented.  This comes from onsite sales as well as real estate folks who sit in model homes and DO work for the sellers.

Picture this.  You and wife walk into "open house" ohhhh and ahhhhhh all over the house...talk about not needing to sell your home before you put in an offer on this one, mention that you could spend full price and blurt out that the house needs no work and is the perfect place to raise your family.

You call your real estate agent, put together an offer of 5k under asking, put a sales contingency in place, and want 3 weeks to schedule a home inspector.

Now the agent you said all of that in front of during the open house works for the seller, your agent that works for you does not...you are going to get a counter from that sellers agent for full price, no contingency, and no home inspection....he is doing what's best for his clients...the sellers.

Many people walk into those homes, and start talking to those agents not realizing who works for who...that's why that doc is in place....to explain the law.

What the NCREC is doing is trying to protect ALL...buyers and sellers....but in no way indicate that any particular agent works for sellers only.

And yes, I have been in the biz for a very long time now, and provided as much free help as I can to any member of this site tha requests it.  Again, not trying argue with you over and over, I just try to educate as many people as I can, and want everyone to understand whats going on in this business.

[Zaximus]

21 minutes ago, thefuzz said:

Agents are not working for sellers unless expressly agreed.

Look at the sentence above the one you highlighted.  What the commission is trying to tell you is to know who you are talking to before spilling the beans.  IT DOES NOT mean that that agents are working for sellers.

The commission made this doc required to be handed out because people don't understand real estate law, and often complain about not being represented.  This comes from onsite sales as well as real estate folks who sit in model homes and DO work for the sellers.

Picture this.  You and wife walk into "open house" ohhhh and ahhhhhh all over the house...talk about not needing to sell your home before you put in an offer on this one, mention that you could spend full price and blurt out that the house needs no work and is the perfect place to raise your family.

You call your real estate agent, put together an offer of 5k under asking, put a sales contingency in place, and want 3 weeks to schedule a home inspector.

Now the agent you said all of that in front of during the open house works for the seller, your agent that works for you does not...you are going to get a counter from that sellers agent for full price, no contingency, and no home inspection....he is doing what's best for his clients...the sellers.

Many people walk into those homes, and start talking to those agents not realizing who works for who...that's why that doc is in place....to explain the law.

What the NCREC is doing is trying to protect ALL...buyers and sellers....but in no way indicate that any particular agent works for sellers only.

And yes, I have been in the biz for a very long time now, and provided as much free help as I can to any member of this site tha requests it.  Again, not trying argue with you over and over, I just try to educate as many people as I can, and want everyone to understand whats going on in this business.

.... And this is why passing the real estate test and whatnot is not easy.    There is a lot to absorb.    And agents have to take courses like yearly or something as well, if I remember right?    I've known people that think being a realtor is easy money..... it's not, and they couldn't even pass the test.    My mother is a realtor and it's not easy work, you're pretty much on the job all the time, so much to know, dealing with sometimes "out of it" people etc.    Basically, a good agent earns that commission easily.      In the grand scheme of things, it makes no sense for a realtor to screw anyone because I've seen so much of my mother's business be from return clients, or people that know those clients, family of them, etc.     You have to build a reputation.

[thefuzz]

4 minutes ago, Zaximus said:

.... And this is why passing the real estate test and whatnot is not easy.    There is a lot to absorb.    And agents have to take courses like yearly or something as well, if I remember right?    I've known people that think being a realtor is easy money..... it's not, and they couldn't even pass the test.    My mother is a realtor and it's not easy work, you're pretty much on the job all the time, so much to know, dealing with sometimes "out of it" people etc.    Basically, a good agent earns that commission easily.      In the grand scheme of things, it makes no sense for a realtor to screw anyone because I've seen so much of my mother's business be from return clients, or people that know those clients, family of them, etc.     You have to build a reputation.

It's not easy or fun to get licensed, and it's getting harder....see longer.

I'm in a different type field than most all real estate agents, but carry a brokers license none the less.  It's expensive to hold a brokers license, and it's very expensive if you want to be successful...however you can make a very good living if you are good at what you do, and are good to your (all) clients.

When someone tells me they want to get in the business because:  "I can make my own schedule", "I can work for myself". "I'm tired of the corporate grind", or because "it's easy work, I sold my house and paid $16,000 for 3 hours worth of work".....I laugh, and just tell them to throw away a few thousand dollars, and waste a couple hundred hours watching Netflix, and they will make about the same amount of money.

And you are 100% correct on the ethics of it.  If you are a bad agent you won't make much money...if you are unethical you may make a little bit real quick, but then lose your license, and get run out of your town on rails.  Property owner referrals make up 60+% of good agents income....bad to your clients, and they will be bad to you.

[hepcat]

4 hours ago, thefuzz said:

Back to the OP.

 

After thinking about this, I would go ahead and skip over the home inspector (still get it) but don't wait till then to reach out to some licensed and insured companies in your area that deal with foundation issues.

Get a couple of quotes, that way you are at least educated on the issues.

I wish we could at least get to the inspection step. We haven't even gotten an answer on our offer yet. Been 3 days as of tomorrow. No contact from the seller. No counter, no "we're thinking about it", nothing. We're pulling the offer tomorrow at 5pm if we don't hear from them.

[LinvilleGorge]

5 hours ago, hepcat said:

I wish we could at least get to the inspection step. We haven't even gotten an answer on our offer yet. Been 3 days as of tomorrow. No contact from the seller. No counter, no "we're thinking about it", nothing. We're pulling the offer tomorrow at 5pm if we don't hear from them.

They're basically telling you that your offer wasn't even worthy of a response. Kind of a dick way to do it, but that's what they're doing.

[thefuzz]

14 hours ago, hepcat said:

I wish we could at least get to the inspection step. We haven't even gotten an answer on our offer yet. Been 3 days as of tomorrow. No contact from the seller. No counter, no "we're thinking about it", nothing. We're pulling the offer tomorrow at 5pm if we don't hear from them.

Do they have a sellers agent?

Do you have a buyers agent?

Can you tell me how you came up with your numbers, as in its current value, and did you have a reason for trying to low ball?

Just trying to wrap my head around it a little.

[thefuzz]

9 hours ago, LinvilleGorge said:

They're basically telling you that your offer wasn't even worthy of a response. Kind of a dick way to do it, but that's what they're doing.

It's not the right way, but neither is insulting someone with a terrible offer (I have no idea if it was or not) in this market.

[hepcat]

2 hours ago, thefuzz said:

Do they have a sellers agent?

Do you have a buyers agent?

Can you tell me how you came up with your numbers, as in its current value, and did you have a reason for trying to low ball?

Just trying to wrap my head around it a little.

Reasons we came in under asking: House endured water damage in 2018 and had termite damage. House has construction grade appliances and fixtures. House has obvious foundation concerns. 

So we finally got a response late last night. They did not outright reject our offer but want to wait for the house to be listed for 30 days before making a decision. It has been listed for 10 days. They countered at 5k under asking. We have decided to meet their counter should they cover all closing costs. They seem amicable to the idea. We'll see. 

Inspection incoming if they accept those terms.

[LinvilleGorge]

I hope they accept it. If you get cold feet and decide to back out, trust and believe that inspection is going to turn up some things that keep that option available. Don't start falling in love just yet if the offer is accepted. 

[hepcat]

31 minutes ago, LinvilleGorge said:

I hope they accept it. If you get cold feet and decide to back out, trust and believe that inspection is going to turn up some things that keep that option available. Don't start falling in love just yet if the offer is accepted. 

If they reject this offer we are walking away. We came up to their counter and asked if they'd be willing to cover closing costs, and the listing agent said yes. So if they reject this, they are just liars and greedy. 

[LinvilleGorge]

14 minutes ago, hepcat said:

If they reject this offer we are walking away. We came up to their counter and asked if they'd be willing to cover closing costs, and the listing agent said yes. So if they reject this, they are just liars and greedy. 

Or maybe they just think they'll get a better offer. It's not greedy trying to get every dollar you can for your property just like you're not being stingy by trying to get this property for the last that you can. Thats just the way things work. If the listing agent said they'll do it, then there's probably a really good chance that they will but until something is put on paper it doesn't matter.

[OHYO]

Sorry about pics. I didn’t get a chance to upload to cloud and then add. Termite damage! Walk away imo, everything looked ok on the outside till I started digging. 

[hepcat]

27 minutes ago, OHYO said:

Sorry about pics. I didn’t get a chance to upload to cloud and then add. Termite damage! Walk away imo, everything looked ok on the outside till I started digging. 

Yikes!!! I heard there's a thermal gun that can access the inside condition of walls including moisture and termite damage. Anyone else heard of it?