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Realtors...am I being unreasonable?

Discussion in 'BBS Hangout' started by leroy, Nov 16, 2015.

  1. leroy

    leroy Contributing Member

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    This is in the process of happening for the 2nd time in a row...

    Wife and I put an offer on a house Saturday afternoon. In my previous experience, the process usually goes fairly quickly. In this case (and the case of a house we made a run at about a month ago), the seller's agent doesn't get back to us until yesterday afternoon after much prodding from my agent. They counter and we quickly countered their counter. This was at about 4 pm yesterday. Here we are on Monday morning and no response at all from the sellers.

    Here's how I see it. This isn't science. It's negotiating 101. You have a price listed. You're fairly certain you aren't going to get that but you know what you want out of it. You then work back an forth to get somewhere you're comfortable. There's really nothing to think about or sit on. The house has been on the market since July. It's now 10 days until Thanksgiving. Don't sell it now? You're likely sitting on the house until after the new year. People are going to stop shopping for homes while they shop for gifts and you get to keep paying a mortgage for a house you're not living in. I'm not a rookie. My agent and I aren't going to stray from our plan just because they're stalling. Either you want to sell the damn house or you don't.

    Am I being unreasonable that I expect a response in something less than 12 hours?
     
  2. eric.81

    eric.81 Contributing Member

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    It depends on whether or not this is a multi-offer situation and who is selling it.

    If it's bank-owned then approval of even a full-price offer could take up to a week, as the bank has to get approval from all the muckety-mucks in charge... it's more stroking the ego of those at the top of the bureaucracy than anything, but it happens none the less.

    If it's a regular joe or even an investor (flipper) selling, then it would depend on how many offers they are weighing. Although, if it's a multi-offer situation, you should have been informed that you are competing with other buyers.

    Not a Realtor, but a "real estate professional."
     
  3. cwebbster

    cwebbster Contributing Member

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    Is this Sugar Land? If so, almost always people get asking prices for houses out there.
     
  4. EssTooKayTD

    EssTooKayTD Contributing Member

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    I'm not a realtor or anything. Part of negotiating is also making the other side wait at times aka stall like you mentioned. Not saying that's the case here, but it could be. They could be looking at competing offers as well. Are you unreasonable? Nope, but it also shouldn't surprise you that some people are just slow to respond. It could be like the car dealership where they try to make you sit around on purpose, wear you down.
     
  5. superfob

    superfob Mommy WOW! I'm a Big Kid now.

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    To reverse it, if you slowed down your responses, it would signify your lack of interest in the house, and your potential interest in other houses as well.

    Owners may feel like you're pretty vested in their house and will try to get you to negotiate up closer to their listed price / counter offer.
     
  6. dobro1229

    dobro1229 Contributing Member

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    TBH, hearing back within 24 hours is pretty rare. You should anticipate having to wait in a normal situation because the seller will want to wait and see if they get a higher offer in the meantime, or they have had some traction with other potential buyers, and want to contact them to see if still interested.

    I've been through the ringer more than a few times, and have spent some time in the real estate industry.

    If the seller has had the house on the market since July in this current hot real estate market there are reasons. If you don't sell in 90 days you did something wrong.

    A. The sellers (most likely not the agent) want too much for the house
    B. There is something wrong with the house that is throwing people off
    C. They suck at negotiating, and are not handling offers correctly

    Probably a little bit of each 3. Honestly, I'd be shocked if they didn't negotiate with you, and the fact that they got back with you as quick as they did is actually a good sign. I know it seems like forever but this is actually pretty quick.

    Also when you get your first counter back from the seller, always expect the first counter to BARELY move down at all. Don't get offended, or upset about it. Its very common. You're real estate agent should be able to dig and find out what kind of traction they are getting on the house. If they really are not getting offers then stay close to your number that you and your agent feel the home is worth. You'll get the house unless they are stupid and love holding properties on the market for longer than 6 months (which is a stupid tactic).

    If the house really is drumming up alot of traction and you are at risk of losing the house to another offer your agent should be able to find that out, and if its the home you really want, you know what to do. Moving up a couple 1,000 bucks over a 30 year + note isn't that big of a deal.

    Good luck!
     
  7. khanhdum

    khanhdum Member

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    really depends how lower your offer is to tell if you're reasonable and within their time frame. It's a weekend and today is Monday, so it does sound like you were being a bit unreasonable
     
  8. Kim

    Kim Contributing Member

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    You can just add a time parameter to your offer.
     
  9. leroy

    leroy Contributing Member

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    No competing offers that we're aware of. Finally heard back and they were "offended" at our low over and counter. I think it's that they suck at negotiating. I think they listed at or close to their lowest and left themselves no wiggle room.

    We're countering with a take it or leave it offer. No one is going to be shopping after next week. They can sell now or be sitting on it for at least another month in all likelihood. We're in a rental that we like and is letting us go month to month. We can be as patient as we need to be.

    FYI...it's in The Woodlands where prices have leveled off and are starting to drop. Exxon stopped moving people here...at least not at the pace they were. Houses that were lasting less than a week on the market are now staying on for months.
     
  10. Haymitch

    Haymitch Custom Title
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    This sounds like pretty good advice.

    When my wife and I were buying, we were the ones who were dragging our feet. The sellers were trying hard to sell it because they already had their new house but we were still in a rental agreement with a townhouse for a few months, so we wanted to drag it out as long as we could without losing the house.
     
  11. juicystream

    juicystream Contributing Member

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    Yes, you are being unreasonable. 24 hours is a reasonable time to get back to you, and many offers are written to allow a 72 hour window (though taking 72 hours is rare for an individual seller).

    They aren't doing anything out of the norm. They are negotiating as well. They may have listed the house for what they value it. People do that. Some even list below FMV to get more offers. You can't just assume a house is listed for a percentage above what they are looking for.

    I've done a take it or leave it offer before, and they countered. I immediately pulled my offer and left it behind. Ended up working out well for me as I found a house I am much happier with.
     
  12. dragician

    dragician Member

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    delaying and waiting are part of negotiating 101.
     
  13. dobro1229

    dobro1229 Contributing Member

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    Well if they actually are offended by a low offer when their house has been sitting on the market for that long then they are pretty delusional, and letting their emotions drive the sale. Letting home buying and selling get emotional can cloud judgement and make you miss out on making the best business decision that you can.

    If I was their realtor I would ALWAYS counter back somehow even if you only move down just slightly. It's your sign of good will that you want to work with them, but you have to come up ALOT more to get our attention. No need to tell them you are offended. You risk the buyer walking away from the deal all together which I'm sure you are thinking about now correct?

    A "take it or leave it" offer.... I dunno if I'd necessarily call it that or not, but I would be pretty firm back, and let your real estate agent know to communicate that this is what we feel believe the home is worth based on the comps, and you will move on to other homes in the meantime if they don't come down on their offer to the amount you are countering back at. Its a two way street. They could get frustrated and take the house off the market too. Both real estate agents need to work this out for both of you guys. Its a shame that so many of them really are so lazy and really just draw up the paper work.


    *FYI my first home I had listed for 199K, and the first initial offer we got was for 150K from an investor... we were floored that they had the audacity to even waste my time. Needless to say we got in a multiple offer situation a week later and the house ended up selling for 210K... guess who bought it?... that same investor. With the equity we had in the house, I could have gone all the way down to 170K and still had enough profit to get where we needed to be with our down-payment on our new house.

    Good luck with that counter and let me know what they say back.
     
  14. leroy

    leroy Contributing Member

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    Their latest counter was barely movement off of their original counter. We've made our "last and best" and are leaving it to them. Luckily for us, we're in a position where we aren't forced to do anything. We've made the offer we're comfortable with and now it's up to them to agree or we're more than prepared to walk.
     
  15. mleahy999

    mleahy999 Member

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    Selling and buying homes are emotional. It's amusing that you think you are being reasonable and the sellers are irrational. Or you are somehow negotiating from a position of strength and the sellers are too dumb to accept your generosity. It's obvious the process has gotten you amped up expecting a response in 12 hours. It takes time for the sellers to accept low offers. It's a major decision.
     
  16. leroy

    leroy Contributing Member

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    Their agent wrote our agent in an email that her sellers were disappointed in our offer and that she had to talk them off the ledge from walking. They are the original owners of this house and are clearly making an emotional decision. We are in a position of power because we don't have to buy it. We don't have to move. There's nothing other than not wanting to rent any more that is causing us to be in the market.

    What I do find unreasonable is not responding to emails or texts. Even if it's just a "got your offer. I'll get back to you." Basic customer service principles apply no matter what the situation. Maybe that's just me, though. I always respond to my clients even if I don't have the answer right away. It's better that they know you're working on it rather than them not knowing at all.
     
  17. khanhdum

    khanhdum Member

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    It seems like they don't have to sell or they would have played ball with you a little bit more. You're really not at strength like you think you are. You didn't state the amount or % with their costs but just because the house is on the market since July, it sounds like they can wait for the right buyer at the right price that satisfies them. However I do agree a quick text or email to state they receive it but it was a Sunday and they got to you already today. Good luck with your house search.
     
  18. mleahy999

    mleahy999 Member

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    You're under the assumption the agents are on top of things. Next time, skip the agent. Work directly with the seller's realtor. They don't have to split the commission and will be incentivized to convince the seller to accept your offer.
     
  19. Major

    Major Member

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    If they've had the house on the market since July, it sounds like they don't feel the need to sell it either. It might just be that they have it listed and if they get what they want, great. If not, they are happy to hold on to it for whatever reasons.
     
  20. EssTooKayTD

    EssTooKayTD Contributing Member

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    I tend to price things to sell and put my lowest price to avoid haggling/negotiating. It hasn't worked out well for me so far. Either they think it's not legit b/c of the low price, or they figure that it's my asking and I should be able to accept less, even if I state my reasons for the low price. Everyone wants to feel like they got a steal I suppose.
     

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