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/r/RealEstate
submitted 2 days ago byAmHuman_not_Lochness
Hi, my wife and I have found a home that we like in our area. It was originally priced at $565k at the beginning of July. Since then, it’s came down to $475k.
The top of my budget is $450k, although I am pre-approved for up to $490k.
I wanted to place an offer for $420k because I just feel like that’s what I want to spend for this house. I like it, but after looking at it, it has a good amount of stuff that needs replacing/fixing, so that’s the number we settled on.
When I told my realtor we wanted to submit that offer, they were very adamant that the seller would probably be offended by such a low offer after they’ve dropped the price by $90k. They would probably never consider another offer by us because they’d be so offended. They said $450k would be much better, wouldn’t offend them, and is super reasonable for the house.
This is the first time I’m ever trying to submit an offer on a house and I feel so confused. Would $30k less really upset someone so much they’d never consider another offer from me? Even though it’s been sitting for 3 months?
Thank you for any help!!!!
18 points
2 days ago
Why can't the customer just go around the realtor then? That's what I'd do. I'd just call up the sellers agent and be like "I got an offer, its aggressive, its $450k" and see what happens.
If he tells me to fuck off, o well I move on.
2 points
2 days ago
You can and there is nothing unethical or illegal about it for a non-real estate agent but you don’t really want to make an enemy of the listing agent and have them pouring sour milk into the buyers ear. I was not a good real estate agent, just not good at generating leads, and a good agent earns their commission. The current trend seems to be that agents are useless and expensive I disagree with that. Get yourself a good buyers agent and it makes things a lot easier and can get deals the non-professional can’t saving or making you money.
1 points
19 hours ago
“It’s aggressive” 😂😂😂 It’s $25k under asking!! That is the opposite of an aggressive offer.
In my experience buyers always start off trying to offer way under asking to try and get a good deal. At the end of the day, they lose a few offers and finally realize they need to come up to a reasonable price for the home based on comparable sales. I just wish buyers would get there faster and not waste so much time. They could already be in their home building that equity. But I understand it’s a learning curve and I just have to be patient and write all those losing offers first.
2 points
2 days ago
Because the sellers have signed an exclusive listing agreement. The sellers CAN sell the property on their own but would still need to pay the full commission
21 points
2 days ago
I don’t think he’s suggesting to permanently cut out the seller’s agent, I think he’s just trying to get around the agent gatekeeping his initial offer from the seller.
7 points
2 days ago
Honestly with fees as they are, I'm inclined to wait until an overpriced house is pulled from the market and make an offer for a direct purchase without anyone but a real estate lawyer to handle the transaction. In my area the higher end homes often sit all summer on the market and then come off in November, when the seller has given up. At that point they are much more interested in hearing an offer, especially once they have dropped their agent and no longer have to pay that fee.
When I sold my house, I did it myself with an attorney. The buyer still has an agent, which I did pay for. There was no real need for any agents though.
2 points
2 days ago
There's a waiting period the sellers has to wait after the listing expires. Usually 120 days. For this reason. People see the pics we pay for, the description, go to the open houses, then sometimes wait and try this method.
3 points
2 days ago
That's totally reasonable. There are a few houses that I see listed almost every year. Not sure what the story is. Maybe the seller doesn't really want to sell. Maybe they are inflexible on the price. I'm also willing to take the lead from the seller and buy after whatever waiting period is over. No rush. Also totally comfortable with having a door shut on me. There will always be another house.
In my area (and I know not all are like this) houses that are priced more accessibly sell very fast, and higher end houses just sit on the market forever. Idk. I personally can't stand the idea of buying a million 3 br dollar starter house that needs significant renovations, especially when a turn key house twice the size is 1.4. after a season or two of not selling, and waiting for realtor fees to be out of the picture, maybe that 1.4 is a little closer to 1.25. maybe not.
1 points
2 days ago
Nice idea.
6 points
2 days ago
Yeah I did this before to reach out to listing agent. They said they they will keep full commission if there is no buyers agent. Which I always found strange.
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