Reply to Sold Pre-Market WTF

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP we learned our lesson about  how impt it is to have a good realtor. We were working with a realtor walking thru a house and [b]this other realtor (the good one) was the listing agent[/b]. He sent his clients in to look at it while we were in there and then called our realtor saying theyre making an offer and wed have to beat them in order to get it. We lost obviously. So some time went on and we stopped workinng with the realtor bc nothing was working out. We got a call from the other realtor (yes the one that burned us previously) who asked if we were still looking. He told us about a house that was not listed yet. We saw it and made an offer before it was listed. This was a Thursday/Friday. Sunday he still held an open house as he had told the seller he would (we thought he was going to burn us again but by the time open house was over, seller had accepted our offer and the deal was made. It just showed how getting in ahead of the game makes such a difference.[/quote]

This listing and is hopeful agent literally fell in your lap, for current buyers what do you recommend we do? We have been looking for a year, so I don’t think we’re going to have just one call us up out of the blue.[/quote]

This is actually a huge red flag. If the listing agent was also the selling agent, then this is a dual agency situation, which is very unethical. It's done here, but several states have outlawed the practice because the agent has conflicting loyalties--trying at the same time to get the best selling price for the seller and buying price for the buyer.

Also, buying a house before it's listed also has potential problems such as not seeing how the market will price the house.

I'm glad it worked out for you in the end, but the overall message is that desperate buyers are resorting to measure that would not be acceptable in a "normal" real estate market.[/quote]

So many red flags and also, if the open house was Sunday, the house WAS on the market when you saw it on Th/Fr. They probably listed it with the open on Tuesday. It's normal for people to come through before the Open House and not abnormal for someone to make an offer early contingent on you canceling the Open House to try to avoid a bidding war. Your seller may have accepted your offer because they didn't get the sense more/better were coming in. Otherwise they probably would set a deadline like Monday PM or Tuesday AM for offers and choose then.

Even if the open house wasn't on the MLS for some reason (I doubt it because why would have a secret open house?), it was about to be. That's definitely not an "off-market" sale and it's barely or not at all "pre-market."[/quote]

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