Anonymous
02/14/2014 19:21
Subject: Bidding on House with Multiple Offers?
Anonymous wrote:Anonymous wrote:Anonymous wrote:OP, are you saying you made the offer directly to the seller's agent, and you have no agent representing you? And are you saying you offered $5K above list without an escalation clause? If you did, you overpaid. And if you don't have anyone representing you AND you paid the $5K without escalation, you have just told the seller's agent that you are naive and an easy mark for being taken advantage of.
umm 5k isn't shit and if it appraises you didn't over pay
Eh, 5k if it had other offers at list. Maybe the house was overpriced and 'other offers' were lowball or builder tear down offers. Without escalation OP doesn't know how much she overpaid.
Hahaha, appraisals, haha. Yeah like they have any clue about anything. Just another tax on the transaction.
And our resident libertarian has arrived
Anonymous
02/14/2014 14:20
Subject: Bidding on House with Multiple Offers?
You need a certificate of pre-approval.
Anonymous
02/14/2014 14:10
Subject: Bidding on House with Multiple Offers?
Anonymous wrote:Anonymous wrote:Anonymous wrote:OP, are you saying you made the offer directly to the seller's agent, and you have no agent representing you? And are you saying you offered $5K above list without an escalation clause? If you did, you overpaid. And if you don't have anyone representing you AND you paid the $5K without escalation, you have just told the seller's agent that you are naive and an easy mark for being taken advantage of.
umm 5k isn't shit and if it appraises you didn't over pay
Eh, 5k if it had other offers at list. Maybe the house was overpriced and 'other offers' were lowball or builder tear down offers. Without escalation OP doesn't know how much she overpaid.
Hahaha, appraisals, haha. Yeah like they have any clue about anything. Just another tax on the transaction.
Your an idiot
Anonymous
02/14/2014 14:06
Subject: Bidding on House with Multiple Offers?
Anonymous wrote:Anonymous wrote:And are you saying you offered $5K above list without an escalation clause? If you did, you overpaid.
Hahahaha. Boy, people on this forum are such assholes. No, we didn't overpay. We just beat the other offers. And we got some money back in lieu of commission to our own agent. If you mean that we overpaid because we may have offered more than $1 more than the next highest offer, you're probably right. But I'm not really that concerned when we're talking about 0.5% of the purchase price or less.
Anonymous wrote:And if you don't have anyone representing you AND you paid the $5K without escalation, you have just told the seller's agent that you are naive and an easy mark for being taken advantage of.
Anonymous wrote:There could be other reasons besides more money for the agent. There could be issues with the property that she knew she could slide by you.
Are people not aware that just as the code requires agents to represent their clients' best interests, it also requires them to be fair and honest in their dealings with the public? In other words, if you believe you can trust an agent who is representing you to fully represent your bests interest, then you should also believe that one would not be downright dishonest with you. Because both of an agent fails on either of those points, she could lose her license (or worse).
You're right about most of the people on these forums ... but it is a little cavalier to bid on a $1mm+ house (assuming your .5% math is correct) 1) by going through the seller's agent & without your own representation and 2) without knowing the answers to your original question. Good for you if you've got that kind of scratch to throw around without spending some time on the details, but I wouldn't do it.
Anonymous
02/14/2014 14:02
Subject: Bidding on House with Multiple Offers?
Anonymous wrote:And are you saying you offered $5K above list without an escalation clause? If you did, you overpaid.
Hahahaha. Boy, people on this forum are such assholes. No, we didn't overpay. We just beat the other offers. And we got some money back in lieu of commission to our own agent. If you mean that we overpaid because we may have offered more than $1 more than the next highest offer, you're probably right. But I'm not really that concerned when we're talking about 0.5% of the purchase price or less.
Anonymous wrote:And if you don't have anyone representing you AND you paid the $5K without escalation, you have just told the seller's agent that you are naive and an easy mark for being taken advantage of.
Anonymous wrote:There could be other reasons besides more money for the agent. There could be issues with the property that she knew she could slide by you.
Are people not aware that just as the code requires agents to represent their clients' best interests, it also requires them to be fair and honest in their dealings with the public? In other words, if you believe you can trust an agent who is representing you to fully represent your bests interest, then you should also believe that one would not be downright dishonest with you. Because both of an agent fails on either of those points, she could lose her license (or worse).
Anonymous
02/14/2014 10:01
Subject: Bidding on House with Multiple Offers?
Anonymous wrote:OP. Whatever you do please have your title company order the title work and plat immediately and have a good real estate lawyer review those items and have the lawyer with you at settlement. It may cost a few hundred dollars but the listing agent does not have your best interests in mind. There could be other reasons besides more money for the agent. There could be issues with the property that she knew she could slide by you. Not to burst your bubble but you have to know what you are doing as you move through the process. I hope all goes well
At this point I would recommend spending the 500 and getting a real estate attorney involved. You really have you tush hanging out here in the wind and don't even know it.
Anonymous
02/14/2014 09:59
Subject: Bidding on House with Multiple Offers?
Anonymous wrote:Anonymous wrote:OP, are you saying you made the offer directly to the seller's agent, and you have no agent representing you? And are you saying you offered $5K above list without an escalation clause? If you did, you overpaid. And if you don't have anyone representing you AND you paid the $5K without escalation, you have just told the seller's agent that you are naive and an easy mark for being taken advantage of.
umm 5k isn't shit and if it appraises you didn't over pay
Eh, 5k if it had other offers at list. Maybe the house was overpriced and 'other offers' were lowball or builder tear down offers. Without escalation OP doesn't know how much she overpaid.
Hahaha, appraisals, haha. Yeah like they have any clue about anything. Just another tax on the transaction.
Anonymous
02/13/2014 23:38
Subject: Bidding on House with Multiple Offers?
Anonymous wrote:OP, are you saying you made the offer directly to the seller's agent, and you have no agent representing you? And are you saying you offered $5K above list without an escalation clause? If you did, you overpaid. And if you don't have anyone representing you AND you paid the $5K without escalation, you have just told the seller's agent that you are naive and an easy mark for being taken advantage of.
umm 5k isn't shit and if it appraises you didn't over pay
Anonymous
02/13/2014 22:09
Subject: Bidding on House with Multiple Offers?
Offer rent back if they want it and offer to pay their mortgage for all or a portion of their rent back period. Do this in addition to having down payment and a lender letter ready to go.
Anonymous
02/13/2014 19:16
Subject: Bidding on House with Multiple Offers?
+1