Artlovers- In post 315 you said “the house sold for $535K”. Not sure which house you are referring to.
I don’t think DS will jettison his agent, so if thats accurate, about having to use the sellers agent, well guess they will continue to be shot down. When they lose the deal they are typically able to find out where in the pecking order they were and what was accepted. At least thats what they are telling us, as they are giving us numbers from their agent.
Forgot to mention, they are planning to finance, if anyone will accept the non all-cash offer. The bank they are preapproved with is a well known one that apparently does a lot of business with his employer and is known by the agents to close within 21 days.
That sounds completely unethical! If I’m the seller and prepared to pay a seller’s commission, I want ALL comers, and my listing agent knows that I want the best offer for ME, not for HIM. He needs to be prepared to split his commission with a buyer’s agent if that agent is presenting a good offer.
In my chart in post #315 there is a house sold for 535K as follows
list sold ltc dom
549 535 271 336
The dom is higher than ltc so apparently there were two listings(two different attempt to sele), the first one did not sale, the second one sold with LTC=271
My mom’s property has nothing to do with the DOM chart in #315
Nrdsb4, there are scenarios where both the seller and the seller’s broker come out ahead if the buyer uses the seller’s broker.
?? Dstark
The DOM chart in #315 there is only 2 homes or 15% has a LTC-DOM dates less than 30. So, apparently there is a lot of deal went to the bank for mortgages.
We regularly use the listing broker as selling broker in competitive bidding. If we do that, more likely the high bid will be reviled and you can then make a decision whether to top it or not.
Artloversplus… Ok… Thanks.
That may have happened to us.
Ironically funny typo.
I figured your moms place went for a lot more than $535!!!
Artloversplus, I have been thinking and this deal would have been done if we used the seller’s broker.
So, should we get rid of the buyer’s broker? How much allegiance are we supposed to have with a broker? It doesn’t do us any good if we can’t close a deal.
Popping in for 1/2 second. I’ve been busy with other stuff. We can buy houses in the Bay Area for $535 now? Oh man, time to scoop 'em up! Housing can’t have been this inexpensive since the dawn of civilization. 
(not up on all the recent posts, just saw Jym’s and it made me smile)
Damn those auto spelling corrections. 
Yes you can buy homes in the Bay Area for around 400k in a " not too bad neighborhood".
The “K” was silent, Deborah T. 
Many of the prices are “M” , so heck, why bother with the letters at all?? So crazy.
The problem with a finance contingency is that in this hot market, the house may not appraise out to the selling price so unless you can put down a 30%-40% down payment to make up for the discrepancy of the appraisal, your offer may not be accepted.
I know in Manhattan, offers with a finance contingency will not warrant any consideration.
Dstark, I’m not certain how often this yields success, but what if she finds some neighborhoods she likes and goes up to a few doors (if it’s okay to do this in the subdivision) and asks if anyone is interested in selling and gives them a flyer with contact info letting them know she’s interested in purchasing a home in the area. Proactive, before she’s up against competition. Do everything to make it easy for the seller. What do others think? Bad idea, good idea?
So between the using a buyers agent, a mortgage with 20% down and only wanting 1-2 neighborhoods, DS will be facing lots of “no’s” . Well, guess that will let them save up for a bigger downpayment.
In a hot market, there is probably little incentive for a potential seller who hadn’t planned to sell to do so without opening up the sale to a potential bidding war. We periodically get notes int he mailbox from a realtor saying they have a buyer who wants to buy in the neighborhood, but unless the offer is really sweet, the person selling has to find a place to live too-- which isnt easy in a hot market!
Depends on who the seller is, what their position or motivation is, and the timing. You never know. Also, wouldn’t it be nice to sell the home to a young couple or family you can envision raising children there?
As I’ve mentioned, that’s exactly how I sold my house in a hot market in Southern California. I was dreading putting it on the market, having people coming through, being worried about people stealing things, dealing with lookie-loos at open houses, fixing up problems, etc. So, when a realtor came to the door saying, “I have a buyer who wants your house,” I jumped on it. It is a unique property and they wanted it. Price was very fair to both sides. Perhaps there would have been a bidding war if it had been listed, but honestly I was happy to not have the hassle and to avoid the invasion of privacy.
To be honest, when those flyers appear in the neighborhood mailboxes, the main thing that gets someone to think about selling when they hadn’t planned to is $$$$$$$$$$$.
If someone wants to sell to someone they envision raising a family there, they should sell to my s!