House Plac: From Bag End to Balls Deep

[Desertbreh]

We're out boozing on the porch, realtor just came over (she's our neighbor), and I called her out of the

She claimed no and that she thinks we're in the hunt with our offer. Supposedly, the "cash offer" person has been in the house 3 times now.

How much is the cash offer? State secret, yes?

[ChrisoftheNorth]

We're out boozing on the porch, realtor just came over (she's our neighbor), and I called her out of the

She claimed no and that she thinks we're in the hunt with our offer. Supposedly, the "cash offer" person has been in the house 3 times now.

How much is the cash offer? State secret, yes?

Yep, we have no clue.

[troyguitar]

We're out boozing on the porch, realtor just came over (she's our neighbor), and I called her out of the

She claimed no and that she thinks we're in the hunt with our offer. Supposedly, the "cash offer" person has been in the house 3 times now.

How much is the cash offer? State secret, yes?

One meeeeelyun dollars.

[dubshow]

We're out boozing on the porch, realtor just came over (she's our neighbor), and I called her out of the

She claimed no and that she thinks we're in the hunt with our offer. Supposedly, the "cash offer" person has been in the house 3 times now.

How much is the cash offer? State secret, yes?

Its always a blind poker game.

First first round with house buying, I played this bullshit with 3 houses that were priced under market so a bidding war would ensue and they would always go over ask.

I hate the bullshit game agents play to pressure their clients. The gig is fucking up... We all know BOTH of you NET MORE from commission of a higher sale. The structure that we, as dumb complacent people, have come to accept does not favor the buyer OR seller.

[dubshow]

so common, its on a blog. Its like a shitty universal script. I remember a great youtube about agents.

Things that your agent might say (and you should ignore) when you are about to put in a bid are:

“Don’t bid too low or you will offend the sellers”. This is garbage – if the sellers can’t handle a low ball bid then they are unrealistic. And what exactly is a bid that is “too low”? I’m not saying put in an unrealistic bid, but don’t be afraid to start low and work your way up. It’s important to know the market so that you don’t have to rely on the asking price or your agent to tell you the proper market value of the house.
“Don’t bid too low or you might offend the selling agent and might I have to work with them in the future”. This stunning example of gall and self-interest was actually told to Mr. Cheap. I don’t think this one needs any further comments.
“You should get a bid in quickly before someone else puts a bid in”. This is a favourite of my agent – create a sense of false urgency, get the deal in motion and get it done ASAP. Sometimes this is good advice, but other times – such as when the house has been sitting on the market for a month or longer then it’s just not appropriate.
“Someone else is looking at the house later today and they are really interested”. This lie usually originates with the selling agent, but smart buying agents are usually more than willing to play along because it will increase the chances of their buyer putting in an offer in that day.
Negotiation – don’t listen to a word your agent has to say.

At this point you are potentially pretty close to buying a house. You want to buy the house at the lowest price, the seller wants to sell the house to you at the highest price and your agent wants you to buy the house and doesn’t care at all what price you pay because they just want the deal done right now. Since paying a higher price will get the deal done quicker, a lot of agents will encourage you to bid higher which basically means that you are negotiating against them as well as the seller.

Things that your agent might say (and you should ignore) when you are negotiating are:

“Meet them halfway or in the middle”. This sounds quite reasonable at first- if the asking price of a house is $500,000 and you bid $460,000 and they come back with $490,000 then isn’t splitting the difference at $475,000 quite reasonable? Not if you can get the house for $470,000 or $465k,000 The fact is that the asking price of the house and your first bid are very arbitrary numbers and splitting the difference between the two might end up in a price that is not market value.
“Are you willing to lose this house for $2,000?” (or $5,000, $8,000) This is a tough one – on the one hand it seems silly to not buy a house and be only a half of a percent away from a deal, but on the other hand shouldn’t your agent be asking this question to the seller? Ie – “We are going to walk, do you really want to lose this deal for $2,000?”
“Are you willing to lose this house for $12 a month?” This is part two of the previous point which is applied if you don’t bite on the first attempt. It’s also a more useful gambit if the “separation” is a bit greater. If you and the seller are $12,000 apart, that sounds pretty significant, but what if you are only $75 a month apart (for 25 years) or even better what if you are only $63/month apart (over 40 years). That doesn’t sound like much (even if it is).

[ChrisoftheNorth]

so common, its on a blog. Its like a shitty universal script. I remember a great youtube about agents.

Things that your agent might say (and you should ignore) when you are about to put in a bid are:

“Don’t bid too low or you will offend the sellers”. This is garbage – if the sellers can’t handle a low ball bid then they are unrealistic. And what exactly is a bid that is “too low”? I’m not saying put in an unrealistic bid, but don’t be afraid to start low and work your way up. It’s important to know the market so that you don’t have to rely on the asking price or your agent to tell you the proper market value of the house.
“Don’t bid too low or you might offend the selling agent and might I have to work with them in the future”. This stunning example of gall and self-interest was actually told to Mr. Cheap. I don’t think this one needs any further comments.
“You should get a bid in quickly before someone else puts a bid in”. This is a favourite of my agent – create a sense of false urgency, get the deal in motion and get it done ASAP. Sometimes this is good advice, but other times – such as when the house has been sitting on the market for a month or longer then it’s just not appropriate.
“Someone else is looking at the house later today and they are really interested”. This lie usually originates with the selling agent, but smart buying agents are usually more than willing to play along because it will increase the chances of their buyer putting in an offer in that day.
Negotiation – don’t listen to a word your agent has to say.

At this point you are potentially pretty close to buying a house. You want to buy the house at the lowest price, the seller wants to sell the house to you at the highest price and your agent wants you to buy the house and doesn’t care at all what price you pay because they just want the deal done right now. Since paying a higher price will get the deal done quicker, a lot of agents will encourage you to bid higher which basically means that you are negotiating against them as well as the seller.

Things that your agent might say (and you should ignore) when you are negotiating are:

“Meet them halfway or in the middle”. This sounds quite reasonable at first- if the asking price of a house is $500,000 and you bid $460,000 and they come back with $490,000 then isn’t splitting the difference at $475,000 quite reasonable? Not if you can get the house for $470,000 or $465k,000 The fact is that the asking price of the house and your first bid are very arbitrary numbers and splitting the difference between the two might end up in a price that is not market value.
“Are you willing to lose this house for $2,000?” (or $5,000, $8,000) This is a tough one – on the one hand it seems silly to not buy a house and be only a half of a percent away from a deal, but on the other hand shouldn’t your agent be asking this question to the seller? Ie – “We are going to walk, do you really want to lose this deal for $2,000?”
“Are you willing to lose this house for $12 a month?” This is part two of the previous point which is applied if you don’t bite on the first attempt. It’s also a more useful gambit if the “separation” is a bit greater. If you and the seller are $12,000 apart, that sounds pretty significant, but what if you are only $75 a month apart (for 25 years) or even better what if you are only $63/month apart (over 40 years). That doesn’t sound like much (even if it is).

I have heard all these things. Knew they were scams, buy is all in. Fortunately, even ask is under market value, so whatever.

Fucking games...

[ChrisoftheNorth]

How much is the cash offer? State secret, yes?

One meeeeelyun dollars.

Could be. Agent said a lot of "Asian" (Michigan people don't know the difference between Asians) cash has been flooding the market lately. Max was right, the Chinese are taking over the country and we're doomed.

This all assumes that there actually IS a cash offer, which I suspect there is not. It'll probably "fall through" or something.

[Tar]

At Grand Bend as I write this. I definitely feel the urge to go with a property here. Family is digging it.

[ChrisoftheNorth]

At Grand Bend as I write this. I definitely feel the urge to go with a property here. Family is digging it.

I'll rent it for sure. Grand Bend is 5/7

[Tar]

is strong. Going to check out a couple of properties tomorrow.

Condo project in Toronto on the lake came in today. Canadian pricing (0.8 to 1 i think)

1 bedroom, 450 sqft, worst view, no parking spot $392k

1 bed + den, 570 sqft, shit view, one parking spot $495k

1 bed + den, 700 sqft, good view , parking, $580

2 bedroom, 764 sqft, good view, parking, $620k

It goes up to 1.2M

[ChrisoftheNorth]

is strong. Going to check out a couple of properties tomorrow.

Condo project in Toronto on the lake came in today. Canadian pricing (0.8 to 1 i think)

1 bedroom, 450 sqft, worst view, no parking spot $392k

1 bed + den, 570 sqft, shit view, one parking spot $495k

1 bed + den, 700 sqft, good view , parking, $580

2 bedroom, 764 sqft, good view, parking, $620k

It goes up to 1.2M

[Tar]

is strong. Going to check out a couple of properties tomorrow.

Condo project in Toronto on the lake came in today. Canadian pricing (0.8 to 1 i think)

1 bedroom, 450 sqft, worst view, no parking spot $392k

1 bed + den, 570 sqft, shit view, one parking spot $495k

1 bed + den, 700 sqft, good view , parking, $580

2 bedroom, 764 sqft, good view, parking, $620k

It goes up to 1.2M

Cottage #1:

Half-millyon dollhairs. We gonna have a look but i suspect it's too far to walk to the beach.

[dubshow]

How much is the cash offer? State secret, yes?

Yep, we have no clue.

when you saw her approaching you on porch:

[dubshow]

is strong. Going to check out a couple of properties tomorrow.

Condo project in Toronto on the lake came in today. Canadian pricing (0.8 to 1 i think)

1 bedroom, 450 sqft, worst view, no parking spot $392k

1 bed + den, 570 sqft, shit view, one parking spot $495k

1 bed + den, 700 sqft, good view , parking, $580

2 bedroom, 764 sqft, good view, parking, $620k

It goes up to 1.2M

$100k for 120 more sqft.. +1 parking spot...



$833/sqft

[dubshow]

At Grand Bend as I write this. I definitely feel the urge to go with a property here. Family is digging it.

Ill give you the grand bend.

[Tar]

is strong. Going to check out a couple of properties tomorrow.

Condo project in Toronto on the lake came in today. Canadian pricing (0.8 to 1 i think)

1 bedroom, 450 sqft, worst view, no parking spot $392k

1 bed + den, 570 sqft, shit view, one parking spot $495k

1 bed + den, 700 sqft, good view , parking, $580

2 bedroom, 764 sqft, good view, parking, $620k

It goes up to 1.2M

$100k for 120 more sqft.. +1 parking spot...



$833/sqft

[Tar]

http://londonhousefinder.ca/ListingDeta ... ber=122321

cottage #2, 4 season, heart of the action, renters lining up.

Offer goes in tonight.

[ChrisoftheNorth]

Didn't get the house. Supposedly the "cash offer" was "significantly over ask".



We'll keep an eye out for other stuff.

[Desertbreh]

Didn't get the house. Supposedly the "cash offer" was "significantly over ask".



We'll keep an eye out for other stuff.

So you lowballed, the cash offer was over asking, but "you were in the hunt." All lies.

[ChrisoftheNorth]

Didn't get the house. Supposedly the "cash offer" was "significantly over ask".



We'll keep an eye out for other stuff.

So you lowballed, the cash offer was over asking, but "you were in the hunt." All lies.

Waiting for the "deal fell through" call and the opportunity to up our offer.

If that happens, holy hell.

[goIftdibrad]

http://londonhousefinder.ca/ListingDeta ... ber=122321

cottage #2, 4 season, heart of the action, renters lining up.

Offer goes in tonight.

hmmmm.....

[Apex]

So you lowballed, the cash offer was over asking, but "you were in the hunt." All lies.

Waiting for the "deal fell through" call and the opportunity to up our offer.

If that happens, holy hell.

Strike first and tell that your offer still stands when that “deal” falls through.

[ChrisoftheNorth]

Waiting for the "deal fell through" call and the opportunity to up our offer.

If that happens, holy hell.

Strike first and tell that your offer still stands when that “deal” falls through.

Yep, we did.

[dubshow]

Didn't get the house. Supposedly the "cash offer" was "significantly over ask".



We'll keep an eye out for other stuff.

You will likely see it sale price made public record, check back in 3 months if you care.

[dubshow]

So you lowballed, the cash offer was over asking, but "you were in the hunt." All lies.

Waiting for the "deal fell through" call and the opportunity to up our offer.

If that happens, holy hell.

If that happens. Pull your offer back. In one week, find a new agent to submit your lowered offer.