Only your hair dresser knows. - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on June 18, 2003 at 19:46:09:
Philip this is a tough call. My first thought is to give the real estate agent the benefit of the doubt as to her honesty. Remember you are playing the same game. You didn’t make a binding written offer either did you? Maybe the agent reads this board too. Maybe she is reading your thoughts right now. Ever think about that?
Remember all the times we’ve been told to always ask at the end: “Is that the best you can do”? That is what she is doing with you. Maybe our own advice has come home to roost.
Philip, I am not a realtor but I think that in most states agents are legally required to submit verbal offers (even if they refuse to do it as a matter of practice). Why not ask a local real estate broker about this on the phone.
Am I being bamboozled? Who knows? Maybe a more constructive question might be how much is this place really worth. If it is worth $50k you should have already made a full price offer. If it is worth $35k you might be better off to make a full price offer. If it is only worth $25k stand pat. If it is worth 18k why are you bidding on it?
Is that an all cash deal? Can you get that much cash?
If you ever want to delay the sale, offer over full price with some seller financing. I mean if you offer 10k cash and an 8k note, since the total is more than their asking price they will have to stop to discuss that, giving you a little more time to be creative.
This brings up another point. Most realtors tell you that you must make your offer in writing and leave a good faith deposti. B.S. and that does’t stand for a Bachelor’s degree in Selling. I do nearly ALL of my offers verbally to save time. Yes I know realtors hate that. Well I hate their way too. Its my dough and I want to be the baker. I manage to get most brokers to work this way. I tell them (especially in cash ofers) that I don’t make my living by making offers. I only earn a profit when I BUY something. I want all negotiation to be done orally. Only if we have a deal do I generally sign. Even then I don’t sign offers. I try to only sign purchase contracts. I generally insist that the seller be present and sign at the same time I do (It often doesn’t work though). I don’t want my offers to be shopped around. By this time most reatlors are ready to hang up on me if we are on the phone, at least until I offer to start escrow immediately and put in a cashier’s check for the full anount of the purchase price. That really changes their attitudes FAST. They stop arguing the minute the begin to smell their comission checks. Many sellers try to delay escrow for as long as possible while they try to raise money to complete their deals. It is a refreshing change to them when I don’t. If you have that strength working for you use it to the max. I tell them they can close escrow in a week if they can move that fast (they can’t). The party who has the gold makes the rules. Agents don’t make a dime when they get a listing. They have lots of listings but rarely any money. Its the buyer who provides the money that pays them, not the seller. The buyer’s money deserves a little respect. Try to make your own rules in life when it concerns YOUR money.
Make oral offers and only sign purchase contracts. Folks its not against the law to do it your way in most cases. Why do you let real estate agents dictate to you how it is going to be done with your money. When you find an attitude like that call another agent. Three out of every two people in town have real estate salesmen’s licenses.
One more tip: If you don’t like middlemen then why do so many of you make your offers through TWO of them by offering through non-listing agents? Ever think about that?
Do you suppose an agent would work harder for you if he got paid twice as much? You bet he would. Then why not make your offers through the listing agents themselves?