Actually it sounds like his agent was able to beat out multiple competitive offers while not going too far over full ask and getting a ton of work done and/or credits. Seems like his agent did a pretty good job.
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***Official Real Estate Thread***
- Thread starter One-Off
- Start date
lol ok. Any monkey agent can present a property to a client the day it comes to market. Any monkey agent can write up a full priced offer.
What doesn’t make sense is why a seller with multiple offers at or above ask would agree to do “a ton of work” on the home for one of these buyers? Because the agent asked nicely? Or because they were so obvious and easy that every buyer asked for them?
The likely end of this transaction is that the buyer outbid the other offers, if they even existed, and the seller was happy to spend a few bucks to make the high bidder happy. Yay agent!
There's a lot more to negotiating a transaction than what you typed above. How were the different offers being funded? How many days to close escrow? Offer of rent back? The list goes on....
One counter @5K. over.
Mind you, this was back in '08-'09, our same house 8 mos. prior was almost 2x what we paid.
We were locked and loaded, pre-qualified, no real debt to speak of, healthy down payment.
All the stars lined up on this one for sure.
Well, no, the market didn’t fall 50% in 8 months in 08 but I get what you’re saying.
Honestly, there was literally no reason to be bidding a home up in 2008. I know that’s with the benefit of hindsight to a certain extent, but a good broker, had he not had his fee tied to just doing a transaction, might have advised to sit patiently.
It was a glorious time to be a buyer.
None of which appear to be at issue in this transaction. Falling market, loan funded, no mention of lease back. Why anyone would bid up a property in 2008 is beyond me. It must have been one unique property.
But you seem to think I don’t appreciate the work agents do. I do. But the market, rather than the agents themselves, are about to dictate their value. My guess is it’s 1/2 at best.
My experience is limited - bought a house, sold it, and bought another one.
In a seller's market:
A good buyer's agent works their ass off and earns every cent.
Listing agents can just list the house, sit a few opens, and bring offers to the seller.
In a buyer's market it's the opposite.
In a seller's market:
A good buyer's agent works their ass off and earns every cent.
Listing agents can just list the house, sit a few opens, and bring offers to the seller.
In a buyer's market it's the opposite.
I may be mistaken, but I believe SteveT lives in Santa Barbara and has a nice property there. The type that didn't lose value in the collapse of 2008-2010. Lots of factors go into how a transaction will shake out. Could be this property was priced to sell thus the price being bid up. Who knows.... It was the cookie cutter developments like you have in Carmel Valley and East Lake that got slaughtered.
Understand and agree that there is going to be a shift and it will shake out that most will take a 50% hit and others not so much. Depends on how the broker restructures their business model and their buyer/broker agreements to keep from losing revenue. Going to be an interesting time for sure with a lot of toe stubbing along the way.
Pretty much this, but the offers still need to be vetted and negotiated then pushed through close of escrow. Buyers like SteveT who had all of his ducks in row make the process seem easy. Just like the seller of a well maintained house makes the sale side seem easy. It's the ones that are a mess that make it difficult. 80% of the time, it's a mess.
Welcome to the Rat Castle of Northern_Shores
Have I mentioned that last summer the plumbing failed and I shitted out the entire basement
Didn't notice it before the feces, pee and sperm clots seeped through the drywall. I was slightly embarrased by the amount of undigested corn, peas and carrots. Have not eaten frozen veggie mix since.
Come to Sarasota they are turning the Suncoast Tampa St. Petersburg and Sarasota into a vortex of light mega city all I see are cranes downtown Sarasota has 25 on rotation non-stop!
When you intentionally invite business and people from more crowded places, you can’t be surprised when they come.
Not really. A good listing agent knows how how to stage and present. What to get rid of what to keep. How to sever the sellers sentimental value attending to a buyers dream. Theres a lot to it. Maybe not in fixer uppers but at the 2-3 Mil market there is. And alot of improvements can be made by the listing agents expense. Im not saying they arent over paid but the effort can go deep. RE agents tend to be housewives ( even the dudes) or trust funders that have a second source of income while in between sales.
another trick the listing agent might do - underprice the house so a bidding war ensues resulting in an overpriced
sale...advantage seller...
sale...advantage seller...
This true for California?
Which publicly held real-estate related companies would be hurting because of this?
Which publicly held real-estate related companies would be hurting because of this?
Is that Casa
That guy's content is nothing but Disasturbation. As for the "median" decreasing, sure, if you combine all of California. Plus it is dropping from a much higher high, which makes his comparison to 2008 kinda dumb.
Thanks. Real estate one of my biggest downfalls in knowledge department. Admittedly, I know a lot about architecture but jack sh!t about real estate. But always looking for next potential market swing.Is that Casa
As for the "median" decreasing, sure, if you combine all of California. Plus it is dropping from a much higher high, which makes his comparison to 2008 kinda dumb.