Buying a first house rant

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jason nguyen

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Dec 16, 2003
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Location
abbotsford, BC
Fukcen greedy realtors:angry:. Been in negotiations with another realty company today for a house that I would like to buy. Started off with our offer followed by their counter offer. We re-counter offer and await their last word. Finally they send us a final price and we accept. Well guess what, during the time of me vocalizing I accept, which takes approx .5 sec, they mysteriously receive another offer and now they want to see if they can get more money from the other people or see if they can create a bidding war.



As far as I am concerned if you are already in negotiations you should not be able to accept other offers until the offer has been declined. If so they might as well sell the house on ebay.



:angry::angry::angry::angry:



Jason



 
unfortunalty that is the housing market. If you did put a down payment on the house you could have an argument if not then you may have to get into a bidding war.
 
If it was me I would walk away and tell them good luck with the other buyer. When they ask why I would tell them when you are dealing with me, no other party is included. Let them know that you are not willing to play a game. JMO
 
If you are that far into negotiations to buy the house, I do believe that they can not introduce a new offer. This is not an auction. I believe that there are some questionable ethics going on here. I would seriously consider telling all parties to suck it up and continue the negotiations exclusively with you. If your realtor will not put their foot down on this, then I would tell them all to go pound sand. Your realtor is getting paid to represent you. You could file a commplaint with your state Board of Realtors, or at least threaten to.



Now if you make an offer, and the other offer is tendered about the same time, then the bidding war can begin. But if you have gone back and forth a few times, then that is where the questionable ethics come into play. It's more than likely not the sellers problem, but the realtor's (on both sides).



Tell your realtor to do what YOU are paying them for, represent you and get you the best price for the house. If they won't stick up for you, seek other representation. You are not under contract to exclusively use the person that you are dealing with. If you are unhappy, walk.



You have the money to spend, you are in control. Don't be afraid to walk.
 
Jason,



We have the same kind of crap going on here in Winnipeg. You absolutley cannot put on offer on the table. Realtors list houses for say $150,00, they show the house on Saturday and Sunday and then take "bids", yes I said bids starting on Wednesday at 1600h. The home will go to the highest bidder but they go back and forth from each bidder until they have sucked the last dollar out of you. Just like an auction. Realtor sits in the sellers home with 4 or 5 cell phones and calls each bidder. Homes here have gone up 35% in the last year. Everything sells and it sells for at least 10-15% above the listed price. Try that B.S. if you were selling your ST. It is a sellers market BUT if you have to buy another home here, your screwed.



I have to start thinking about retirement. I'm tired.



Gerry
 
Couple of points here. First, the realitor selling house represents seller only, not a potential buyer. Second, the seller negotiates the deal with the buyer and up until a sales contract is accepted and signed, and earnest money is accepted by the seller; the seller can pretty much do what he wishes as far as looking at other offers. In some housing markets it is an auction. If your offer had any contingencies such as the sale of your existing home, then that just makes it more likely that the seller will seriously look at an other offer that is clear of contingencies. It can get complicated. I just sold a house and it was very nerve racking knowing that it wasn't truly sold until all the papers were signed and I had money in my hand.
 
Something in your story doesn't quite add up. If the sellers made an offer (or counter offer), three things can happen.



1) They can withdraw their offer before your acceptance (or a pre-existing deadline for acceptance can expire).



2) You reject their offer, or make another counter-offer (same as rejecting)



3) You can accept their offer at which point you now have a contract. If you made any changes to their offer, even something like closing date, earnest money, financing source/type, etc, it is considered a counter offer and the ball is back in their court.



If you really did accept their offer without any changes, you have contract no matter what. Even if another buyer enters the picture offering more money. You would be entirely withing your rights to sue them for specific performance.



I would suggest that if you are not already represented by a buyer's agent, you make that happen right away. If you are dealing only with the listing agent, that agent has a fiduciary responsibility to the seller, not to you.
 
Seems like you were given a final offer and you verbally accepted. That seems like a deal to me, but an attorney would know better.



NEVER buy a home without working with a real estate attorney. They typically charge a stock fee of several hundred dollars (400, 500, $600) for the entire ball of wax; they review contracts, etc., and they can advise you of the legalities of the offer and the closing processes (and write nasty letters on your behalf for just such occasions).



You need a lawyer and a home inspector. If you have both of them you avoid many potenitally costly problems down the road.



Lastly, if paying for an attorney and a home inspector and unless you REALLY don't know the market, I wouldn't recommend using a buyer agent. I make this recommendation based on the two times I used them, and not being happy with the results BOTH times. In neither case did they really provide me with any value, and in both cases they took their cut of the house cost, which means money off the table for the seller...which means the seller looks at dealing with buyers that have agents in a less favorable manner than those that don't...or at least that's my logic. Joe Schmo off the street that knows the market and has done research should be able to negotiate a better deal than Jane Doe that uses a buyer agent.



TJR
 

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