Loading ...Late last summer, my husband and I were in the market to purchase another property. After a bit of searching, I happened across a cute little double. It overlooked a […]
Original post: Fleecing Old Ladies
Late last summer, my husband and I were in the market to purchase another property. After a bit of searching, I happened across a cute little double. It overlooked a […]
Original post: Fleecing Old Ladies
Sooo, ‘d you get the place?
Maybe a few tips on how to pick out real estate, how to start? Would make a great entry ;)
Ugh. I totally agree that “a house is only worth what a buyer will pay for it.” Of course, that can backfire in a bubble… I put an offer on a house that was exactly the asking price, and they rejected the offer and raised the asking price $15k! One of the reasons the owner cited for rejecting the offer is because she “really wanted to have her open house” the following Saturday. Talk about emotional attachment; she just wanted to show off. I’m sure she got her new asking price too, even though the house is certainly not worth that much in reality.
Just wondering if you negotiated with just the realtor, had the proposal been less a fleecing and more of a bid, counter, rebid, compromise, consideration. Adding a personal attachment to the property doesn’t increase the value. And, if the elderly woman wanted a pity purchase, maybe she should have put the estate on ebay. If she was so attached to it, she should have sold it to her kids for a profit. That way, it would stay in the family. As it appears, she’s not that attached to sit on the price for that length of time. Yes, the housing balloon will pop soon enough. Especially in California. Going to be quite rough for those waiting for the sweeter deal.
That reminds me. V, did you ever finish that series on making money? I was looking forward to the rest of it.
@#2;
I was under the impression that if someone advertises an ‘asking price’ and you meet that price, they’re bound to sell it to you. Otherwise couldn’t they bait & switch regularly? Offer at $10-20k under their wanted price, spur some interest, then jack up the price once the families fall in love with the house?
Eh, if you get it, it was meant to be. If not, there’s always another.
If you offer her 30K less than she’s asking and you’re still the best offer, you’re not ripping her off. Hell, if you are the best offer, you are doing her a favor!
If she decides that she would rather keep it until she dies, she’ll die happy and you get to keep your money. Either way, there’s a bright side.
I’m all for you bidding what you think is a good price but I think you are going a bit too far for my taste by lowering it by 5000 with each bid.
Why don’t you just offer the original price and say that she isn’t going to get a better price than this and that she should take it because she’s not getting it again.
@7
You have to do that or else there is no incentive for them to even consider your offer.
“Hey, this guy offered me 100K 6 months ago, and now he’s offering me 100K now. Seems like I can wait 6 more months, see if anything better comes in, and then fall back on this guy.”
@7 - Its a buyer’s tactic. I’ve read about Donald Trump using that tactic regularly. Like #8 said.
It does seem to be moving toward a ‘buyers market’…
woman (along with a man who is her husband) look to invest in some real estate, identify property and decide not to pay over the odds but to secure best deal for themselves, are unmoved realtors attempt at emotional blackmail
woo
hoo…
@5
This may vary from state to state, but they’re not obligated to sell the property at the asking price . . . however their listing agreement with the realtor/broker usually specifies the asking price and that the realtor/broker is only obligated to provide an able and willing buyer–if the seller backs out, the realtor/broker could potentially turn around and say “My work here is done, pay me my commission.” Even though the house didn’t actually sell.
Of course, many won’t go that route unless you really p*ss them off, since it’s probably not worth the lawsuit.
Do you guys really think this housing “bubble” will “burst”? I have heard conflicting opinions and wish I was an expert myself. I heard on NPR this morning that here in LA county, 2% of available houses are affordable to someone making the median annual income. I make twice that and am still waiting - I don’t want to live in Compton. Well, here’s to hoping for said bursting, anyway.
Interest rates are pretty low, and the ‘bubble’ has survived the 4 year recession started in ‘99. The only bubbles looking to pop are individual markets I think, like Toronto’s condo market as one example. A sudden huge supply (still growing) with quite high per unit prices.
Not to say it’ll pop. But it’s definately better to buy than to rent. They cost the same in the end.