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I just lost a deal for a property that wasn't even listed for sale anymore

4,442 Views | 22 Replies | Last: 1 yr ago by gvine07
Red Pear Realty
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AG
Property in BCS was withdrawn from the MLS because of showing issues with the tenant. So it was no longer on the market. We made a clean, well qualified, above asking price offer and didn't even get it. Multiple offers for an off market property. Thats what we've come to. Fun times.

Edit. Property was listed for a total of about 12 hours and we didn't even have a chance to see the interior.
jagvocate
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Blackrock rocks!
agsalaska
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It's funny how disconnected people are from reality some times. I get the 'y'all must love this market' comment all if the time.

Absolutely not. We are doing well but for most people this market sucks.
The trouble with quotes on the internet is that you never know if they are genuine. -- Abraham Lincoln.
Average Joe
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We'll be buying in a few months and are already dreading every part of this. What a time to be a first time home buyer.
BTHOtrolls
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Average Joe said:

We'll be buying in a few months and are already dreading every part of this. What a time to be a first time home buyer.


Username checks out, good luck with the home buying process, if you stay non emotional, you'll do fine.

The amount of money your stressing about now will be inconsequential in 10 years.
evestor1
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BTHOtrolls said:


The amount of money your stressing about now will be inconsequential in 10 years.


Totally agree to that
SoTheySay
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Agree with the comments - it's fun when you win but even then, how many did we have to lose first? Or what hoops are we jumping through?

I have someone who wrote an offer $25k over intended list on an unlisted property because he was tired of losing. Thankfully we did get that one.
Win At Life
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Why are idiots continuing to list their houses at such a low price that this is happening? I just listed my lake house at an FU price, and it almost surely won't sell all summer. That's fine, I get a great view of the lake one more year. It can be done.
Sea Speed
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My guess is to drive interest and create a bidding war. Buyers get emotionally attached to homes they want and that certainly causes them to do irrational things.

The above is just a guess, but it makes perfect sense to me.
agsalaska
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Two reasons

Some agents guarantee multiple offers. It's a ridiculous strategy but people fall for smiling faces.

But the logical reason is CMAs. When the market outpaces the appraisals it is very difficult to price high enough based on comparables alone. And a lot of agents are scared, rightly, of appraisals.

The trouble with quotes on the internet is that you never know if they are genuine. -- Abraham Lincoln.
Diggity
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Win At Life said:

Why are idiots continuing to list their houses at such a low price that this is happening? I just listed my lake house at an FU price, and it almost surely won't sell all summer. That's fine, I get a great view of the lake one more year. It can be done.
bookmarked
SoTheySay
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Pricing high, at least in my most recent experiences, brings less offers and a lower sales price than listing just above recent sales.
KDubAg
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Average Joe said:

We'll be buying in a few months and are already dreading every part of this. What a time to be a first time home buyer.


Hope you have some available cash on hand, and avoid getting a FHA loan. I can't get anything for my BIL with little to no extra cash and FHA loan.
Ragoo
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Win At Life said:

Why are idiots continuing to list their houses at such a low price that this is happening? I just listed my lake house at an FU price, and it almost surely won't sell all summer. That's fine, I get a great view of the lake one more year. It can be done.
post it up
KDubAg
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Win At Life said:

Why are idiots continuing to list their houses at such a low price that this is happening? I just listed my lake house at an FU price, and it almost surely won't sell all summer. That's fine, I get a great view of the lake one more year. It can be done.


I have a buddy that wants to buy an AirBNB place. Where's it at? He may give you a FU offer though but you never know.

But seriously, do you have a link?
texAZtea
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KDubAg said:

Average Joe said:

We'll be buying in a few months and are already dreading every part of this. What a time to be a first time home buyer.


Hope you have some available cash on hand, and avoid getting a FHA loan. I can't get anything for my BIL with little to no extra cash and FHA loan.
^This.

We made 12 offers with FHA loans. Many of them were overall the highest offer and we would have no issues getting a loan approved.

On offer 13 our lender said, "Just for fun, lets try putting 'conventional' on your prequal letter." What do you know, we won that bid.

I'm not passing any judgement on sellers and what they want in a bid, I'm just telling you my story.
Diggity
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in this market, sellers are more worried about appraisal issues, which can be more complicated with FHA/VA loans.
Average Joe
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KDubAg said:

Average Joe said:

We'll be buying in a few months and are already dreading every part of this. What a time to be a first time home buyer.


Hope you have some available cash on hand, and avoid getting a FHA loan. I can't get anything for my BIL with little to no extra cash and FHA loan.


We were good. Key word "were". Between prices and interest rates, our buying power has taken a big hit. We are rapidly reaching the point where we may have to settle just to keep from being thrown into a grass hut on the side of the highway.
SF2004
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We have a solid offer on our non-listed home and not sure what to do.

Met all of our request, solid buyers, 40% down, good amount over what we were going to list at.

Seems like a screaming take but not sure what the open market will bring.
woodiewood1
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agsalaska said:

Two reasons

Some agents guarantee multiple offers. It's a ridiculous strategy but people fall for smiling faces.

But the logical reason is CMAs. When the market outpaces the appraisals it is very difficult to price high enough based on comparables alone. And a lot of agents are scared, rightly, of appraisals.


In BCS you will get multiple offers for most any dwelling if priced for the market. The sad part is that if you don't make a cash offer, you are SOL in many cases. Many homes get 10 to 12 offers within days even before the agent can place the home UC in the MLS.

I would not want to be buying in this market. If I was, I would look down around Anderson over to King Oaks subdivision for a lot to build on or an existing home.

I will sell mine for 1.5 million!



Win At Life
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KDubAg said:

Win At Life said:

Why are idiots continuing to list their houses at such a low price that this is happening? I just listed my lake house at an FU price, and it almost surely won't sell all summer. That's fine, I get a great view of the lake one more year. It can be done.


I have a buddy that wants to buy an AirBNB place. Where's it at? He may give you a FU offer though but you never know.

But seriously, do you have a link?


Short term rentals are not allowed by HOA. Actually had a few showings. I'm not telling you guys my address, but it's on Canyon Lake.
Win At Life
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Diggity said:

Win At Life said:

Why are idiots continuing to list their houses at such a low price that this is happening? I just listed my lake house at an FU price, and it almost surely won't sell all summer. That's fine, I get a great view of the lake one more year. It can be done.
bookmarked
No showings since the first weekend it was on the market. I single handedly killed the hot RE market by listing my house. It's the story of my life.





The good news is we'll get to enjoy it this weekend.
gvine07
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SF2004 said:

We have a solid offer on our non-listed home and not sure what to do.

Met all of our request, solid buyers, 40% down, good amount over what we were going to list at.

Seems like a screaming take but not sure what the open market will bring.


List unless you have a reason not to. If they want the house that bad, they're not going to pull the offer if you list. For a while (maybe still?) people were getting 10+% over asking. It only takes one crazy offer above what they're asking…

Obviously I don't know any details. Realtor commissions may or may not matter. If you have an extenuating circumstance don't feel like you have to.
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