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I need REAL ESTATE help from the pros ! Maybe legal help !

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Old 08-08-2002, 12:04 AM
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DONZIMAN2 ,Yes we got the CMA. It is a good price for it .We are at the top of our budget range .(and thats not much ) Can't do much more . Our guy is with Century 21 and the house is listed with Coldwell bankers . Thanks everyone for your input .
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Old 08-08-2002, 12:07 AM
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I have to believe that there is in fact another offer on the table. Unless the laws are different in NJ your realtor gave you some bad advise. It's YOUR offer you are submitting. You can put whatever you want to in it and the other party can respond to it. The 5 day response time is total BS. IMHO
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Old 08-08-2002, 12:08 AM
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OK , Since we can't work this out on paper or with the partys involved ,,,,,,, Everyone say a little preyor for us tonight !!

MY baby needs a new house !
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Old 08-08-2002, 12:12 AM
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Well ,if you guys come up with more ,we would love to here it !

Right now it's back to the garage ! it's only 11 pm ! I got motors to build ! .I'll check back later when I come in . Thanks again ,JOE & Sandy
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Old 08-08-2002, 12:17 AM
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Wow 5 days to accept an offer. In my area that is a long time. I would probably believe the existence of another offer, but with them not giving you any specifics, the possibility of the offer being higher seems questionable. Just remember you have (I hope) a set price of how high you will go, don't go over it just to "win" the game. It may end up costing you in the end.
 
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Old 08-08-2002, 03:11 AM
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BTJ88, your right ! YOu should give them the offer and they should answer you then and there . At least by the next morning !

THanks agian . got to go say a prayor now !
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Old 08-08-2002, 09:08 AM
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Boot,

One thing I found out when we were looking at houses was this...Do you have a broiker buyer agreement? This forces your representative to work for YOU! If you don't, then they are working for the seller indirectly and have their pocket book, not your best interest at heart. The original person we were working with did not bring this to our attention and every place we looked at she told us we had to pay at least teh asking price and there would be no negotiation. WELL, I ask a friend who is in the business 100 miles away and he tells me about the broker buyer agreement. When we call another realtor on a different house she brought it up right away! I really liked that and she was a GREAT person to deal with. She really went out of her way to help us.

Best of luck.
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Old 08-08-2002, 10:14 AM
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Shane , We do have a buyer agreement with the agent . He has also gone way out of his way on other houses we looked at in find facts and pointing out bad things that we may have missed . This guy realy knows houses !! BUT , you never know ! He may be just setting us up for the kill ! I am more worried about the listing agent playing games . MAN, this realty buisness needs to be looked into . I think they are some big crooks ! We have been through about a dozen realtors in the past year and all except this one was a total ******* , knew nothing , and never called you back . THanks for you advise ,JOE
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Old 08-08-2002, 10:29 AM
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Joe,

Sorry I couldn't be more helpful. Good luck.

Shane
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Old 08-08-2002, 12:47 PM
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The best advice so for is if you have to be prepared to walk away just as easily as you would buying it. I have purchased commercial properties before with a buyers agent with good results. Typically there commercial props in my area usually list for a few months so there is usually no big rush.

I just bought my first residential property as a second home/rental in Florida. The market in this area is unbelievably tight and I would check the MLS listing every day. One day a prop that I had been looking for was listed. I was able to find the listing agent directly and called that second. The prop was only listed for a few hours and he had already received calls regarding the listing. I made a point of saying I am NOT a real-estate agent but the buyer. The reason that was important is that because no other agent was involved he would get the full commission rather than split it with a buyers agent. I asked a few questions about the unit and I made my offer at ask, overnighted my good faith funds for escrow I never let him off the phone. The offer was accepted via fax the next day and I was off and running. I knew if the unit was a piece of *&%^ I could back out later during inspection.

I later found out later, I guessed correctly that all the calls were from other realtors looking at the same new listings and were acting as buyers agents. Previously I had spoke to another agent that this property would be ideal for me and to keep me informed. Besides trying to sell me the props he had listed in Marathon some 50 miles away I never got a call. My advice is if you know what you want buy it. If you have an agent in a slow market let them work. If its tight you might be forced to be more involved otherwise your going to stay in the back of the "offer" bus.

Good luck
John
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