Realtor Strategies

**oneofthecrowd** · 01-06-2009, 08:46 PM

What should be done if, after making an offer on a home that isn't worth more than what I offered, the agent says she received another offer on the home that is higher than mine? Could it be that the agent is just trying to get more on the home?

A few months ago I made an offer for a home that was on the market for six months and then the agent (a different agent than above) told me that there were two more offers. I turned it down as it wasn't worth more due to the house had a bad termite problem and was in need of a few major repairs even though it was in a good neighborhood. The agent never contacted me again and the house is still empty to this day.

**jamesww** · 01-06-2009, 09:57 PM

So one of two things could be going on if it is a foreclosure. One they could have a higher offer but none of them meet what he lender wants to recieve on it. Then the Realtor is likely going back to everyone trying to have them bid it up or the agent could be full of B.S. and trying to bring a better offer back to the bank. Either way you only have two choices one sit on your offer and see if it hatches into a contract or bid higher. In most cases the banks list the property far enough below market value that they will get their asking price(not always but 95% of the time).

The first situation that you encountered could have been the bank wasn't willing to take any of the offers they had recieved. It is just the nature of the beast. If you are offering on properties through the listing agent you are going to get burned on this stuff everytime. I would make sure that I found a buyer's agent very versed on these deals. Good luck and feel free to ask any more questions you have. In fact if you ask them in my forum I check it at least twice a day. I am not here nearly as often.

**oneofthecrowd** · 01-06-2009, 11:25 PM

Thanks for the help.

Presently I'm awaiting word from my agent whether the bank is going to repair the roof. The sale depends on that alone. If the roof doesn't get repaired (a leak on one side of the home) then my lender probably won't finance the home I guess... what do you think? From what I could see it looks like a simple repair that some roof cement will take care of but I don't know what damage there may be to the interior structure...?

**Commercial Agent** · 01-07-2009, 02:15 PM

Get a good building inspection.

**oneofthecrowd** · 01-07-2009, 06:23 PM

I hope to get a good inspection but when is the best time to have an inspection done? I think I may have to have it before escrow this way if there is some major damage then I can back out of the deal...; I know I risk wasting my money for inspection if I lose the home but I would rather know ahead of time about some damages. What do you think Mr. Realtor? My agent says my inspection will have no affect on the purchase decision.

**Commercial Agent** · 01-08-2009, 05:20 AM

Most purchase contracts have an inspection clause which requires the Seller to pay for repairs but only up to a percentage of the price. Since there seems to be known problems, the Seller might be willing to pay for the inspection. Check with your Realtor.

Good Luck