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Redfin Real Estate Forums :
San Diego :
Same Listing Agent, Same Selling Agent Sold for $80K less....what gives?
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Re: Same Listing Agent, Same Selling Agent Sold for $80K less....what gives?
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Nam-Ly
Contributor
Posts: 10
Registered: 05-05-2009
Message 5 of 7
Viewed 472 times
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Hopetobuysoon, There are 3 important details that you did not mention ... 1. How much is the home cost? 2. What is the type of sale(foreclosure, short sale, REO or ...)? 3. What type of financing did you apply for? Beside many reasons that people already told you, this is my opinion: If the home was listed about half million dollars or more, $80k is really not much difference when the bank(REO type) wants to get rid of it..They chose the buyer who has more simple way to pay for the home (cash or 80% down or 50% down..Or NOT FHA nor VA)... seller does not want to have more headaches.... Since you are not hurry, you can have time to look for a good deal ... but in order to win the bid you must consider some things like : 1. Choose the listing agent who also is your agent when you offer to buy the home (he or she has 100% commission-he or she will work harder for you!!!) 2. You can apply for pre-approved loan from banks... 3. If you have home equity, you can apply for home equity loan...the money is ready anytime when you need it( with the blank check in hand ...you can tell the bank that you will buy the home with cash!!! even you must make payment for other bank...). 4. Try not to apply FHA or VA when you buy home with (foreclosure or REO or short sale) type...I bet that 99% you can not win ... Good luck,
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11-03-2009 07:19 AM
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Re: Same Listing Agent, Same Selling Agent Sold for $80K less....what gives?
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Done_it
Newbie
Posts: 1
Registered: 11-03-2009
Message 6 of 7
Viewed 443 times
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If the house was a short sale, then the listing agent is representing a buyer who does not really care about the final price, as he/she will not see a dime of it. We approached a listing agent on a short sale home which we loved. We offered 10% less than the bank asked for, put 50% down and used the listing agent as our agent. He worked hard for his double end commission. We worked with an agressive team that was on the banks tail for the whole 6 months it took to close the deal. We got a dream home for a price we could afford (we never believed we will own such a beautiful home in such a nice neighborhood). I recommend this to all our friends who are dealing with Short Sales. They are not for the faint of hearts but if you can rough it out the end result is usually worth it. Good luck! Done_it
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11-03-2009 11:49 AM
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