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Brothers that own properties pls enter here.. I need help -Realtors too-

M

Mr chase

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Mybe I'm overeacting, but pls riddle me this.

I found a house, actually a bank owned property. Went to the city checked it out, the taxes came up to like 7k a yr, the Value that the city set it on is $245k.
The house is only 5 yrs old, built in 02.. so I mean.. everything is this house is almost new.
and the bank is asking $80k for it
So I call the realtor, and told him I wanted to check it out, an hr later he was there, I went in there with my girl and 2 minutes in the house, we fell in love. So the Realtor dude was like " damn, this is such a great deal, if I didnt have a house, I would've bought this"
Right there and then I made an offer of 65k to the bank, he told me the bank normally will let him know by the next day,.. Its 3 days now, yesterday I spoke to him once.. Today I called him 4 times, he didnt pick up, the last time I spoke to him he said he had 2 clients and will call me back.
He never did.

So I finally called him again 10 minutes ago and he claims the bank hasnt returned any news yet..


Am I overeacting?
Could he be trying to sell this house to someone else for more money?
Pls I know this is a porn board, but I need all the help I can get now...

Thanks
 
Mr chase said:
Mybe I'm overeacting, but pls riddle me this.

I found a house, actually a bank owned property. Went to the city checked it out, the taxes came up to like 7k a yr, the Value that the city set it on is $245k.
The house is only 5 yrs old, built in 02.. so I mean.. everything is this house is almost new.
and the bank is asking $80k for it
So I call the realtor, and told him I wanted to check it out, an hr later he was there, I went in there with my girl and 2 minutes in the house, we fell in love. So the Realtor dude was like " damn, this is such a great deal, if I didnt have a house, I would've bought this"
Right there and then I made an offer of 65k to the bank, he told me the bank normally will let him know by the next day,.. Its 3 days now, yesterday I spoke to him once.. Today I called him 4 times, he didnt pick up, the last time I spoke to him he said he had 2 clients and will call me back.
He never did.

So I finally called him again 10 minutes ago and he claims the bank hasnt returned any news yet..


Am I overeacting?
Could he be trying to sell this house to someone else for more money?
Pls I know this is a porn board, but I need all the help I can get now...

Thanks
Click to expand...

Bro, I can't necessarily answer this question directly. But, here is some advice (I have purchased multiple properties - I am NOT a Realtor):

1) NEVER fall in love with any particular place. (That is the Seller's Dream). Whether Cars or Houses, there will ALWAYS be a better deal.

2) Be Ready, Willing, and Able to Walk Away -- trust me on this. The Realtor (i.e., "Seller's Agent") and the Seller will see and Respect this

3) Tell the same to your girl ... it is exactly the "falling in love" moment that the Seller's Agent can easily detect and take advantage of

4) In this Real Estate slump we are in, there will be PLENTY of Inventory and w/ our Economic slump there may be future Interest Rate reductions -- in short, it is a BUYER'S MARKET man ... which will probably continue for the next 3 yrs at least

5) Do some research (about Home Buying) -- there is an OLD book that is worth it's weight in GOLD: Homebuying Step By Step (90 Page Paperback); I'll have to dig up the details if you are really interested

6) Get a Buyer Broker -- i.e., a Realtor that represents YOUR interests in the Transaction. If you do not have a Buyer Broker, the "Realtor" represents the "Seller" and is just trying to befriend you (and your girl!) to find out what makes you tick ... for their Client ... the Seller.

7) Get a flat-fee Real Estate Attorney - who is there from the Offer To Purchase to Purchase and Sales to Closing. The attorney provided by the Bank "for you" represents THE BANK

8) Do NOT rush to pay off your Credit Cards. Reduce the # of Cards you have but keep Cash in Savings. If you pay off your Credit Cards, Banks look at it like you could immediately run them up (and you will) after the purchase of the home. (This is a very simplified explanation, but you get the idea).

9) Pay your Lines Of Credit (Credit Cards, Car Payments, Rent) ON TIME. Pay above the minimum (even if just a few dollars) -- this doesn't apply to Rent.

Just be patient and put on a Poker Face, and be flexible when thinking how a property can work for you -- trust me you will be happy with the Result

Peace
 
Last edited:
No expert, just offering my oppinion.

Assuming everything is on the up and up with the property i.e. wasnt built on a nuclear dump, not haunted, up to code, etc... I would have put in an offer for the full amount, maybe even over. If they're asking $80k for a $245K property, thats a good deal!

Was there a deadline written in on your offer? Call the bank yourself and inquire.
 
a 245k valued, 5yr old house....for 80k......and you lowballed it?...How the fuck you gonna lowball an asking price of 80k?..you fukked urself outta what seemed to be a great deal....they said fuck you....:hmm:


nextelgoals said:
No expert, just offering my oppinion.

Assuming everything is on the up and up with the property i.e. wasnt built on a nuclear dump, not haunted, up to code, etc... I would have put in an offer for the full amount, maybe even over. If they're asking $80k for a $245K property, thats a good deal!

Was there a deadline written in on your offer? Call the bank yourself and inquire.
Click to expand...


what he said...:yes:.....:hmm:
 
There is a simple answer to this. Normally when a property is reclaimed by the bank, and some time after that several price reductions on that property will occur if it does not move. Usually the bank will assign the property to an agent or realty company to help facilitate the property being moved at a pre-agreed price. Simply the 65K offer you made probably ate up all the commission the agent was going to make on that property. The two options you have are either to up your offer price or deal directly with the bank to see if they will take a lower offer. Good Luck!!!!
 
Mr chase said:
Mybe I'm overeacting, but pls riddle me this.

I found a house, actually a bank owned property. Went to the city checked it out, the taxes came up to like 7k a yr, the Value that the city set it on is $245k.
The house is only 5 yrs old, built in 02.. so I mean.. everything is this house is almost new.
and the bank is asking $80k for it
So I call the realtor, and told him I wanted to check it out, an hr later he was there, I went in there with my girl and 2 minutes in the house, we fell in love. So the Realtor dude was like " damn, this is such a great deal, if I didnt have a house, I would've bought this"
Right there and then I made an offer of 65k to the bank, he told me the bank normally will let him know by the next day,.. Its 3 days now, yesterday I spoke to him once.. Today I called him 4 times, he didnt pick up, the last time I spoke to him he said he had 2 clients and will call me back.
He never did.

So I finally called him again 10 minutes ago and he claims the bank hasnt returned any news yet..


Am I overeacting?
Could he be trying to sell this house to someone else for more money?
Pls I know this is a porn board, but I need all the help I can get now...

Thanks
Click to expand...

Yes you are overreacting sometime it take 3 week's to know the verdict of your question!and you went to low on da asking price
 
lightbright said:
a 245k valued, 5yr old house....for 80k......and you lowballed it?...How the fuck you gonna lowball an asking price of 80k?..you fukked urself outta what seemed to be a great deal....they said fuck you....:hmm:





what he said...:yes:.....:hmm:
Click to expand...
cosign - dont lowball some lowball shit like that


be leery though - house is as is and if the foundation is made of dog shit break out your checkbook
 
You are not over reacting I had the exact same think happen to me roughly 5 years ago.

The property was a VA foreclosure and my bid was very well over the asking price. After during my own research I found the buyer outbid me by 200 dollars in a supposedly sealed bid.

Anyway, my advice would be to contact another Realtor ASAP.

Now back to lurkin'
 
LurkDiggler said:
Bro, I can't necessarily answer this question directly. But, here is some advice (I have purchased multiple properties - I am not a Realtor):

1) NEVER fall in love with any particular place. Whether Cars or Houses, there will ALWAYS be a better deal.

2) Be Ready, Willing, and Able to Walk Away -- trust me on this. The Realtor (i.e., "Seller's Agent") and the Seller will see and Respect this

3) Tell the same to your girl ... it is exactly the "falling in love" moment that the Seller's Agent can easily detect and take advantage of

4) In this Real Estate slump we are in, there will be PLENTY of Inventory and w/ our Economic slump there may be future Interest Rate reductions -- in short, it is a BUYER'S MARKET man ... which will probably continue for the next 3 yrs at least

5) Do some research (about Home Buying) -- there is an OLD book that is worth it's weight in GOLD: Homebuying Step By Step (90 Page Paperback); I'll have to dig up the details if you are really interested

6) Get a Buyer Broker -- i.e., a Realtor that represents YOUR interests in the Transaction

7) Get a flat-fee Real Estate Attorney - who is there from the Offer To Purchase to Purchase and Sales to Closing. The attorney provided by the Bank "for you" represents THE BANK

8) Do NOT rush to pay off your Credit Cards. Reduce the # of Cards you have but keep Cash in Savings. If you pay off your Credit Cards, Banks look at it like you could immediately run them up (and you will) after the purchase of the home. (This is a very simplified explanation, but you get the idea).

Just be patient and put on a Poker Face, and be flexible when thinking how a property can work for you -- trust me you will be happy with the Result

Peace
Click to expand...

Thanks for the info man.Its cool seeing a lurker give back from time to time.
 
^SpiderMan^ said:
Thanks for the info man.Its cool seeing a lurker give back from time to time.
Click to expand...

No problem bro ... note that I went back and added some additional points to my original post that are not in what you quoted.

Been lurkin' here longer than you think LOL :yes:

Peace
 
Off-topic but what's the best way to find foreclosed and bank owned properties? I see a ton of websites offering such services but a lot of the seem shady. Any advice would be appreciated.
 
Off-topic but what's the best way to find foreclosed and bank owned properties? I see a ton of websites offering such services but a lot of the seem shady. Any advice would be

here is a list of all govt.foreclosures

http://www.homesales.gov/homesales/mainAction.do

Hud used to be the blackmans guide to financial freedom til Clinton sub contracted it out however, still you can get some good deals but you got to do your homework. Hud homes are FHA loans that the govt insured to the banks that they would get their money in case of non payment. where as VA Guaranteed the bank that that they'd get their money back in case of default.

So saying that to say this HUD and VA ARE ONLY TRYING TO RECAPTURE THE BALANCE OWED ON THE PROPERTY ... a person could have been in the house 20 years then lose the house even though they will list the house at market value they are only interested in recapturing whats owed.

example say a 3 bed 2 bath home is listed for 195k former owners been in the house 20 years you know they have put a good dent in that morgage they may owe 60k thats a good starting point to consider your bid, but keep in mind you are NOT the only one out looking so you got to shoot your best shot cause it may be the only 1
 
eatcake said:
Off-topic but what's the best way to find foreclosed and bank owned properties? I see a ton of websites offering such services but a lot of the seem shady. Any advice would be

here is a list of all govt.foreclosures

http://www.homesales.gov/homesales/mainAction.do

Hud used to be the blackmans guide to financial freedom til Clinton sub contracted it out however, still you can get some good deals but you got to do your homework. Hud homes are FHA loans that the govt insured to the banks that they would get their money in case of non payment. where as VA Guaranteed the bank that that they'd get their money back in case of default.

So saying that to say this HUD and VA ARE ONLY TRYING TO RECAPTURE THE BALANCE OWED ON THE PROPERTY ... a person could have been in the house 20 years then lose the house even though they will list the house at market value they are only interested in recapturing whats owed.

example say a 3 bed 2 bath home is listed for 195k former owners been in the house 20 years you know they have put a good dent in that morgage they may owe 60k thats a good starting point to consider your bid, but keep in mind you are NOT the only one out looking so you got to shoot your best shot cause it may be the only 1
Click to expand...

Thanks.
 
Understand that the realtor is not your friend.The more the house sells for,the more he pockets.
Some other guy could have put in an offer higher than yours,and while he is trying to arrange financing...he keeps you on the hook.
 
Infamous said:
You are not over reacting I had the exact same think happen to me roughly 5 years ago.

The property was a VA foreclosure and my bid was very well over the asking price. After during my own research I found the buyer outbid me by 200 dollars in a supposedly sealed bid.

Anyway, my advice would be to contact another Realtor ASAP.

Now back to lurkin'
Click to expand...

This is my biggest fear.
The first day i saw this house, was the firs day the realtor saw it too.
The house previously was in an auction, but didnt sell..

nextelgoals said:
No expert, just offering my oppinion.

Assuming everything is on the up and up with the property i.e. wasnt built on a nuclear dump, not haunted, up to code, etc... I would have put in an offer for the full amount, maybe even over. If they're asking $80k for a $245K property, thats a good deal!

Was there a deadline written in on your offer? Call the bank yourself and inquire.
Click to expand...

I dont remember getting signing a deadline deal on the offer

lightbright said:
a 245k valued, 5yr old house....for 80k......and you lowballed it?...How the fuck you gonna lowball an asking price of 80k?..you fukked urself outta what seemed to be a great deal....they said fuck you....:hmm:



what he said...:yes:.....:hmm:
Click to expand...

dang man, isnt this supposed to be the buyers market? why should there be such thing as lowalling?




GOLDIE said:
Yes you are overreacting sometime it take 3 week's to know the verdict of your question!and you went to low on da asking price
Click to expand...

Thats not what he initially said
 
Brother Blues said:
Understand that the realtor is not your friend.The more the house sells for,the more he pockets.
Some other guy could have put in an offer higher than yours,and while he is trying to arrange financing...he keeps you on the hook.
Click to expand...
..


Im calling another realtor right about now
oh and she's a fine black chick
 
Mr chase said:
..


Im calling another realtor right about now
oh and she's a fine black chick
Click to expand...

Dont know if I would do that here in Georgia she would get in trouble if she tried to help or advise you after you had already been represented in a offer.

Did you sign a buyer brokerage agreement with the first realtor? Call the realtor if he doesnt talk to you escalate the call to his broker to get some answers.

Yes it can take that long for an offer to be responded to.

Also the offer should have an expiration period if so after it expires resubmit a real offer for this property IF YOU WANT IT!
 
when i was searching for my home i found out that some realtors wont list va/hud forclosed homes for fear of loosing out on commision money. i found a house that wasnt listed on my realtors company website but had a for sell sign in the front yard. i asked my realtor/lodge brother why the house didnt show up in his list of houses he showed me and that blew the other dudes game up. it turned out that one of his own co-realtors was hiding the property so he could increase his commision. i wound up getting the house at lower than listing and the listing was a steal to begin with.
 
socrotize said:
when i was searching for my home i found out that some realtors wont list va/hud forclosed homes for fear of loosing out on commision money. i found a house that wasnt listed on my realtors company website but had a for sell sign in the front yard. i asked my realtor/lodge brother why the house didnt show up in his list of houses he showed me and that blew the other dudes game up. it turned out that one of his own co-realtors was hiding the property so he could increase his commision. i wound up getting the house at lower than listing and the listing was a steal to begin with.
Click to expand...


Congrats on gettin the house at a lower price Hiram. Not sure on the holding the property to raise a commission as that is set when the contract is signed for the property to be listed.
 
nobleltp said:
Congrats on gettin the house at a lower price Hiram. Not sure on the holding the property to raise a commission as that is set when the contract is signed for the property to be listed.
Click to expand...

thanks square preciate it but thats what the brother told me. he said dude was hiding the house so no one can come in take half of his commission by finding a buyer. its a trick they use because if an agent sells a property that another agent lists then they have to split the commission and the house and the price was a steal so he knew that one wouldnt last long. either way its a buyers market if you can find the right deals.
 
socrotize said:
thanks square preciate it but thats what the brother told me. he said dude was hiding the house so no one can come in take half of his commission by finding a buyer. its a trick they use because if an agent sells a property that another agent lists then they have to split the commission and the house and the price was a steal so he knew that one wouldnt last long. either way its a buyers market if you can find the right deals.
Click to expand...

Real talk if the house sold while he had it listed he was going to get paid no matter who brought the buyer granted he will get more if he brings the buyer but it would be in his interest to sell the house no matter how the buyer gets there if he has it listed. As it is a buyers market in that situation he should have exposed the house to as many buyers as possible to create a competition for the great deal. This would have raised the price of the home and raised his commission and made him more money than hiding it trying unsuccessfully to find a buyer and double side a deal.
 
alot of misinfo here.
first and foremost a $275K house for $80K means there is something SERIOUSLY wrong with the house, no if ands or buts...

if you plan on buying it, you'd better do your research and inspections(yes you can get an inspection on a bank owned property $300-$400 isn't alot compared to finding out what it'll cost you afterwards)


The differnce in commission from $60K-$85K is next to nothing so why would he blow a deal for $400?

HUD/VA pay a buyer agent up to 5%, so we want to sell them.
Bank Foreclosures usually pay full commission too (3%)
You can't "lowball" a bank owned property, they have had it appraised and in most cases they sell for what they are asking, and they will not go short b/c they have already gone through the expense of foreclosing. The key is finding people near foreclosure and then getting the bank to accept a short sale before foreclosing then everybody wins, you get the property well under market, the bank doesn;t lose much, and the sellers get out before losing it all.

I am a Realtor/Investor in PA, PM me if you have any other questions. There are alot of snakes in my business, keep a written record of your conversations with this realtor b/c it seems like he is a bit shady.
 
I would agree that a $275k house selling for 80K raises many red flags. Something is not right with this property. If it went to auction and did not sell there is something wrong for sure. A house with that much instant equity does not last more than a couple of hours after hitting the market. I can promise you the whole story is not being told here.

Dlateshow
 
lights out said:
alot of misinfo here.
first and foremost a $275K house for $80K means there is something SERIOUSLY wrong with the house, no if ands or buts...

if you plan on buying it, you'd better do your research and inspections(yes you can get an inspection on a bank owned property $300-$400 isn't alot compared to finding out what it'll cost you afterwards)


The differnce in commission from $60K-$85K is next to nothing so why would he blow a deal for $400?

HUD/VA pay a buyer agent up to 5%, so we want to sell them.
Bank Foreclosures usually pay full commission too (3%)
You can't "lowball" a bank owned property, they have had it appraised and in most cases they sell for what they are asking, and they will not go short b/c they have already gone through the expense of foreclosing. The key is finding people near foreclosure and then getting the bank to accept a short sale before foreclosing then everybody wins, you get the property well under market, the bank doesn;t lose much, and the sellers get out before losing it all.

I am a Realtor/Investor in PA, PM me if you have any other questions. There are alot of snakes in my business, keep a written record of your conversations with this realtor b/c it seems like he is a bit shady.
Click to expand...

I believe I said 245

and thats real because I went to the city to get the tax history on the house in print.
The SEV is 122k and the city bases their taxes on half the amount of appraised value.

Having said that, I did sign something in writting too and the realtor is the one that encouraged the bid amount.

Like I said, this house went through an earlier auction, it didnt sell... This is Michigan, we r out there on the scale of foreclosures.
and the property taxes in this area is high as fuck, there is at least five foreclosed homes in every block.
 
Could he be trying to sell this house to someone else for more money?

Yeah Sometimes The Realtors Do This.
 
Mr chase said:
Mybe I'm overeacting, but pls riddle me this.

I found a house, actually a bank owned property. Went to the city checked it out, the taxes came up to like 7k a yr, the Value that the city set it on is $245k.
The house is only 5 yrs old, built in 02.. so I mean.. everything is this house is almost new.
and the bank is asking $80k for it
So I call the realtor, and told him I wanted to check it out, an hr later he was there, I went in there with my girl and 2 minutes in the house, we fell in love. So the Realtor dude was like " damn, this is such a great deal, if I didnt have a house, I would've bought this"
Right there and then I made an offer of 65k to the bank, he told me the bank normally will let him know by the next day,.. Its 3 days now, yesterday I spoke to him once.. Today I called him 4 times, he didnt pick up, the last time I spoke to him he said he had 2 clients and will call me back.
He never did.

So I finally called him again 10 minutes ago and he claims the bank hasnt returned any news yet..


Am I overeacting?
Could he be trying to sell this house to someone else for more money?
Pls I know this is a porn board, but I need all the help I can get now...

Thanks
Click to expand...

Dude you fucked yourself and missed out. You tried to get something for nothing and missed out. I woulda gave 80k for that house in a heartbeat, even in this fucked up housing market.
 
beof said:
Dude you fucked yourself and missed out. You tried to get something for nothing and missed out. I woulda gave 80k for that house in a heartbeat, even in this fucked up housing market.
Click to expand...


Man, this is my first time buying a house, and ppl are all out there filling my head up about trying to get the best deal out there.. so i went in with that attitude
 

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