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  #21  
Old 02-19-2008
DrB DrB is offline
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Played and Being Played

When we were looking for a house many moons ago. I kept seeing this one house that my wife and I liked. First it was For Sale, then the For Sale part of the sign disappeared, but no Under Agreement or Sale Pending sign went up, even after weeks. Called my broker several times on it, and she kept saying it wasn't in the RLS Master List, so as far as she knows, it is not on the market. She called the listing broker a few times and never got a response. I asked her if she would mind if I called the listing broker making sure that the listing broker knew that we were working with our broker.

I called and said we wanted to know if the house was for sale and if so when can we look at it. 45 minutes I was inside walking around it and the listing broker said the house has a bid on it, but the sellers hadn't accepted it yet. She didn't know why it wasn't still listed in the RLS database as available as it very much was still for sale. I called our broker and made an offer a few dollars less than asking.

Our broker called a few hours and said that the sellers wanted to know if they could get back to us the next morning as both of their kids were sick. Our broker said something wasn't right, but she couldn't put her finger on it, but we agreed to the overnight wait. Sure enough, our broker was right. The listing agent called her next morning and sellers had suddenly accepted the initial offer.

My guess is that the sellers went back to the party with the initial offer, told them to up the money, else they would lose the house. It was on the borderline of unethical for all parties, because according to our broker, the house was not being listed fairly if the listing was removed from the RLS database.

Since then, I have made it a point to make an offer with an act on date in big ticket items.

When we purchased our boat, the asking was $27,500, I offered $24,500 with 48 h time limit, within hours the seller said $25,000 provided you close in three weeks. Deal was done.

DrB
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  #22  
Old 02-19-2008
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Quote:
Originally Posted by punjabi View Post
So I made an offer on a boat that was listed at $30k. I offered $25k. This boat has been on the market for at least 6 months. Was originally listed in the mid to high 30s.

I get a call from the broker telling me this boat is all of a sudden the "hot" boat as there have been multiple offers. Someone from out of town outbid me sight unseen. There is a "bidding war" now. I should increase my offer if I really want the boat.

I told him my offer stands. He'll call back. In fact, when he does, my offer will probably drop a couple of thousand.

Am I being overly cynical in thinking this is a game that he's playing? I hate crap like that.
Punjabi,

Basically this broker is trying to get you to counter your own offer. Don't fall for it -- one of the oldest tricks in the book.

Most P&S agreements include a "Time is of the Essence" clause, which essentially means that there is a limited time during which the offer must be accepted or countered or it becomes void. Exactly how long that time period could be is subject to interpretation, but the offeror is in the driver's seat. At any time you can provide written notice that you are withdrawing your offer for failure of the seller to accept or counter it.

Don't let this guy toy with you. Send him written notice that you withdraw your offer effective (date/time -- but make it a short fuse) if your offer has not been accepted or countered. Make sure you stipulate the immediate return of your deposit as well. Plenty of other boats out there...
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  #23  
Old 02-19-2008
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There is ALWAYS...ALWAYS... another boar/car/house/ etc. If you don't like the deal, always walk! The boat I bought was on Yachtworld for $24, 900 all summer. Then it just disapeared. OK. It was way beyond me anyway. Then, suprise! it showed up again for the "give-away" sacrifice price of $14,900! I called and offered $14,000, which was accepted instantly. ( Damn, I offered too much ) and I quickly added that I would have to include the haul and shipping with that price because I had no more money. The broker said he'd get back to me. He didn't call back, so I tried to call him and somehow I ended up talking to the outfit who was selling the boat, a charity organization. I told the charity official the truth, my wife didn't want me to get it, so all I could pay was $8000. He said the broker will contact you in 20 minutes. He was not a happy broker. Of course I had to pay the haul and shipping. Ended up $11,650 in my yard including the 6 new stands. Not a great deal, but not too bad, 1979 Irwin 34. It will cost about $10,000 more and two years more work to fix it up nice. But that is better "fixing" than just enough to get it in the water. I like the work and I like nice...
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Last edited by TomandKarens34; 02-19-2008 at 07:01 PM. Reason: grammer failure
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