[RickFLM4]

Originally Posted by BMW F22

I’m starting to see a lot more listings come on the market. A lot more. Might be a sign of inventory ticking up as people are looking to exit which means buyers will have more choices. Unless there’s a ton more buyers (which is doubtful as many are unemployed), I see it being a buyer’s market in the next 6 months.

As I noted earlier, unless there is a significant uptick in unemployment among higher paid workers who own homes and have insufficient savings, I think it is unlikely to see a significant downturn in prices. Unless people need to sell for financial or other reasons, they will not sell at a price they don’t like. While that scenario is possible, not sure how it could be accurately predicted right now. Further if that scenario happens, a lot of things change for a lot of people and it is not really something anyone would want.

[chassis]

More housing data will be released this week. My view is the data will be net bullish from a US equities point of view.

I don't see home prices softening. I see them firm to strengthening.

The reason is fundamental, people need a place to live. There are more people today than there were yesterday.

[BimmerDimmer6]

Overtime, decreases in property value are nominal. Just like your stock portfolio. Best to keep buying and don't look back.

Always deals out there. Have to be creative.

[Alfisti]

People needed a place to live in 2007/8 too.

[nyalpine90]

can anyone explain how this work when you submit an offer? first offer was the asking price and agent told us an offer was accepted. we increased the offer by 20k and yet there was another offer higher. the house is still on market, status has not changed. we havent heard from the agent we submitted offer twice. The bank agent warned us not to go over too much on asking price because the house will be appraised by the bank. We as the buyer will be responsible for the difference, if the house is appraised lower then the loan amount.
other houses sold for the exact offer we submitted on 2nd time, so i wasnt worried about bank appraisal.

[RickFLM4]

Originally Posted by nyalpine90

can anyone explain how this work when you submit an offer. your offer is on backup because there is an offer that was accepted. we increased the offer by 20k and yet there was another offer higher. the house is still on market, status has not changed. we havent heard from the agent we submitted offer twice.
what happens now?? its possible something went wrong with person with higher offer.

A real estate pro can chime in to correct / add to:

If there is an offer that was accepted, there is a contract. The buyer may be working to obtain financing or there could be other contingencies (inspections, selling buyer's existing home, etc.). If everything proceeds according to plan, they will buy the house. But the buyer and seller are locked in unless and until the contract expires without a contingency being resolved or they mutually agree to terminate the contract.

In the meantime, however, some sellers continue to market the home and take backup offers in case the offer under contract does not close. This might be a sign they aren't confident in the buyer's ability to close. Right now, it doesn't matter how much you offer unless the first contract falls apart. So until then, there isn't much to happen unless you wish to withdraw the backup offer because you found an alternative.

[nyalpine90]

Originally Posted by RickFLM4

A real estate pro can chime in to correct / add to:

If there is an offer that was accepted, there is a contract. The buyer may be working to obtain financing or there could be other contingencies (inspections, selling buyer's existing home, etc.). If everything proceeds according to plan, they will buy the house. But the buyer and seller are locked in unless and until the contract expires without a contingency being resolved or they mutually agree to terminate the contract.

In the meantime, however, some sellers continue to market the home and take backup offers in case the offer under contract does not close. This might be a sign they aren't confident in the buyer's ability to close. Right now, it doesn't matter how much you offer unless the first contract falls apart. So until then, there isn't much to happen unless you wish to withdraw the backup offer because you found an alternative.

im aware of all those points you made. I dont want to give up on this property .

[cmyx6go]

Originally Posted by nyalpine90

can anyone explain how this work when you submit an offer? first offer was the asking price and agent told us an offer was accepted. we increased the offer by 20k and yet there was another offer higher. the house is still on market, status has not changed. we havent heard from the agent we submitted offer twice. The bank agent warned us not to go over too much on asking price because the house will be appraised by the bank. We as the buyer will be responsible for the difference, if the house is appraised lower then the loan amount.
other houses sold for the exact offer we submitted on 2nd time, so i wasnt worried about bank appraisal.

Most banks will only lend you 80% of what house appraises for. Not the full appraisal amount. Not sure if this varies state to state but I'm in NY too so it's the same for you. I'm in the process of selling and buying

I don't understand - your first offer was accepted but then you increased offer? Is homeowner playing games? Status will change to under contract or contingent once contract is in place.

[nyalpine90]

Originally Posted by cmyx6go

Most banks will only lend you 80% of what house appraises for. Not the full appraisal amount. Not sure if this varies state to state but I'm in NY too so it's the same for you. I'm in the process of selling and buying

I don't understand - your first offer was accepted but then you increased offer? Is homeowner playing games? Status will change to under contract or contingent once contract is in place.

our first offer we submitted was the asking price. the agent came back and said there was already an offer. we waited for few days, contacted the agent and told us to make higher offer if we could. Since we liked the house so much we went offered $20k over asking price. The agent told us there was another offer that was accepted, and ours was on hold, like back up.
This week, the house is still on market. I check daily, on all of the sites that the property is listed on lol


the wife wants to wait til next month or in Oct to look again, maybe things have calm down a bit.

[smyles]

Originally Posted by nyalpine90

...
This week, the house is still on market. I check daily, on all of the sites that the property is listed on lol
....

It doesn;t mean much, most sites are slow on updating the status since they rely on agent updates, and in most cases agents aren;t motivated to do so.

[cmyx6go]

Originally Posted by nyalpine90

our first offer we submitted was the asking price. the agent came back and said there was already an offer. we waited for few days, contacted the agent and told us to make higher offer if we could. Since we liked the house so much we went offered $20k over asking price. The agent told us there was another offer that was accepted, and ours was on hold, like back up.
This week, the house is still on market. I check daily, on all of the sites that the property is listed on lol


the wife wants to wait til next month or in Oct to look again, maybe things have calm down a bit.

OK so your offer is a backup, not an "accepted offer". It will take time for the status to change, they drag their ass. They will only come to you if the current deal craps out (like Rick mentioned). If the deal goes south early, that would be due to something bad - issues with the inspection kind of thing. If it's a finance thing where first buyer couldn't secure a mortgage, that will take a while.

Just keep looking and don't get hung up on waiting for this one. I know it's hard but you can't do this with emotions. Don't make the mistake of getting in over your head because you love the house. The right one will come along.

You are dealing with your own real estate agent, no? If not, you should especially being a first timer.

[jmack]

Originally Posted by nyalpine90

our first offer we submitted was the asking price. the agent came back and said there was already an offer. we waited for few days, contacted the agent and told us to make higher offer if we could. Since we liked the house so much we went offered $20k over asking price. The agent told us there was another offer that was accepted, and ours was on hold, like back up.
This week, the house is still on market. I check daily, on all of the sites that the property is listed on lol


the wife wants to wait til next month or in Oct to look again, maybe things have calm down a bit.

I wouldn't hold your breath for them resorting to your backup offer. Unless the buyer can't fulfill closing and the contract is nullified, you are SOL.

[nyalpine90]

Originally Posted by cmyx6go

OK so your offer is a backup, not an "accepted offer". It will take time for the status to change, they drag their ass. They will only come to you if the current deal craps out (like Rick mentioned). If the deal goes south early, that would be due to something bad - issues with the inspection kind of thing. If it's a finance thing where first buyer couldn't secure a mortgage, that will take a while.

Just keep looking and don't get hung up on waiting for this one. I know it's hard but you can't do this with emotions. Don't make the mistake of getting in over your head because you love the house. The right one will come along.

You are dealing with your own real estate agent, no? If not, you should especially being a first timer.

i agree, but it has 2 car garage that can hold 3 cars...long driveway that can fit 12 cars, with half circle in front of the house. So many ideas ran thru my mind while i looked at car garage the rest of the house was diamond shape. all we had to do is paint, didnt like the color and replace carpet for newer one or with hardwood floor or some type of flooring.

[cmyx6go]

Originally Posted by nyalpine90

i agree, but it has 2 car garage that can hold 3 cars...long driveway that can fit 12 cars, with half circle in front of the house. So many ideas ran thru my mind while i looked at car garage the rest of the house was diamond shape. all we had to do is paint, didnt like the color and replace carpet for newer one or with hardwood floor or some type of flooring.

They'll be more. I agree that move in condition is a BIG plus. Your plus is you don't have to sell anything. Make sure sellers know this. With the market the way it is, sellers can be choosy. Most will go for the offer with the largest down payment as there is less chance of having an issue with the appraisal value and mortgage amount. If the homeowner is present during viewing, play it up. Doesn't hurt to kiss up and send a letter to the homeowner along with your offer. One of my employees did that and the seller accepted her offer over a higher one.

[nyalpine90]

Originally Posted by cmyx6go

They'll be more. I agree that move in condition is a BIG plus. Your plus is you don't have to sell anything. Make sure sellers know this. With the market the way it is, sellers can be choosy. Most will go for the offer with the largest down payment as there is less chance of having an issue with the appraisal value and mortgage amount. If the homeowner is present during viewing, play it up. Doesn't hurt to kiss up and send a letter to the homeowner along with your offer. One of my employees did that and the seller accepted her offer over a higher one.

we did see the house while the owner was there, the woman is going thru divorced. we told her the house is beautiful, well kept! we told the agent we like the house a lot, made the 2nd offer. We also found out that some agents are sellers, and there are agents that are for buyers. With that said, we dont know the womans name, if not we would reached out to her. We also told agent, we were not in rush to move in, if she need it time to find another place. she has 2 kids as well.

[cmyx6go]

Originally Posted by nyalpine90

we did see the house while the owner was there, the woman is going thru divorced. we told her the house is beautiful, well kept! we told the agent we like the house a lot, made the 2nd offer. We also found out that some agents are sellers, and there are agents that are for buyers. With that said, we dont know the womans name, if not we would reached out to her. We also told agent, we were not in rush to move in, if she need it time to find another place. she has 2 kids as well.

I don't understand your comment some agents are for sellers and some are for buyers. Do YOU have an agent? Someone that works for YOU? Your realtor will get their commission from the seller. Sellers agent get $X commission if they sell on their own or they share their commission with the realtor that brings in the buyer. It costs you nothing. GET AN AGENT. PM me if you want.

[mantis]

entertaining the thought of possibly acquiring first house. but things are really confusing

[Joekerr]

Originally Posted by nyalpine90

we did see the house while the owner was there, the woman is going thru divorced. we told her the house is beautiful, well kept! we told the agent we like the house a lot, made the 2nd offer. We also found out that some agents are sellers, and there are agents that are for buyers. With that said, we dont know the womans name, if not we would reached out to her. We also told agent, we were not in rush to move in, if she need it time to find another place. she has 2 kids as well.

Yeah, I feel like you might not have an agent. I think you might be talking with the sellers agent.

I suppose on the bright side, cmyx6go, if they are doing that, the selling agent might see this as double commission and might be more apt to push their offer on the seller.

But I would get your own agent. As a buyer, you don't pay for him / her. The seller pays that agent the commission.

[RickFLM4]

Originally Posted by Joekerr

Yeah, I feel like you might not have an agent. I think you might be talking with the sellers agent.

I suppose on the bright side, cmyx6go, if they are doing that, the selling agent might see this as double commission and might be more apt to push their offer on the seller.

But I would get your own agent. As a buyer, you don't pay for him / her. The seller pays that agent the commission.

Except that now the agent has managed to get a back up offer over listing without disclosing there was a contract first. I would get a buyer’s agent, pull back the offer over listing and ask to be contacted if the deal falls through. There may not be another backup offer and if this deal falls through, why be sitting there with an offer over ask if the seller may now be more urgently trying to sell?

[nyalpine90]

Originally Posted by cmyx6go

I don't understand your comment some agents are for sellers and some are for buyers. Do YOU have an agent? Someone that works for YOU? Your realtor will get their commission from the seller. Sellers agent get $X commission if they sell on their own or they share their commission with the realtor that brings in the buyer. It costs you nothing. GET AN AGENT. PM me if you want.

I recently found out that we need a buyers agent, this is our first time experiencing the real estate and how it works. I called the real estate the house is listed under, he explain that the agent im working with might be seller agent where they only care for sellers interests. He invited me to sit down and discuss all the details of what we are looking for etc..it doesnt cost me a dime.

[AlpineWhite_SJ]

You can have an agent represent both buyer and seller, but I wouldn't advise doing so. You do potentially save on commissions if the agent is willing to reduce it as both the buyer and seller's representative, but the downsides is that they potentially have a conflict of interest that makes it difficult to fully represent both parties to the fullest extent possible. A lot of agents won't do it for that reason - they don't want to appear partial or get into an ethical situation that could come back to bite them legally. A good sellers agent will prefer to refer you to a colleague of theirs within the same office or a nearby one.

[jmack]

Originally Posted by mantis

entertaining the thought of possibly acquiring first house. but things are really confusing

Find a well reviewed agent or agency, explain you are first-time homebuyer and looking for someone to help you through the experience. It doesn't cost you anything.