Skip to main content

As a first time home buyer I learned the real estate business is cut throat.

After looking for months for a home (in Texas without an agent). I finally found a house that I liked (outside my original search). Knowing all my documents are in order and I have really good credit, I applied for a loan. The next day I was preapproved and figured the seller's agent would have the most information about the property and they'd love to be the agent for the buyer and seller because they make twice the commission. This is where I messed up.

The agent was very kind and answered all my questions but kept trying to tell me about all the other great properties she could show me and kept implying that the property hadn't sold because the seller was asking too much. I told the agent I was willing to pay the asking price if the seller would be willing to pay the closing cost and her reply was they already had a similar offer that they declined. She said "lets meet tomorrow after noon so you can see the property, you shouldn't make an offer without seeing it first."

An hour before I was suppose to meet her at the property she sends me a text "The house at ******* just went under contract, I will send you other properties in the area that are available." Now I know the reason she kept pushing me to other properties, she had a deal close to being done and another buyer making an offer would have messed it up.

submitted by /u/confuciusly
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/jluxjs/as_a_first_time_home_buyer_i_learned_the_real/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more