Skip to main content

Am I crazy or was sellers’ agent out of line?

It’s kind of been a crazy 24 hours and I just..don’t even know where to start. My husband (29M) and I (27F) are working professionals looking to make a home purchase. His family is helping us with the down payment and we’re based in CA.

We started looking and found the perfect home - modern, recent upgrades and in a great location. We found our agent through Zillow and he had high review, and we weren’t really expecting to like any of the properties enough to make a bid.

Some context: this property has been sitting on the market for close to 50+ days now.

We made a bid slightly under asking (-4%) and decided to see where things would shake out. A couple of hours later, I get a call from my lender informing me “my realtor” had called to inquire if I was underwritten approved (we had prequalified) and if they’d be able to increase the loan size to 5% over the asking price as there were other offers. I texted my realtors and turns out it’s the SELLER’S REALTORS and there were NO offers on the table. I was floored and pretty upset, and told my realtors but they didn’t comment on it much beyond apologizing.

And then in the final hours before our bid expired, we get call from our realtors late at night saying that a bid had “come in last minute” at roughly our bid amount? And the sellers was asking to counter at -0.25% lower of asking price. This just doesn’t add up to me. What are the odds that a bid would come in at the exact time ours was set to expire, and at roughly the same price? Why wouldn’t They counter for the listing price? If it was higher they definitely would’ve accepted the bid.

I asked my realtors if this is common, and they “reassured me” that the seller agents would normally contact former attendees of the open houses to let them know of the offer and to see if people would make offers. I don't know much about real estate but this felt a little like BS to me but what do I know.

I decided to stand firm at my original offer. I don't know if I'm overreacting but I'm really upset with the whole process, especially with the sellers' agents calling my lender without me knowing and asking if I’d be approved for a higher amount.

I feel like I had to push my realtors too - when they shared the counteroffer they didn't tell me what they thought was best. I felt like I had to insist on reinstating an inspection contingency (but reducing the days) and to stand firm on the bid.

Thanks for reading such a long post. Am I crazy, is this part of the home buying experience, do I need to toughen up?

TLDR: Sent in a bid on a home, slightly under listing. Sellers' agents call my lender and ask if the loan can be upsized to $1.25mm because of multiple offers, lender is confused and calls me to confirm. I talk with my realtors and they confirmed they haven't talked with the lender and that there are no offers on the table. And at the last hour of our bid expiration, "another offer comes in close to our bid" while this property has sat on market for close to 2 months now in what is typically a VERY hot market.

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

source https://www.reddit.com/r/RealEstate/comments/zqitom/am_i_crazy_or_was_sellers_agent_out_of_line/

Comments

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...

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...