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.
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/zqitom/am_i_crazy_or_was_sellers_agent_out_of_line/
Comments
Post a Comment