OfflineDon't agents have some legal responsibilities to adhere to when quoting bottom line prices? My agent told me that the the bottom line price that was quoted from the seller's agent was 330K. The ARV was 482k. I made an offer of 330K and it was rejected. Apparently, the agent did not have direct consent from the seller to quote that bottom line price of 330K. Isn't that agent liable for the price quote regardless of whether they checked it with the seller? What does that say about "my agent" for not knowing better? This was my first offer.
Greg
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It sounds like that was the lowest offer they would accept but are taking all offers and hoping to get more than their bottom line price.. I don't know how they work it but I have made offers and then was told they were still taking offers. Is it a FNMA or FMAC? REOs might do that also. Maybe someone else can comment that is familiar with this type of thing.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Here is my input, for what it's worth.
First of all, the seller's agent's loyalty should be to his seller and if the seller knew that he told someone else what the bottom line is that he would take, I'll bet the seller would be very ANGRY! I would be! I also think that goes against the agent's ethical responsibility.
Second, the seller's agent is representing the seller as far as marketing his house and presenting contracts that he receives, etc. Until the seller accepts a contract in writing, it doesn't matter what anyone says anyone else will take. It isn't his house (agent's) to make the decision on. Again, I think it falls into breach of ethics, but what can you do? Some people are just idiots. Luckily, we don't have any of them on this site!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
You should run your numbers and make your offer based on those numbers anyway, not what some agent tells you is the bottom acceptable offer. Like Karen said, if it is not in writing it is not real!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
If you're having trouble running the numbers or coming up with max offers or any of these, just use the tool rehab/wholesale tool link below!
Work smarter instead of harder
Mike
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Greg,
agents talk amongst themselves; but it really doesn't matter what they tell you their bottom asking price is-figure out what your maximum offer is, and stick to your number, not theirs.
Wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Thank you so much to all of you, for your words of encouragement and wisdom. I will apply this knowledge to future offers I make. The fact that you took the time to write me and explain things and give advice means a great deal to me. Thank you!
Sincerely,
Greg