Quote from @Greg R.:
Quote from @Shawn L.:
Quote from @Greg R.:
Thanks much @Celine Crestin, great info. I do have a really good agent who is working hard, very communicative with the listing agents, etc. What I've seen so far is that the listing agents are generally not communicative due to the amount of interest. They list on a Tues/ Wed, offer showings over the weekend then call for best/ final on Sunday evening or Monday AM.
We were interested in one that was listed at 675k and they told my agent not to bother submitting an offer unless we were north of 800k.
Another listing agent had a condescending comment about our partial waiver offer (which was 25k over list), and said that they haven't accepted an offer without full waivers on everything in over 12 months.
In any event... I'm confident that the tide will shift at some point. When it does, me and other investors will be happy to show the same decorum to those individuals when the shoe is on the other foot. Karma is a cool thing, it has a way of finding the right people down the line.
It sounds like you’re upset at the sellers in the quoted post and another above where you state that sellers are engaged in extortion. If they have a stack of offers with no contingencies and higher than list purchase price, how are they extorting anyone? Should they be tossing all those offers in the garbage? I get it’s frustrating as a buyer but that’s how free markets work.
As stated above look for either high dom “leftovers” or 0 dom listings with very limited showing times. I’m in escrow now on a deal where there was a 3 hour window weekday morning for showings. First day had multiple offers, mine was strong including a pof showing more than 50% of purchase price sitting in a bank account and no contingencies. In a rapidly increasing market appraisals can come in low due to the lag between contract date and sale date, plus with such low inventory the volume of sales is not real high, so you need to understand and accept that risk if you’re going to waive the appraisal contingency.
I'm not mad at the sellers, any seller including me wants to get as much as the can when selling. I said
willful /
voluntary extortion, no one has a gun to their head. This is very similar to what's happening at car dealerships across the country. Want to buy a new Ford Shelby or Ford Raptor. It has an MSRP of 80k, but dealerships are demanding 115k just because they can, there's enough "demand". I personally think that's unethical behavior.
Let me ask you this, was it ethical for those guys to buy up all the hand sanitizer a couple years ago then resell it at a 10x profit? How about the toilet paper, paper towels? Is it ethical for car dealerships and others to price gouge because they can? After all, it is a free market, right?
Not sure how adding “willful / voluntary” in front of the word extortion changes what you said. I didn’t think you meant they were extorting against their will or involuntarily.
You realize what you’re saying is that if you were selling a house and had over ask offers in hand, you’d negotiate them down and insist that they add contingencies. I don’t know you but I’m sorry to say I call that complete and utter bs.
On your point about the ford pickups, if I want one bad enough to go into the dealership and pay $35k over msrp, I am well within my rights to do exactly that. The fact that there are enough people willing to do so to warrant the markup is not the fault of the dealers, why should they sell their limited inventory for tens of thousands less than they can get for it? If you were selling your car, would you sell it for significantly less than you could get for it? Again I don’t know you, but I have my doubts.
Yeah it was pretty crappy that some people hoarded toilet paper and hand sanitizer. A small number of people had massive hoards of these supplies stashed in their basement. Definitely skirts the line of ethics. At the same time, I for one know that I overbought both, as I suspect most people did. Any time I was in a store, I’d pick up whatever I could just so I didn’t run out. I still have bottles of sanitizer circa 2020 in my linen closet, some from local distilleries since they stepped in the help with the increased demand. Regular people like you and me overbuying didn’t help either, on a large scale probably had more of an impact than the small number of hoarders.
