Realtor Bait & Switch ?

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Realtor Bait & Switch ?

Engelbert Devera
Member since 2019 · 34 posts · 22 votes

I made an offer today on a property that’s been sitting for some time now. The seller’s realtor made a counter offer and I accepted.

My realtor was about to send the contract with the amended price that I agreed to which is the seller’s asking counter offer.

Just a few hours into it the seller’s realtor texted my realtor saying there’s another offer coming in tomorrow.

REALLY?! Isn’t this a huge co-incidence that someone is making another offer tomorrow after a few hours of me accepting their counter offer? Smells fishy to me. I’m tempted to pull out my offer and say they can have it ! What would you guys do? This is my 1st flip.

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y

Too many amateurs giving you bad advice.

How does waiting til they look at the other offer hurt you other than the possibility of you losing the deal? Pulling your offer does the same thing. Why would you shoot yourself in the foot?

Therea no coincidence here. This is how real estate works. Offer comes in, listing agent sends mass email to every one that looked at the property, 2nd or 3rd offer comes in. Standard operating procedure. I just had a property listed, week 7 on the market I get an offer, and I was able to turn that into 4 offers in s 24 hour period. 

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  • Jimmy O'Connor
    Real Estate Agent · Philadelphia, PA · Member since 2018 · 428 posts · 484 votes
    6y

    @Engelbert Devera

    Have your agent get a SPECIFIC time that they will receive the counter offer. When that time hits (or maybe one hour after) reach back out- if they say they are still waiting or they have an offer significantly above, pull the offer if they go into grovel mode saying “no we accept!” Give them the silent treatment until they double message you back, in which you go back to your 80k offer since the other person was obviously false

    0Reply
  • Adam CherkoPro Member
    Real Estate Agent · New Rochelle, NY · Member since 2016 · 150 posts · 88 votes
    6y

    @Bill Brandt I believe some states are different though. NY is a strange that requires a lawyer and as an agent, we make the offer, negotiate and get acceptance, but it’s not a binding deal unfortunately for either side till the lawyers create the contract and negotiate further should they feel the need. If that transaction were in NY you would not have much of a leg to stand on.

    I agree with the sentiments below, if your numbers are where you need them, and are happy, hang in there, don’t adjust up, (negotiating against yourself) and call their bluff. If you don’t get this one, it wasn’t meant to be. Don’t let another agent steal your earned profit for the risk you are taking!

    1Reply
  • Account Closed
    Member since 2019 · 1k+ posts · 1k+ votes
    6y

    Don’t throw out the milk just because the milkman is scheduled to bring more tomorrow. Drink the milk.

    ..Unless maybe you’re lactose intolerant?

    0Reply
  • Jerry Lucker
    Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
    6y

    @Engelbert Devera

    Logic not emotion. Ride it out. If you get it fine. If you don’t fine.

    If you get it you can beat them up on price after the inspection :)

    0Reply
  • Mike B.Pro Member
    Developer · Chicago, IL · Member since 2013 · 434 posts · 357 votes
    6y

    I never get involved with multiple offers. Even if I win, I feel like I lost. 

    If their deal falls apart they'll come back to you. Tell them you're at $75k now.

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  • Engelbert Devera
    OP
    Member since 2019 · 34 posts · 22 votes
    6y

    @Mike B. The deal did fall apart and they came back to me. I tried going down from $82K to $80K but they won't budge. I went ahead and did the $82K but I did ask the other realtor send the contract signed by her seller. So that strategy worked. I just signed and sent back the contract. Will send $1000 escrow and $100 option fee for $100. Ok guys here's where I need y'alls 2 cents. Do I BRRR this or do I wholesale it? Here are the deets:

    House is valued at Tax assessor's office at $161K was selling at $95K coz it needs repair, I have a contract on hand at $82K. So I have $79K difference if ARV stays at $161K.

    My goal for this 2 wks option period is to get estimates from contractors for the repairs. Has new roof (2018), walls are dry walled but needs taping and float. Will need new AC, new vinyl floors, new kitchen.

    I need help in finding credible Hard money lenders who do biz here in TX. Also need help with estimates from a savvy contractor so I don’t overpay for repairs. Is there a service available where I would pay for a contractor estimate like a consulting thing per project? Obviously it has to be someone who’s NOT gonna do my project but it’ll be someone who will look after my best interest,i.e. max budget for each task.

    As far as Hard money lenders I’ll probably need around $125K total to give me enough budget for repairs.

    Thanks guys! Your input is very much appreciated :)

    Thanks guys!

    0Reply
  • Dennis Fernandez
    Investor · Dallas, TX · Member since 2017 · 71 posts · 44 votes
    6y

    This is why getting these things in writing is critical.

    At this point I would put a deadline to the offer, say today. If it's not signed today then the price goes back to 80k tomorrow.

    0Reply
  • Engelbert Devera
    OP
    Member since 2019 · 34 posts · 22 votes
    6y

    @Dennis Fernandez it's signed. Thanks man. I just need to do the necessary next steps. To BRRR or to wholesale? That is the question.

    0Reply
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