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She just uses the multiple counter offer form in all circumstances. So go ahead and assume there will always be alleged other offers, no matter what. Yes you win, but was the price you paid a fair price? Thankfully, we have stock market ticker prices, liquidity, SEC regulators, and an incentive system not predicated on the dollar value of shares you buy but simply the number of shares you buy.
I do love the fact that RE is opaque and not every house is the same. You have 2 million agents in the US and you are telling me that zero have ever fudged numbers? Furthermore, who pays the selling commission of both the buying and selling agent usually?
I bid low 580k as a starting bid figuring we should end up somewhere in the middle. Even if he does, he probably gets a slap on the wrist. If you are an upstanding agent you have nothing to worry about. My point is that the selling agent sat on my offer and two there are games that some selling agents do to artificially raise the price by artificially demand that may or may not be there. You could be right that he was gathering bids but it goes contrary to what some people have said that all an agent wants to do is sell the house as quickly as possible. Another shady thing was the selling agent said he was authorized to counter on behalf of the seller. Finally, a slightly more transparent system where selling agents have to show any and all bids after close as consumer loans a checks and balance system.
Unfortunately, most of the players (agents, sellers) in this game have little incentive to push for change. You are not supposed to spoof prices in the Stock Market (although it happens. Why should you be allowed real loans for bad credit to do so in the housing market? Which offer do you think you would take for very little effort involved? The buyers were expecting a contract addendum that contained standard release of all contingencies stuff. What they got was just that, with a bonus five grand that they did not ask for, expect, see coming, or even know to hope for. Its always good to put an expiration on an offer as well. An agents job is to get the best price for their client and some agents lie all the time (Some are also very honest, so no disrespect intended). My process is to make an offer that I am comfortable with and be willing to lose the deal if someone outbids me. If the agent asks for my highest and best offer, I have the choice of re-evaluating and raising my small loans online offer or not. Over time I may even get to know who the unscrupulous advanced cash agents are and consider their request for a highest and best offer in that light. I insisted they get an appraisal, even though it was a cash offer. Now, do you think the sellers had the same opinion of me as my buyers did?
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It sounds like you need a new agent yourself frankly. You have clearly never worked in a commission based job nor understand the economic incentives of one.
The chances of getting caught in this kind of lie are incredibly high since the listing agent would need to provide the other offers to the winning bidder if requested. Possibile penalties for this would go far beyond the slap on a wrist you think would happen. We would be talking immense fines, personal loans indianapolis loss of license and possible jail for fraud. For these reasons there is just very little chance an agent lies about multiple cash fast loan offers.
There is almost nothing to be gained, but a ton to lose. So if there are multiple offers they have to either decline or ignore the others unless of course they decide to go to them all and ask for "Highest and best". If we start countering the other offer, we are most likely going to ignore you and your offer while we are trying to come together with the other one. Because it does not put my client in the best position. On the same token one of the reasons you get in the multiple offer situation is because the minute your offer came in, the selling agent called everyone who looked at the house and said "Hey I know you showed the house last Tuesday... Just to let you know we just got an offer and if your clients are interested I am presenting tomorrow morning at 10:30....
I am just too busy today to get over there tonight". I understand how as a person trying to buy a property cheap it is no fair to have an agent doing these things to you. However if you are the person selling it is what you want and we are legally required.... No it is because we are representing the seller and working in their best interest. If the seller wanted "The most money", "The fastest close", "The least amount of personal items", "The best chance of closing" I am going to work to get them whatever is number one. When I listed it and spoke with the owner I asked if they wanted me to reject offers without POF? I also asked if they wanted offers only on our standard GRAR contract? I personal loans indianapolis also asked if there was a number they did not want to be bothered below?
When your used TP comes in guess what I am doing with it? The "Listing Agent" is the one selling the property and the "Selling Agent" is the one representing the buyer.
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Then they accepted it:) and yes, i share the same paint as you all.... He asked what I thought - I told him I had no idea. Does anybody here have any experience with these guys or guys like them? They came to our office about 9 months ago, wanting us to bring clients.
They refused to provide a copy of the agreements the buyers would sign, so I passed. Did any of the other agents in your office decide to partner with them? Any idea one way or the other whether they are a decent outift to get in bed with?
I did track down an agent in CO who had done five of them. I asked him about the agreement the buyers signed and he responded "I never thought to ask to see it". I have signed up with them - it seems like a great option for those with little or no credit and need a fairly decent place to live - my problem would be in protecting my own skin - I mean, I would want a buyer to sign something that says they will hold me harmless when they sign up with this company. But I hear it every day with the rental supply drying up in PBC, Fl. Keep these things in mind: Your deposit (2 months rent) is due as soon as the house is under contract - one hour cash advance with no real clear picture of what your final right to purchase price will be.
You are only allowed to attempt to exercise your right to purchase once, and if something goes wrong your purchase right is nullified completely. IMO, in most cases it would take a great deal of appreciation over the course of your lease in order to make it worth paying the full right to purchase price of the house that Home Partners buys for you to rent. In my home market of Southern California we are on a price increase escalator.
Years ago I personally rented a home smaller than I needed for several years waiting to get into the market until my credit improved and then buy a bigger house. By the time I finally entered the market I could barely afford to buy a house the same size I was renting.
Home Partners at that time would have been a fantastic solution. This is hardly an option any lender is currently giving, or has ever given.
And because they buy cash they often get discounts. Typically even finding loans in houston tx an owner willing to finance is very difficult. Thirdly finding a buyer who, likes the house, is in the right price range, and has the large down and the desire to do it can be nearly impossible.
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It seems that a 3 to 5 year lease and a "right of first refusal" with FICO coaching such as www. Home Partners will provide a buyer with a full copy of all the documents prior for their inspection if asked. It seems that a 3 to 5 year lease and a "right of first refusal" with FICO coaching such as www. Finding a landlord who wants to give the renter a "right of first refusal" in a house the buyer actually wants to own is very difficult. But most buyers want good schools and can fit into that budget.
I know this an old thread but I wanted to chime in because there is not a lot of "real-world" information about this program online. Home Partners closed on our home two days personal loans indianapolis ago and we are preparing to move in in a couple of weeks. My husband and I live in a city which is in huge demand with no let up in sight.
The schools in the city are the best in the state and nation, so demand was already high, but now a huge movie studio has opened up in the county which has put incredible demands on the rental market here, as well as the housing market. Prices are shooting up and lower middle class families are being priced out of the market. We had originally intended to rent for 2-3 more years until we were in good enough financial shape to qualify for a mortgage on our "forever home".
Our credit scores are good but we need to pay down debts to lower our DTI and to save for the down payment for a more expensive home. However, rental properties here are so scarce and so high in price, and the houses here are appreciating so rapidly , we decided we needed to buy a less expensive home now to get our foot in the door personal loans indianapolis and build equity while we save for the down payment and pay down debt. The rentals are not cash advance ri only high in price, but usually in awful condition. Even if we were not going to exercise our option to buy, we probably would have ended up using the program just to get a better quality rental.
Someone said earlier that Home Partners rents houses at a price higher than the fair rental value. However, this is definitely not true in our market.
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