Negotiation Mistakes Home Buyers Should Avoid
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- čas přidán 8. 08. 2024
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“He who cares least wins.” It worked for me like a dream a few weeks ago 👍 (as a buyer)
We offered 500 on a house that was originally 600k and the reduced to 550k. Suddenly after 3 weeks they “had another offer” and asked us to raise ours. Weird how they still took our offer
Lol I can just imagine all the fake offer that people overpaid for in the last two years lol
I like how they say we are selling under list price.... But they doubled in the last year and most are coming down....
They bluff sometimes, if it's been on the market more than a month and they claim there are multiple offers they're bluffing
I said this!!! How do you even know they are being truthful with the offers?
You describe the behavioral and interpersonal aspect of the transaction so well! Great vid.
I recently put an offer on a townhouse under listing price. The seller agent told my agent that they have two offers already. The offers they have are both listing price, and one of them removing the home inspection. He texted my agent to ask if I want to raise the price. I said no. Afterward, I saw the townhouse was token off the market. I highly doubt they have the other two offers. If so, Why don’t they take the offer instead of taking off the market. I feel like the seller agent is lying. Is that legal to do that? PS. The owner is the seller agent.
Agent owners think their homes are worth more than the market and they don’t have a rational agent pointing out the truth. If the agent is being truthful then the owner’s hope is someone would bid up to the price in the Seller/Agent imagination. If the Seller has had the home 2 or more years then the low interest rate and cash flow could make a more attractive Rental while the owner waits a few years for a more Seller Favorable market. Until more sales are “Distressed”, read “Desparate”, the seller’s have the right to remain hopeful. If your agent has 15+ yrs in the business ask about the buyer’s burden of water and pest damage in Distressed homes. Happy shopping.
The whole market is about tricking people into paying way too much.
One of the other buyers may have added a bit of earnest money for them to take the home off the market while they complete the rest of the home buying process.
Totally true Javier. *fingers crossed* closing on my house next week!
Your advice totally helped us too. Saw a home that was 2-weeks on the market. Found out sellers really wanted to close before the end of the month and then decided to offer 34k under asking based on other homes in the area and where we wanted to be monthly wise too. Had no faith they would accept without any issues but they did! I totally pushed our agent as well to get that info that ultimately helped us get this house 🤗
Your house is going to be "upside down" for a few years.
@@thejuicerr cmon man don’t wish that on anyone, he got the prices he wanted and it’s worth whatever he paid for it to him
@HEC892 I don't wish it on anyone. It's simply the market forces. Interest rates are going to increase, the economy is bound for a recession, and unemployment will rise.
@@thejuicerr maybe. but just like tHE stOcK mArKeT I’ll expect it to bounce back.
I can always refinance if I don’t like my interest rate in the future when the market crashes. I don’t plan on moving for 7+ years. And as Javier says all the time, don’t buy unless you have a need. And I do.
@@angel67lver best of luck
Love your videos and the perspective you provide. That said, I cannot wait to close on a house and ignore everything going on in the housing market!
Always good to see you, Javier and to gain more knowledge!
That was so helpful Javier. I have bought 4 homes in my life, and thank God gotten satisfying deals. .....Sill, I learned from you. Some of us are not astute dealing with people, or easily manipulated.
The price of a home is way more important to me than the monthly payment. I’d rather buy an underpriced home at a higher interest rate than an overpriced home at a low interest rate.
Nonsense.
@@inexplicable01 why?
Yeah no shit
@@scdtla3237 😂
There is no such thing as an “underpriced home” anymore. If it is that means it’s not in a good location or the home is a dump. Beware of the homeowners that list considerably higher than the market only to give a “price cut” which isn’t any cut at all. It’s games Owners/Agents play. No such thing as a deal in this market so in reality you are still buying an expensive house with a high interest rate.
How about a dual agent represntation?
I am a home buyer and saw this house in zillow and that time i do not have yet a realtor. The house was just posted and drove to the area just to check the location, parked my car and the owner saw me and let me in to check the house. They gave me the number of the listinng agent. In short got the house agreement, inspection done then the dual agent called me that the seller is backing out of selling the house. The agent told that there's nothing he can do.
I feel that he is more on the seller side. We really like the house. The posting price was 242k and offered 252...
I bought a house in March 2022, arguably the worst time to buy a house in Phoenix. Best part was that I felt like my agent was working for the other side. Basically, I had to be thankful for getting a house and just shut up.
Do you like the home?
@@spf_500Thanks for asking. We don't love it but it works. That said, we wouldn't have been able to afford it with the higher interest rates.
@@o.benaicha5272screw them
Thanks for this video and all your knowledge!
In my market there are still multiple offers over asking and waiving all inspections. I don't understand why people are still doing this.
Where is your market?.
@@manny1094 Central PA
Here in the Bay Area, it’s still like that. Things aren’t selling a million over asking anymore, but it’s still a sellers market in my opinion. It’s very geographic and you’re going to be dealing with a lot of offers if the area is desirable and the population has capital to spend. A lot of people have the idea that, once interest rates go down, the housing market will skyrocket again adding to the fact that we still have historically low inventory. It’s sad tbh.
Inventory is short and there are more buyers than homes. And sellers, especially retiring folks are taking full advantage of it. In my area NY / NJ, buyers have no choice but to waive appraisal contingencies (I would never waive inspection) AND pay 5% higher just to get their offer looked at.
@@billnewman7355 oh wow I want to buy in NJ but definitely not for at least 5 years or so.
@ Javier Vidana: I watch your videos but I don't comment. I love the visuals on paper. Visuals really help, I think!
agent to agent to client negotiations and war stories are the best videos
Love this video. Can you make a video about buying a house WITHOUT n agent?
Was just thinking about this.
Going up to the owners giving them a letter with an offer
Thankful our real estate agent was a very close friend 🎉
Javier, when you say a client is making your life a living heck, what exactly are you referring to? What are some examples of how a client can and should push or realtors in order to get them to go above for us (client).
I was so clueless when buying my ap i accepted the the first price of 250k. When they saw i was looking other aps on the area, THEY offered me 10k as a discount and a 3k wooden table they had.
I loved the ap so i bought it. After that, i had to give a copy of the Contrat to the landlord. The whole block raised their prices to 260k.
I think my cluelessness ended up effecting prices in the area. Plan to live there for 10 years. Hope 260k becames a real possibility in the future
ty!!
In the grand scheme of things, holding out for a couple thousand in negotiations can cause someone to miss out on hundreds of thousands in long term gains.
Ive seen zillow listing with description motivated seller. Sounds like they dont get offers and get low balled a lot. They give up their leverage.
Awesome video
this is good in general negotiation
Thanks ass always Javi!
We offered 245k with closing costs paid on a house that was 255k. It was on the market for 4 months with a starting price of 290k. Sellers said no to 245k and paying closing fees. So we proceeded to 255k plus half of closing. It’s a pending offer right now, but I can’t help to feel like I got screwed after watching this video. What do you think? It’s our first time buying a home
If you got the property about 15% below listing price sounds good. As long as you look at comparables and the property is indeed worth asking price. Keep making offers on other properties, fall in love with the deal, not the house.
@@brandoinjoque692 listing price is hardly relevant anymore since so many people are pricing things way too high. What matters is the value of the home.
You lost, but you probably have a house now so it doesn’t matter 👌🏽
Yo I agreed to their counter TODAY. Just starting to watch, I hope I don’t regret this. Lol
Good luck bro hope it worked out
What if they have no offers. It's been on the market for over 100 days . You ask for 6 percent of home value to cover closing costs and debt for VA ?
All the pop ups were really a distraction
Simple,
Example:
Home was sold in 2019/2020/2021/2022 for $264K
Home is now selling in 2023 for $350K
You DO NOT offer anything more than $280K if you do, YOU ARE THE PROBLEM!
Can you talk to the sellers directly? Let’s say I go around the neighborhood on m own just check it out and I see the seller outside. Can I approach him and ask him about the house? Should I say I put an offer on his house?
I want to hear the answer to this as well...
That could really make them uncomfortable...I wouldn't. Also, I truly have zero desire to meet or see owners, I want to picture it as my new home, not think about others who lived in it.
Upload moreeeee
And I never pay closing cost for the new Byers if they want closing cost help they can just add it to the loan I'm not a charity
What is the % relators normally get for selling a house?
3%I think
@@serahkimani8562 my realtor said the seller pays 6%. That seller pays for buyers %. I'm in Oregon.
It amazes me how loose lipped realtors are… I ask my agent to not share anything they didn’t have to when selling my place.
The market dictates how much leverage you have, you do not.
Long Island NY is bad. We are offering over market value and we are constantly getting outbid. By alot
If you’re agent is going to be texting , you should try a group chat with yourself and your agent and the sellers agent 😎
The key of Rock 😅
Sellers and realtors are in denial BIG TIME! 😂
How so?
Elaborate
Gave you a thumbs up not only because of your content but because you read the never split the difference book, love that book, haha best!
phoenix housing market imploding, you should mention that my man
What makes you say that? We currently have 1.8 months' worth of supply of homes in the PHX Metro. Super low inventory
Why just call the agent buyer yourself and save 4%?
Are you going to write your own contract and offer?
Seriously, whose really trying to buy at this moment
I sell houses that I flipped for a living I only come down 2% am I asking price if anyone asks any more than that they can just go away
I like watching realtors videos, to learn how to do their job for myself when I buy. I do not trust realtors in any way tbh.
I’m a Realtor, and even I do not trust Realtors. So far, brokers seem to be the biggest scumbag even to other agents that work below them *ironic lol*. The good ones, even lenders, who I feel genuinely have your (client's) best interest at heart, seem too few for such an important job. It's disappointing for me because it took awhile to find a mentor who didn't seem like a scumbag and whom I could admire. She's an old soul and will be retiring soon. She would be the only person I trust as my agent besides myself.
Damn. Now I worried lol
I would have loved to watch this entire video, but the pop-ups and game sound are just too much. Had to quit half-way through.
Stop buying overpriced glorified starter homes.
Do you only represent clients in your area? I'm in so cal & my realtor is meh... Looking for representation like yourself. unfortunately no inventory in the zip I'm looking to buy in but hopefully maybe late Q3/Q4 an opportunity will present itself after this froth comes out of mrkt things still 🤡🌎 out there imo. Frustrated & sidelined for 3yrs now. But we've been positioning with credit & down payment 🤞