Author Topic: Real estate kinda crazy here  (Read 2212 times)

Theadyn

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Real estate kinda crazy here
« on: April 04, 2014, 01:25:49 PM »
Western Oklahoma.. mostly oilfield type of bussinesses here.  Contacted my real estate agent one week ago on Friday.  Moved stuff out Saturday.  Sunday night I get a text from her that there's a showing Monday.  Last night an offer, by the first person that saw it, and was accepted.  Papers are signed.  A sign didn't even get out in the yard and it wasn't completely listed yet on the multi lists.  When all the dust settles will have more $ than what I put in to it over a year ago.

Sixteen months ago when I bought the house it had been on the market for a year.   Sure hope everything goes through good so I can not have that worry any longer.

Just nuts here!

waltworks

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Re: Real estate kinda crazy here
« Reply #1 on: April 04, 2014, 05:36:54 PM »
Make your acceptance of the offer contingent on letting the market see it for a week.

Who takes the first offer that comes in on day 1? You need a new agent.

-W

yyc-phil

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Re: Real estate kinda crazy here
« Reply #2 on: April 04, 2014, 05:51:10 PM »
This happened to me a few years ago when I was selling my house in Yellowknife. I had to get out of there as soon as I could, as I had just started a job in Calgary 1800 km away. The realtor came on a Friday evening to take photos and measurements, and planted a for sale sign on the front lawn before leaving. That same night, someone saw the for sale sign, scheduled a visit first thing in the morning, made an offer an hour later for my asking price ($440K), and I accepted it, all before it was listed on the MLS site. I probably could have got higher offers, but I didn't have the luxury of time, and I had paid $200K nine years earlier which I thought at the time was obscene. But the offer was good enough for me. Sometimes the conditions are just right for your own circumstances.

waltworks

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Re: Real estate kinda crazy here
« Reply #3 on: April 04, 2014, 05:57:27 PM »
Still, what was to stop you from accepting the offer with a 1-week contingency? Buyers won't run away and they are seldom in such a huge hurry that the 1 extra week will scuttle the deal. If you have a decent agent your physical presence isn't required, either - I really don't understand this accepting the first offer immediately thing. I mean, if the property is just sitting on the market, by all means, take what you can get. But fundamentally real estate sales are auctions - you don't want to end them on the first bid.

-W

This happened to me a few years ago when I was selling my house in Yellowknife. I had to get out of there as soon as I could, as I had just started a job in Calgary 1800 km away. The realtor came on a Friday evening to take photos and measurements, and planted a for sale sign on the front lawn before leaving. That same night, someone saw the for sale sign, scheduled a visit first thing in the morning, made an offer an hour later for my asking price ($440K), and I accepted it, all before it was listed on the MLS site. I probably could have got higher offers, but I didn't have the luxury of time, and I had paid $200K nine years earlier which I thought at the time was obscene. But the offer was good enough for me. Sometimes the conditions are just right for your own circumstances.

Another Reader

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Re: Real estate kinda crazy here
« Reply #4 on: April 04, 2014, 06:15:32 PM »
In a very hot market it is common to state in the listing that all offers will be considered on Date X, several days after the listing is entered on the MLS.  It's possible the listing agent double ended the deal or pre-sold it to someone in her office.  If that's what happened, your property was not exposed to the open market, where you might have received higher bids.  The contract is signed, but in the future, it might be wise to require the listing agent to enter the listing and wait three or four days before considering offers if you are selling into a hot market.

Fishingmn

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Re: Real estate kinda crazy here
« Reply #5 on: April 05, 2014, 07:40:01 AM »
Congrats on selling your home.

As others have said, it's great if you feel like you got the right price but it always makes you wonder if the price was right when it was on the market for such a short time. One thing I would recommend is that if there's an inspection contingency to tell buyer you will NOT agree to any reductions (if they come back with things they want fixed). Basically, you agreed to their price right away bu they should then be on the hook for buying it in the condition it's in or you will put it back on the market to see if it might have sold for more.

There is certainly value in having the stress of selling over with so quickly so the fact that you got a price you liked and it's done with no more showings is worth peace of mind even if you could have gotten slightly more had you held out longer.