Profile picture for SoCal_Engr

Is it time to regulate greedy buyers?

Greedy buyers are hurting sellers, the general RE market, and the economy. Isn't it time that the government started looking into the greedy, self-serving attitudes of buyers?

When buyers were willing to pay asking, or even compete with each other to pay over the asking price, sellers were able to sell without taking financial hits. In turn, this activity supported the overall RE market prices. Even better, the profits from the RE sales helped to fuel the economy.

Now? Greedy buyers don't care what a house should be worth. All they want to do is lowball, to buy the house for as little as possible - with zero regard for the seller's needs. And they even want seller concessions and paid closing costs on top of highway-robbery offers.

It's time for this nonsense to stop. We're all in this together, and it's time for buyers to be fair-minded and consider the greater needs of the economy when making their offers - not just pander to their own selfish interests.
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February 22 2012 - US
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Answers (25)

Tommy, we're coming over - your first party is the National League baseball opener, right?!!

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February 23 2012
Profile picture for tommy willoughby
how you going to regulate a buyer!!! i just bought a 2 story new home and added hardwoods! covered patio!! with tv outlet!! this house was on the market for over a year!!!! i guess the builder got tired of paying interest!!! on a vacant house!!! i stool it for 173,000   i had it apraised after the deal and up-grades 285,000.00 and we are up on a hill over looking the lake and too the right the tennessee mountains!!! well i guess the million dollar club for agents is over !!!! and living at the country club playing golf everyday!!!  people are getting smarter to the game hey there 5 offers we got to go in 20,000.00 more to get you in the game 
!!! hey let'em  have it !!!! dang all you got to do is go to the courthouse in recorders and you can find all you want to about a piece of property!!  looks like steak & lobters just went too beans and cornbread !!!!!!!!!!!!!! welcome to my world!!!!!!!!!!!!!! cant wait til football season!!!!!!!!! 
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February 23 2012
Next, we regulate envy. "Don't you wish your furnace was hot like me, don't you wish your cooktop was hot like me, doncha?"

Buyer: "I wish we'd put an offer in on the house down the street, with the nice master suite and open kitchen with concrete counters . . ."

Agent: "Now, now, little lady, you don't need a big fancy house with that devil tile in the shower and all those kitchen cabinets to hold your Costco shopping. Lots of people get by just fine with two modest bedrooms and a shower in the tub. . . "

Buyer (sighs): Oh, well, I guess you're right. Still, wouldn't it be wonderful to wake up underneath soaring cathedral ceilings, and be able to walk to the bathroom without going down a hallway!

Regulator: That's enough, Missy! The agent just told you - you don't need a big fancy house . . . (fade)
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February 23 2012
*rolls eyes and says "whateeevvvveeerrr"*
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February 22 2012
Profile picture for Caveat Emptor
lol don't know whats funnier

the sarcastic surbiton impersonation

Darrell's glowing endorsement of the obviously satirical sentiments

or surbiton comparing your holding up a mirror to his pandering juvinile attitude to "picking on a fat kid with glasses" and calling cindy "immature"

lol again
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February 22 2012
"The post was fabulous all alone....but to create this "Darrell" guy was GENIOUS....pure genious SoCal!!! "

How immature - no other words can describe such vitriolic comments
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February 22 2012
SV, I think there's a movie - or at least a stage play - there! Maybe an operetta - "My moth-er wants me / to buy a con-temp-o-rar-y . . . "
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February 22 2012
Profile picture for sunnyview
LOL Mack
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February 22 2012
More government interaction in the market place? That would definitely raise prices. And taxes. And slow down recovery. Pretty soon we can all work for the government. Wait! Who will pay for it??
The seller does not have to accept the offer from the "greedy buyer". But if they have to sell or face dire consequences, then the best they can get is what a willing buyer will pay. That may not be as much as they hoped for.
When buyer's had to compete over homes, paid too much, got too little and then had minimal equity to handle the rough seas, I imagine that there were a few buyers who wanted the price "regulated" as well. When a seller's Realtor could shop appraisers and get what they wanted for a sales price, was that not considered unhealthy for the housing market?
Don't be mad at a buyer for wanting to pay as little as possible in this market unless you're also mad at a sellers for running the price up as much as possible by competing offers 7 years ago. Ultimately both parties have to get something out of the deal in order to come to terms. Otherwise, just reject the offer. 
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February 22 2012
Yes! 254 questions, maybe a handwriting analysis, and then the buyer's parents can browse through photographs (that Dutch Colonial is fifty years old if it's a day! "Contemporary?" Maybe it was contemporary in the '90s!)!

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February 22 2012
Profile picture for sunnyview
I have an idea. Maybe someone could open a boutique real estate agency called "Real Estate Matchmaker." It would be like an experienced Realtor yenta meets Match.com. The marketing possibilities are endless. It would make a good realty show too.
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February 22 2012
No, but you regularly display many prejudices in off topic rantings
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February 22 2012
Why would anyone pick on a short fat kid with glasses?  She is better looking, more intelligent and more skillful that all the rest of the people in that class...  and people with glasses can see much better than people that need glasses but can't get them.

Are you "prejudiced" or something?
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February 22 2012
" Excellent Surbiton impersonation!"

How puerile - even if imitation is the best form of flattery, it demonstrates the 'bullyboy' issues that exist with a handful of regular posters on this forum. The constant snide, snarky, sneering comments against anyone with a complaint against zillow is more akin to Middle School kids picking on the short fat kid with glasses. Shame on you all.
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February 22 2012
Pride?  What "pride"?  American "pride" in workmanship disappeared over 60 years ago.  It got replaced with "arrogance".
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February 22 2012
AO, how does that tie in with "Pride," exactly? Send that back for a rewrite . . .

SV, Americans have too many choices in their lives, and dialing back the time-consuming and exhaustive number of choices is not only beneficial to the consumer, but it is efficient! No more employees taking company time to surf the web for houses - Mom and Dad and the two dads or moms on the other side of the family, they've got time on their hands, put them to work!!
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February 22 2012
"What's with the scaffolding around your house?" -

Oh, that is just a special "maintenance" feature that comes with the house.  We just throw that in for your convenience.  It allows you to repaint any part of the house at any time you wish without having to rent expensive equipment, and without having to take substantial time for set-up.  It also is better for "safety" as people are less likely to fall off of scaffolding then they are to fall off of ladders.

(besides, if one was going to "veil" the whole house, why not just keep one of those "fumigation" tents on it?)
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February 22 2012
Profile picture for sunnyview
Pesky pride--the reason that Lucifer was kicked out of heaven and why Eve was booted out of Eden. I guess the only good Pride is by U-2.

I like the veil idea Mack. How about taking it one step further and having arraigned homebuying? The family and professionals get together, decide what is the best first house for the buyer in terms or taste, budget and location. Then, the family negotiates the deal and presents escrow papers to sign for the house on the day of the buying.

Takes out the pride, the emotional overbuying and brings the family together in an old fashioned kind of way.
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February 22 2012
And Pride - you forgot Pride! No more fancy brochures extolling the virtues of the house - let those virtues be made modestly self-evident! In fact, when selling a house, wrap it in a veil!

Buyer: "What's with the scaffolding around your condos?"
Seller: "The building is modest. We should not expect a building to display its charms for all to see."
Buyer: "It's being re-sided, isn't it? That's not a beauty veil, that's a surgical gown."
Seller: "You question the virtue of my building?"
Buyer: "Sorry, no. No. Not at all, that's one virtuous building you have there . . . "
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February 22 2012
Excellent Surbiton impersonation!

Of course I've never heard of a "greedy buyer", at least not is a "capitalist" economic system, where prices are not "fixed".

Besides, if we were "all in this together", we would be driving housing costs down to $10 per month per household, not "up".  After all, isn't the "goal" to "increase" everyone's standard of living, rather than to put more people on the street gutters and in the prisons where they are financed by the tax payers?
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February 22 2012
The post was fabulous all alone....but to create this "Darrell" guy was GENIOUS....pure genious SoCal!!!
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February 22 2012
But it was kind of funny...
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February 22 2012
Jeez, SoCal. 

In a matter of minutes, you hooked one poor dude in.

 I'm not sure that was very nice of you.
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February 22 2012
Profile picture for wetdawgs
Ha ha ha!   Thanks for the morning chuckle!
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February 22 2012
I agree, but it is up to these buyer's agents to educate them on their own particular markets home values.  As my coach tells me, it is not worth the hassle and frustration to work with these types of buyers. 

That said, the reason why buyers are wanting to present these low ball offers is because 1 out of 50 offers gets accepted by that desperate seller.

I suppose the bottom line is that buyer is not putting a gun to the sellers head and it is up to the seller to agree to the buyers offer or not.  It also is up to that buyer's agent to agree to submit ridiculous offers.  It is your business after all.
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February 22 2012
 
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