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What I'm Hearing ...
Comments
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I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....YellowSnow said:
The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.DawgsCanDance said:
Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.pawz said:
I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.DawgsCanDance said:
Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise.pawz said:
I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.DawgsCanDance said:Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum
When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.
however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.
the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price -
I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.Swaye said:
I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....YellowSnow said:
The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.DawgsCanDance said:
Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.pawz said:
I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.DawgsCanDance said:
Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise.pawz said:
I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.DawgsCanDance said:Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum
When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.
however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.
the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc. -
All cash no inspections is for renovation not families
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Here's the funny thing, and why I say "Long on Seattle Real Estate": this is far from the first time we've seen this kind of slobbering over greater Seattle market. Back when I was studying for the LSAT with Steven Klein, he would start every class by giving us a fupdate on his house-buying adventures. He would describe what was then the novel idea of people from OOS bid higher than asking based on a single picture of the house (keep in mind, early 90s; Gore had not yet invented the internet), a basic description, and no contigencies. That was a long tim ago. Seattle has been a place people pay dearly to live in for over 30 years.
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Sewer scope/ line repair is a big one in Seattle now eh @pawz ?YellowSnow said:
I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.Swaye said:
I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....YellowSnow said:
The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.DawgsCanDance said:
Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.pawz said:
I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.DawgsCanDance said:
Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise.pawz said:
I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.DawgsCanDance said:Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum
When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.
however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.
the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc. -
Sound advice.RaceBannon said:All cash no inspections is for renovation not families
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Has been for a long time. Those 90 to 100 year old sewer lines are FUBAR.creepycoug said:
Sewer scope/ line repair is a big one in Seattle now eh @pawz ?YellowSnow said:
I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.Swaye said:
I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....YellowSnow said:
The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.DawgsCanDance said:
Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.pawz said:
I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.DawgsCanDance said:
Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise.pawz said:
I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.DawgsCanDance said:Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum
When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.
however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.
the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc. -
One must be smarter than the Redman to compete. Complete your inspection BEFORE you submit your offer.Swaye said:
I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....YellowSnow said:
The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.DawgsCanDance said:
Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.pawz said:
I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.DawgsCanDance said:
Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise.pawz said:
I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.DawgsCanDance said:Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum
When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.
however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.
the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
There is a word for it:
preinspection
It's tuff around these parts.
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$200-$300 to save you $20k. No brainer.creepycoug said:
Sewer scope/ line repair is a big one in Seattle now eh @pawz ?YellowSnow said:
I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.Swaye said:
I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....YellowSnow said:
The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.DawgsCanDance said:
Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.pawz said:
I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.DawgsCanDance said:
Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise.pawz said:
I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.DawgsCanDance said:Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum
When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.
however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.
the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc.
And yes mandatory, save a new construction plat where the line is new. -
