I couldn't agree more, the whole idea of market value is the price that the market will pay. If your sitting for months on end you're obviously above market, people need to get a clue.

Assessed value is such a funny thing when it comes to Property Tax and what have you.

My wife and I looked at a house (open house) in the spring, it was a nice house we've been flirting with moving and we met a realtor there who was actually not to pushy and nice. Anyone who's done open houses knows that besides selling the house one of the major purposes of the open house is so the realtors can try and get new clients and they always want to know if you have an agent.

Long story short we like this agent so we made an appointment for her to assess our house, interview and possibly use her. We were interested in the other house but I felt it was overpriced for the area. When we met with her she went through our house, comparable homes in the area and all that jazz.

She comes up with a number that is closed to our assessed tax value, I asked her how much stock she puts into that value or how often it's close to market value. She say's it's actually pretty close most times. I then asked her why the other house she was selling 4kms from us was 15% more then the assessed value. You could have heard a pin drop.

Bad timing lol. Looks like there is another offer put in this morning. The seller's agent is basically drumming up for a bidding war, letting my agent know since there is another party interested the seller expected to be over his asking price for x% now. I just said fuck it I am putting in 600k and if I get it fine, if not the other party can overpay. There is always other units out there, just have to be patient. I mean am not in a hurry and to be honest the place needs some fixing, needs to repaint the walls, charge the blinds, redo the floors that's going to be 5k to 7k.

Some sellers can afford to hold off even if their market wasn't sold right away. But I'm not buying it will go over asking though after sitting in market for 3 months. Worst case for them is get 620 or their asking.. if they get over asking then they are lucky.

^^ It was a rental unit for and after tenant left owner decided to sell it and didn't want to rent it out again. I am pretty sure they can leave it empty but is it actually worth it. The longer it is in the market the less interested it becomes. But either way I am not going over my budget. I can go higher but imo is not worth it.

Not sure if seller can do this but can the seller actually lie and tell interested buyer there is another bid or offer hoping that you would put in a higher offer? We think it happen to my sister in law. Basically he was looking for a place and put an offer in, it got rejected. Then a few weeks later the seller's agent contacted his agent saying there is another offer but if he could increase his offer he might get the place. So he actually up in an higher offer (like 8k more) and got the place. At that time me and my sister were thinking the sller's agent is lying and there aren't any other buyers but you can't really prove it. Is it illegal to do this? and how could you tell? I mean there is no prof you can get your hands on......

If I was him I would have put in an even lower offer or the same offer I put in before if the seller's agent contact me after they rejected my first offer and came back again. To me it shows there are no buyers and the seller is hoping to sell it ASAP and get a bigger profit. So I would be an Ass and put in a lower or same offer to troll them.

@Traum @Mr.Happyslip

Couldn't that seller just be posting on the market as a feeler. Like if it sells for $630k Yay, if not I'll just live in it. Or realtors don't like that....

Rightly or wrongly I’m typically cynical when it comes to realtors in situations like this. It’s been there for months and suddenly two offers in a day.. I’d be skeptical they aren’t just trying to squeeze some extra bucks out of you for more commission. Could be the sellers agent, yours or both.. shady business practices aren’t too uncommon in this profession, sadly.

You’ve done the right thing by standing firm on your offer. Sometimes buyers don’t have that choice and have to make quick/pressured decisions if they need a place by a certain date. Unfortunately, there are shitty people who capitalize on people in this situation.

https://i.imgur.com/3qMlJQn.gif

What happened afterwards?

I'm kind of in the same boat as you but looking at putting offers on detached homes. An issue I run into with the offering process, is getting a timely response from the selling realtor. For example, I got my realtor to draft and finalize almost immediately after seeing an open house on Sunday (2-4PM). Offer placed at 5pm but selling realtor did not confirm or deny receipt. Set the time to 11:59pm next day and no answer from the selling realtor until Tuesday morning saying it was too low. He suggests there's another party who will be offering and asks that we just "throw our best offer via text/call and they will answer yes or no ASAP" as promised. Fuck this ain't eBay. I threw another offer this time a bit more with intent to buy on a formal offer sheet. This time, set the time a little earlier at 8pm. Threw offer in the same Tuesday and they didn't respond again. Don't know if they even had a legit offer but technically it could've just been a bluff move. Was hoping to at least play but seems like people are just holding tightly to their properties late in summer cycle just to test the waters.

Don't think is my agent. He is been friends with my cousin for years and my cousin have been buying and selling houses and apartments for years. I don't think he would try to pull something like this just to make a few thousand dollars.

Maybe the seller's agent? The agent I am using kinda of know the sller's agent. He does a lot of pre sales and selling pre sales. Seems to be a very experience person.

Either way I submitted my offer and that's that. I mean the place is nice but not worth what the seller is asking. But I mean what's how it is with buying. You have x amount of cash so you have to work within that amount. There are going to be sacrifices just depends on what you find important.

@Happyslip
I think the seller's agent suddenly telling you there is another offer is itself shady AF. I would not be surprised if she is lying and making shxt up. Legal issues aside, I'm sure it is against the real estate board's codes and ethics of conduct. But the problem is how you can prove the existence of a 2nd buyer. The selling agent can easily claim that the other potential buyer said he would make an offer, even if they didn't actually submit one. It isn't the selling agent's fault that the other potential buyer didn't follow through in delivering a paper offer.

IMO, it is certainly possible for the owner to only put out a feeler, but that doesn't change my sentiments towards the owner. If your unit has been sitting for 3 months, and you aren't receiving any offers close to what the owner's real, expected, and satisfactory selling price, the only plausible explanation is -- the owner is out of touch with the market! I wanna sell my POS daily beater for Porsche money, but that isn't what the market will pay. I'd be totally out to lunch with that kind of expectations.

From my experience in working with realtors, generally if you don't hear back from the other side (even if it is just acknowledging the receiving of your offer), you can pretty much expect that your offer has been received, but isn't being considered to be a contender. The selling side's agent *always* receives the offer. To a lesser extend, your own realtor should also consider it his responsibility to make sure that the other side received the offer.

Agents commonly use some VeriSigned-certified digital offer service to help them with the process nowadays. Nothing needs to be done on pen and paper if the agent doesn't want to. The chances of a realtor "not receiving" an offer is therefore extremely low. If they didn't respond in a timely manner, it just means they didn't want to (most likely cuz they didn't think your offer was worth their time).

https://www.cbc.ca/news/canada/briti...loan-1.4750819

Oh God, these fuckers were in the news recently. Why has their collective cockroach laden empire not collapsed yet? Political influence?

Offer accepted is around 5k over my budget but I guess 5k isn't all that much in the whole picture of things when you are spending that much. Sigh going to miss my A/C..... good thing I move out end of Aug so by end it shouldn't be that hot anymore.

So it sold for 605? (Sorry if I missed your post about the budget) 5k over 25 yrs is nothing if you loved the place/location..if you didn't then just move on to the nexf

Around 609k but agent is giving back half of his commission back so that's around 4 to 5k. So around 605k? 5K over my budget. I am sure if I press harder it can be done around 600k since seller is oversea even the seller's agent was having a hard time to reach the seller and getting every sign. Oh well I figure 5k over is somewhat acceptable.

Now the fun park begins, have to get the bank draft later this afternoon, see the lawyer tomorrow, home inspection on Thurs and subject removal is Friday...... Not to mention I still have to go through all the paper work (minutes, bylaw, budget report, depreciation report etc etc...)

Wait, shouldn't you have done the reports before hand.

Been looking at the docs since Monday but is still a lot to go through. Financial report looks like the minutes form 2016 is fine. A bit strict with the bylaw.

Oh you got the place! I thought someone else got it for 5k more.. the seller got a decent price for it at 609.especially if he rented it out during the peak selling times. How much did a similar unit like this one sell for a few months back?

Goodluck with everything! Thats a quick closing timeframe

$5k over what the HappySlip was prepared to spend is really nothing when it comes to our real estate prices. I've lost a bid on a property that I quite liked because the transaction price was $10k more than what I was prepared to pay. In hindsight, I should really have offered $15k on top of what I wrote down (ie. $5k more than the competing bid).

Unless HappySlip plans on staying there for the next 25 yrs though, I think you need to look at that as $5k over the amount of time you're prepared to stay there for. If he plans on having kids, the place may only be good for another 2 - 3 yrs. Or if the building turns out to require more maintenance $$$ than he is prepared to spend, then he might be moving out in 10 yrs instead of 20.

Current plan is to rent the other room out ($800 to $1000/mo) right now I am single and I go back to my parents place pretty often (3 to 4 times a week to help cook while my mom take care of my niece). I am not at home all that much so living with someone else is fine with me. Most likely going to keep the place for 5 to 7 years before I decide to move weather I have a family or not. The strata seems to be on top of things and most owners did vote to increase strata fees to build the contingency fund for future maintenance (which is great since a lot of the apartment that's used for rentals the owner always vote to defer any maintenance work being done which turns the building into shit).

based on an annual interest rate of 47 per cent.
hahahaha

Got an accepted offer on my 1 BR condo at WCCP, went through 1 open house weekend and got 1 offer on Monday. Listed $589,900 and sold it below that sadly... waiting on them to remove subject to financing now :okay:

I think I saw your listing. Is it on the 6th floor? 597sqft? If so, I think $589,900 is quite a reasonable listing price. Personally I would've waited for more offers but that is just my opinion. I don't want to intrude on what you decide for your financial future because everyone's circumstances are different. Yes the market is slow, but if you're not in a rush I'd wait for another open house. Every realtor does things differently but there was a unit on Nelson (Met2) which was listed for a month. Listed at $620k and after 3 weeks of an open house, they got offers that were higher than what was originally given in the first week.

But if I knew I could get your place below $589,900 for 597sqft, that's a steal compared to the one I bought at $560k for 520sqft. A similar unit during peak pricing sold for $600k for a 520sqft unit (but remember this was during the peak).

Yep that was my listing. During last open house there was a total of 4 groups that came. Only 1 was interested to offer on it. Yea, I mean, I am sure I could have waited, but I am trying my luck on a two bedroom assignment right now. My realtor said that its definitely slow at the moment and the three towers combined have 30-40 listings. I think right now theres just too much competition in the development for 1 bedrooms.

I wish I knew you earlier so that you can buy mine haha. I knew I couldn't get anything higher since I was hitting close to same psf prices as Metrotown which shouldn't be possible.

I would wait is only one open house. I kinda of expect at least a month before I would get an offer for mine but the buyer went over my asking so meh. You could always counter offer.