Posted by: Timothy Ellis (The Tim)

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

211 responses to “Knife-Catcher: The Tim’s Home Search Timeline”

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  1. David North

    By Jonness @ 200:

    I dub these 200 posts as “The Heated Real Estate Agent Wars.”

    I hope Tim’s next post on his purchase decision and process leads to a big long discussion on…(drum roll)…his purchase decision and process. :)

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  2. David Losh

    RE: Patrick Killelea @ 97

    I now use your blog as a part of my daily news read in the morning. You have excellent links to great information.

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  3. ARDELL

    RE: Jonness @ 199

    I looked back to see what I was saying in Jan of 2008

    “I feel badly when I correct agents who say real estate always goes up, but really. I’ve even heard consumers say that. Nothing ALWAYS goes up. Why do people say things like that? Do they like kidding themselves?”

    Right below it Kary said this in 2008

    “I often disagree with Ardell…”

    Maybe Kary and I will soon have our Anniversary of his disagreeing with me. He seems to enjoy it.

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  4. Kary L. Krismer

    RE: jrc @ 95 – I think you need to look at it from the seller’s point of view, since they’re the ones that dictate the starting terms. What are they willing to offer to assist in selling their place?

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  5. ray pepper

    who started all this fighting? Someone is to blame but its too late for me to backtrack. I will get to the bottom of this…………..

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  6. Kary L. Krismer

    By ray pepper @ 80:

    Appt 1 DONE….Kary, I’m so disappointed…U R NO LONGER my FB friend. U defriended me? You know what that means………

    I can now put you on my Pounce List.

    Be afraid…very afraid….

    Ray, you’ve really sunk to a new low. Emailing me a contest where to win the free dinner I have to be notified by viewing your FB page. Way to rub it in! ;-)

    Seriously, I think Tim should let your contest be a guest blog piece here.

    (For others, he wants a creative idea what to do with a van, and no, he doesn’t consider another Obama/Bush wrap a creative idea.)

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  7. ray pepper

    RE: Kary L. Krismer @ 206

    Kary, when I was sending that out I thought the exact same thing, that I was getting people to go to a 500 Realty FB page. But, I didn’t want to email (spam) everyone again in a week with the winner…But, anyway I got one response this morning that absolutely cracked me up. Its so sad but true..Check this one out:

    “I would suggest something that would benefit all of the unemployed executives in the area.

    The van could be painted blue such as the King County Vanpool Vans.
    Former Vanpool riders and/or executives could be picked up in rush hour and sit in traffic for a couple of hours

    This would bring some routine back into their lives and allow them to become motivated to get back in the work force.

    On days that you don’t have but only a few vanpool riders you could fill the empty seats with manequins holding books or laptops.”

    terrible…so terrible…but golly it made me laugh…

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  8. Marc

    RE: jrc @ 66 -

    JRC,

    Sorry for the delayed response. I’m not sure who the condo buyer Ardell described in comment 157 is or whether they retained us or not. But, to your question on how would we advise a new client who came to us with a home picked out and a pre-determined price, this actually happens fairly frequently although the price in their mind is almost always below the current list price. They typically want to make a very aggressive or at least a fairly aggressive offer. In those cases we absolutely do a CMA and try to come up with a logical and defensible argument for why our clients offer is reasonable (or in the ball park of reasonable). We’ve found that we have much greater success if we can provide some sort of objective rationale for an offer versus an unsupported, unexplained offer far below the list price. The latter just ticks off the agent and seller and are frequently rejected out of hand.

    After completing the CMA we’ll advise the client what we think a reasonable offer would be and how we think the seller will react to the client’s pre-determined price. We might advise them to re-consider the offer if it’s really low as we think that offers that are highly likely to offend the seller are counter-productive and just set up the next buyer to come along. And that’s not because we care about offending the seller, rather it’s because the goal is to get the house under contract and not to prove that we’re smarter than the other guys. One shouldn’t forget that the seller and listing agent have egos and pride at stake and that it doesn’t do any good to trample on them. Sometimes you need to coddle them a little to make the bad taste of a low offer palatable. A spoon full of sugar, if you will.

    However, each negotiation is unique so no one approach works every time or is best in all situations. You have to be able to adapt to the circumstances and come up with a good approach.

    If someone comes to us that wants to offer full list price without any negotiation I will still encourage them to let me do a market analysis and advise them whether the list price is reasonable. Sometimes, as Ardell points out, they don’t care to negotiate and aren’t particularly interested in a CMA. This blows my mind on a personal level because I’m extremely tight and can’t fathom not pushing for a bargain. But, so long as I’ve discussed the possibilities with my client and given them the opportunity to get more thorough pricing information, if they want to move forward at full list price then I will gladly accommodate them. Our clients are adults and I am only their adviser, not their parent.

    This is not a very common scenario but I can think of one transaction that came close to it. In that case, our clients didn’t negotiate hard up front but were very thorough on the inspection and did negotiate pretty hard for repairs/credits. They were very well-to-do cash buyers who had owned many homes in the past. They knew what they wanted and for personal reasons that seemed very reasonable (under their particular circumstances), they did not want to bicker over price. Ten or twenty grand here or there just wasn’t important to them.

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  9. Jonness

    By ARDELL @ 3:

    Maybe Kary and I will soon have our Anniversary of his disagreeing with me. He seems to enjoy it.

    You guys should go out to dinner some time with an agreement that you won’t discuss real estate. :)

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  10. Kary L. Krismer

    RE: Jonness @ 209 – Or use silverware! ;-)

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  11. Seattle Bubble • Top 10 Most-Commented Posts of 2011

    [...] 210 comments, 06/10: Knife-Catcher: The Tim’s Home Search Timeline [...]

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