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OP, just find a different agent. You need an agent who is willing to work a little harder, or maybe one who is capable of explaining things to you in a way that is easier to understand.
Myself, I'd can an agent whose only input was to automatically offer $20,000 over list without any explanation about why..
Be very careful about any agency agreement you might have signed with that agent. You might have a contract that says you owe her a commission no matter what you buy. So I suggest that you get your agent to sign a release saying that your relationship is over before you buy anything, either using anyone else or buying a FSBO.
If I found a house that had been listed for two months in the market I am in, I wouldn't offer full price until I figured out why it hasn't sold. It might not work to go in with a crazy low offer, but I wouldn't automatically offer full price and most certainly wouldn't offer over asking price.
If a real estate agent tells you to enter a bidding war, fire them.
I swear it's just like 2007 when it was real estate agents feeding the frenzy.
Just had it happen myself. Real estate agent told me to bid 50k higher than asking because there were tons of bidders and "bids are due Monday morning".
Want the rub? There were no bidders. The house is still on the market 4 weeks later and I'm sure will have a price cut, like other homes in the neighborhood have been having.
Quote:
Originally Posted by MortonR
Agreed. We just got an accepted offer on a property in a very hot market. We wanted to offer $20k over a threshold that we felt was where others would be, mainly to be sure we got the property. Our agent told us not to do it - to offer at or slightly over the threshold that we felt it would take to land the deal.
We offered where she suggested. We were high bidder by $1000 - it pays to round up!
Her contention was that why would we spend $20k more than we needed to?
This is why you need to listen to your agent.
-D
I'm just going to take a wild guess and say that we are not talking about the same person?
If the seller is telling his agent, don't bring me anything under full ask, then no, the buyers agent would be wasting his or her time writing up the contract.
To the OP, if you are in a hot market, which most of the country is right now, listen to your agent. If you don't like your agent, get another one. It happens all the time.
Understood. But is the buyer agent at least obligated to tell the seller's agent about it?
Understood. But is the buyer agent at least obligated to tell the seller's agent about it?
Agents are required to present all offers, unless instructed in writing otherwise. Even then, it's still good practice to inform the seller of the offer. I've never not presented an offer. I think the worst I ever got was 25% of asking price. We countered at full price, buyer moved on.
Sounds like you potentially need to part ways, but if you are in a hot market, are homes selling routinely for over-asking? We just put an offer a few weeks back. We went below the ask, because we felt there were problems, but we also put in an escalation clause because we were willing to go a little over. Someone else was willing to go about $85K over ask, and they won.
So, maybe an escalation clause would be a good compromise.
cd :O)
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