When a Potential Listing Agent is the Buyer
curmudgeon10
7 years ago
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disgruntled buyer suing buyer's agent
Comments (117)we have stainless steel appliances this always cracks me up as a justification for a higher price. Sure, stainless-steel appliances *cost* more, but they're not necessarily in and of themselves more valuable, unless their *features* are high-end. You can get a "stainless appliance" package for $2,000 or less. (In fact, sometimes I think if we go back on the market, I should buy one of these packages, just to increase the odds of getting a buyer, even though our white stove has many more features than the stainless ranges in those packages.) Even if you spent $4,000 on appliances, why would that bump your price up by anything but a fraction of that? But the point is this (and I have tried to make it several times, but never so succinctly than c9pilot): But, the buyers should have known (or been told) and made a conscious decision to spend more on house if it had the more valuable features they wanted. THERE is where their agent messed up, and he has no one to blame but himself. Even if he deserves to win the lawsuit, he ALSO deserves to have to deal w/ the angst, but basically being a stupid person. As BernieK has said several times: He would make sure his buyers knew WHY they were paying MORE THAN THE ASKING price....See MoreBuying from an Agent -- Buyer's Agent?
Comments (15)If you are not in a rush, take your time and keep your eye on your market. You do not need an agent, at this point. I am looking in to buy in two different states, NY & Florida. I have been watching listings on MLS in both states. In NY I have been looking for about 6 months and have seen prices slowly fall and inventory increase. Sellers have been very rigid about dropping prices but when I see properties sitting over 6 months, without selling, I feel justified making low offers. Watch the comps and note the DOM and final selling price. Look to see how many houses are for sale. This market is tricky. My area is desirable because of proximity to NYC. Prices have remained high but inventory has increased. I find high-end houses are selling but mid-price homes more slowly. I don't understand that. I could be wrong, but there is a glut of mid-price homes available. The comps are confusing because some homes are selling way below list price yet others are selling close to list. I've noticed bidding wars where the houses sold above list price. Hard to make heads or tail of this market. I am using an agent to gain access to properties only. I am not using her to do any searches for us. I have made an offer on a property which she submitted. It was considered a low offer and she was not supportive yet did submit it. The seller would not counter. I'm okay with that as there have been no other offers at this point. We can wait. I think the market in my area is starting to decline; later than other areas but definitely dropping. Sellers are dropping prices after a year. When they sell, they become the comps. My advice is to wait it out and keep an eye on your market. Let this listing sit for a while and watch what goes on in the neighborhood. Good luck, Jane...See MoreListing Agents Never Present When Showing Houses?
Comments (16)Laura, I suppose it's a regional thing, then. Like I said, when I was shopping, the listing agent was almost always present, so apparently where I live, agents manage their schedules just fine. Even the agents we call the 'super sellers' were present for the showings I had at their listings. Where I live, it's expected. And then again, I see a lot of people complaining their houses are only shown a few times a week. That should be easy to schedule, anyway. When I listed my house, I asked my agent how many active listings she had, because I wanted someone who had time for me. She had six active listings, and some pending contracts. She was there for every showing, except once when something personal came up. The buyer's agent doesn't know the house like the listing agent does. And from the point of view of the person who is paying a commission, I felt much better about paying it when I know that person was on the spot working for me. I used to be surprised here about the people who complained about commissions, and how fsbo is so much better. Now I see that there are all different levels of service, so I guess some people have a point....See MoreBuyer's Agent Questions
Comments (12)Chispa - we did some of this. The past few days we visited some family in the area where we hoped to buy. We spent a few days just going around the area and familiarizing ourselves with the market and with the areas we had identified as possible. We were able to rule out a couple of potential areas. We visited some open houses which was helpful in getting information about each potential area. I have a good friend in lives in one of the potential areas and I went to see her and talked about the area and she drove me around to see some things. I also have the advantage that I have family in the general area (some living in or near the areas we are considering) so I talked to some of them and got feedback. It is clear that this process is going to be challenging. This is a hot market and houses often go under contract very quickly. In the last few years prices have risen considerably. It may be difficult to get a contract on a house even after we have a contract to sell our house. Given that it will be difficult for us to go long without a house once we sell our house this will be challenging. Another challenge will be narrowing down the area we want to buy in. The area we like the most has little inventory that meets our criteria. Many of the houses are older than I want (I want something no older than 1990) and prices are rising quickly in these areas. Even houses that need renovations can go under contract very quickly. We did look at some new construction while we were there at it seems to be a bit more consistent in terms of availability and pricing (but most of it is not in our preferred area). It is fairly clear at this point that most of our looking has clustered in two areas so we will probably need to have 2 buyer's agents. For one of them, I know some people who live in the area so will ask for feedback (one bought only a couple of years ago) on buyer's agents. For the other area, not really sure how I will find a buyer's agent. I have ideas on how to find seller's agents by looking at listings on closed properties, but finding a buyer's agent seems a little more difficult. Given the difficulty of the market and the need for us to move quickly once we at least have our house under contract (best case scenario), I want to get buyer's agents quickly so I can start monitoring the listings....See Morecurmudgeon10
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