Went to see a house without an agent, would the seller's agent expect
JL (Zone 6B MA)
5 years ago
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ncrealestateguy
5 years agoDenita
5 years agoRelated Discussions
Meeting with buyer's agent, what to expect
Comments (21)An update: the buyer came through the house on Saturday as part of a tour of 13 houses in my area. He is going to make an offer on a house in a neighboring town, so no sale for us. Feedback from the buyer's agent was mostly as expected: - kitchen is dated - wallpaper in powder room has to go - faux painting in LR and DR needs to be neutralized - square footage is good for buyer(3000 sq ft) - rest of house is gorgeous - buyer didn't want a pool I'd already planned to update the kitchen and strip the powder room wallpaper, wasn't sure how the faux painting would be viewed but will repaint if needed. The pool...well, why look at a house with a pool if you don't want one? The house is overpriced given the dated kitchen; new granite countertops and appliances would support the higher price. Lots of interesting comments above. I'll try to address what I can. The poster who said my agent misled me: actually, he didn't; he was clear in his email that it wasn't his buyer. I read the email again and saw my mistake. He had brought up my house to another agent in his office who had a buyer looking for houses in my price range. I didn't think it was ethical to cut out my agent completely and just offer 2.5% to the buyer's agent; I had no idea who the buyer's agent even was, and my agent would have had no incentive to give the buyer's agent my contact information/address so she could show her client my house. Whether my agent's services were worth the additional 2% is of course debatable. I saved him a lot of money that he would have spent marketing the house, and a lot of time. However, I feel he should be compensated for the referral and for any work he might do to shepherd the sale along (not a trivial process in my county). All this for 2%? Maybe, maybe not, but we thought it was a reasonable, low-risk opportunity to test the market and get feedback on the pricing and condition of our house. If you are willing to pay 4.5% commission why are you only listing on zillow? Because I don't really want to sell the house, but would be willing to sell at the right price. When I get to the point that I'm 100% committed to selling the house, I'll definitely be on the MLS. The usual commission in this area is 6%. This off-market strategy is something I really need to investigate further as it's quite new to me. The idea is that in return for an "exclusive" look at a house that's available for sale, the buyer agrees to meet the seller's asking price. That's why the price isn't negotiable in this kind of a listing. The listing agent markets the listing to other agents, rather than to potential buyers. I think the main advantage to the seller is that it keeps the dreaded days-on-market clock from beginning to tick. Any house with DOM over 30 days or so and people begin to wonder what fatal flaw the house has that keeps it from being sold. I live in an area where it's quite common for the following: Agent open house on Friday General open house on Saturday Offers accepted on Tuesday My next door neighbor's house sold like this for $62,000 over asking, 7 offers, late last year. I know my area (Silicon Valley) has a very unusual real estate market. My town is completely built-out, there's no land at all for new building, and it's a very desirable place to live. Inventory is quite low right now. Prices have come down around 10% here in the past couple of years, based on the values of the peak in mid-2008. The comps for my house support this: a house in my neighborhood with the same floorplan as mine sold in 2008 for 15% more than my zillow price. A more recent sale of this floorplan was December 2009 at the same price as my zillow price. Could I get more than the zillow price for the house and have the appraisal support that? Who knows, but I was willing to take that risk. The only issue I have with this agent so far is that he didn't do his homework regarding the buyer who came through the house on Saturday until I started asking questions. At that point he called the buyer's agent and got all my questions answered, but I thought he should have done that without my asking. Otherwise I think he's an honest agent. It's a small world - another agent from his office is a neighbor, and a third is a friend from my son's soccer teams. References will be thoroughly checked if we decide to sign any longer-term listing with him. I was upfront with him as well: I told him my soccer mom friend is someone we'd consider listing with if/when we decide to hire an agent. And I forgot to add that my "listing" agent actually does have a buyer, a different person who is out of the country. Whether this buyer is interested in my house or not hasn't yet been determined. I'm not counting on it, at any rate....See Morethoughts on changing sellers agent mid-sale
Comments (17)I would be the first to tell you if you werent happy with your agent/services, etc then switch, but from your description, it does sound like her manager was right and you dont fully understand the process or that you will be happy with anyone. How do you expect to have updated comps from your agent in a 3 week period? The comps from 3 weeks ago are the same as they are now. You said she has had good activity with lots of showings. That is exactly what you want from an agent. Agents can't make people buy your house, they can only expose it to as many buyers as possible. You are worried about putting it in the paper when you have lots of activity? WHY? Buyers typically go back to a house at least 2x before making an offer. With a 4 week listing, that can be impossible. It sounds to me like you have a fairly new agent which could be a good thing because they are hungry and are willing to do almost anything to keep the listing. (could be why her manager is so involved with you). I suspect an experienced agent would have passed on the listing. And no, if you sign with another agent, she will not be paid unless she is the one that brings the buyer to the table. IF ANY of the other agents that showed your house brings the offer, the new agent that you hire will be the one that gets paid....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 MoreExpectations for buyer's agent?
Comments (5)1). If you want to try to stay in your current neighborhood, tell every single neighbor you are looking to buy. That could give you the option of getting a house befor it goes on the market. 2). How big is the area you are looking? I have the MLS service set up to email me everything in my zip code. My only criteria is price, and even that is set about $250k over my budget. That way I can weed thru the listings myself to find the "close" listings. 3). Instead of solely relying on the email listings, you should make it a point to scan the MLS every evening for everything new being listed 4). I'm not sure how much I blame your agent. If things are going pending within 24 hours, that doesn't give him a whole lot of time to weed thru the new listings and try to figure out what are deal breakers for you. Remember he has other clients he's working for and 24 hours is not a lot of time. These days buyers tend to do most of the legwork themselves of picking out homes to see. Unless your agent was in the business 15-20 years ago, long before internet MLS listings, your agent may just not be familiar with then protocol of picking out homes for customers to see....See MoreJL (Zone 6B MA)
5 years agoJL (Zone 6B MA)
5 years agoncrealestateguy
5 years agoaziline
5 years agoJL (Zone 6B MA)
5 years ago
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