The problem is whether you can trust the seller’s realtor to represent your interests. Secondly, it USED to cost the buyer nothing out of pocket (new rules now) so why not have a realtor who represents your interests? I believe there is now some expectation that the buyer pay the realtor for their time, or arrange for it to come out of the sale, but it will be messy and tricky until this is all standardized (if it ever is). Lastly, having a realtor give you a heads up on a house before it hits the market can be huge. I see this all the time on the mls, where nice properties show up as contingent as soon as they are listed (appararently mls insurance provides protection for the transaction if listed so even thought the buyer is committed, they list on mls to take advantage). Now all these rules are thrown out the window, so it will be interesting to see how realtors deal with the new law and potential buyer fees.

Mxk, that (sharing commission with the broker) is what everyone ignores when they are trashing agents. Thanks for mentioning it.

Many people who have corporate or salary type jobs where fully 50% of the day is occupied by non-productive activity, and get paid no matter what, although they may not move up the ladder if they aren't very good, assume that anybody who works purely on production or commission is 1) trying to rip everybody off, and 2) get about 90% of the commission.

I already know of situations where the seller is doing FSBO, and is offering 1% commission to the buyer's agent--who has almost double the work with many FSBOs--not everybody who does this is because they are an attorney or an expert with contracts and can actually do it well, some of them are just tightwads. There is also a realtor here who is offering 4% instead of 6%. But the fine print is that she still gets 3% and is offering the buyer's agent 1%.

A listing agent represents the seller - they are your helper in this huge transaction. They get your property listed on the MLS, make sure you have all the legal paperwork (contracts, disclosures) filled out correctly, they help you determine the sales price and help you market the home (pictures, description . . . ), they set up showings to potential buyers and present you with all the offers that come in. They will assist you with evaluating the offers and negotiating with the buyer's agent to get you the best deal and they will babysit the sale, making sure that the terms negotiated in the contract are met - has the buyer obtained financing by the date agreed upon, have they had the inspection and come back with requests for repairs, is everything getting done so that you close the deal on the agreed upon date.

The buyers agent represents the buyer. They job isn't focused on one property. Their responsibility is to help you find the best home in your price range, make an offer on the home you choose and negotiate with the seller's agent to get you the best possible deal on the home you are trying to purchase. They will make sure you fill out all the legal forms correctly, and once an offer is accepted they will babysit the sale, making sure that everything gets done in a timely fashion so that the deal closes on the agreed upon date. They may help connect you with a loan broker to get financing, a home inspector to do the home inspection, make sure a radon test has been completed, negotiate with the seller if repairs need to be made . . .

If you negotiate with the selling agent directly you may be able to negotiate a lower commission rate than you would get if you use a buyers agent, but you are being represented by someone who is focused on selling you this particular home, not someone who's main interest is finding you the best home for your money.

The role of an agent has changed quite a bit with the advancements in technology. You can find the homes that are for sale and make appointments to see them on the internet. When I sold real estate the agents were the only ones who could access the MLS. Some areas didn't have an online MLS and brokers and agents had to share listing information through a listing book that went to every brokers office once a week. Marketing included newspaper ads and broker open houses to show your home off to other agents, getting the title companies to distribute flyers to other brokers as they went from agency to agency. I knew the differences in each neighborhood in the area that I specialized in. I knew which tracks of homes had issues with the builder. I knew what was selling at what price and where to concentrate the search. The MLS listings are now at your fingertips.

There is still something to say for the agents who have expert knowledge on the market in your particular area and they still have the connections with everyone involved in a real estate transaction from loan brokers to home inspectors, title companies, escrow companies and insurance agents. They know who gets the job done and who the slackers are and may know ways around things that you would never think of. My niece bought a home in a very hot market and the selling agent said the buyer wouldn't consider any offers with a home inspection. My nieces' agent got a home inspector to walk the property with us and point out the things that he saw that were "red flags", talked about the age and condition of the heater, ac, the condition of the deck . . . no written report, not a full inspection as those require permission from the seller, but enough knowledge that purchasing without an inspection was more comfortable. (Seller's agent would not have suggested this if they were your agent as a buyer. They can't help a buyer get inspection information if the seller doesn't want an inspection. They would need to disclose to the seller anything the inspector said and the seller would, in turn, be required to disclose knowledge of the problems.

I didn't use a traditional listing agent when I sold my home. I got an MLS listing service that charged $500 to put the house on the MLS and to provide me with all the required forms and paperwork. I determined the price, took my own pictures, wrote my own description and scheduled all the showings. It saved me >$12,000. I offered the full 3% commission to the buyers agents who showed my home. Most buyers will work with an agent and in order to expose my property to the largest number of potential buyers I needed to offer the agents a commission that made them want to show my home.

How much is an agent worth to you? I had worked as a paralegal for a real estate attorney and had sold real estate. I didn't need a listing broker. I did need the help of the agents representing buyers.

When I bought my home my real estate agent was a godsend. I got sick and had to have emergency surgery during escrow. My agent had to do everything for me. She was there for the home inspection, set up the radon testing, found an insurance agent that came to the hospital to get the paperwork signed and even drove me to the bank to get the certified check for closing as I wasn't able to drive after surgery. She even helped get me moved into my home, as I couldn't lift anything over 10 lbs. Her and her husband showed up and helped my friends and family get me moved in.

Do you ever think about how much of the price of a car is being paid to the salesman and the dealership? Do you think $1800 total with $450 of that going to the salesperson for a $30,000 car would be unreasonable? I believe most of us buy far more cars in a lifetime than we do homes and most of the time we have really good data on which to base our decision. We know before going to the car lot what car we want and what we expect to pay. The sales person just has to take us for a test drive and fill out the paperwork.

When we are dealing with selling a home the numbers are bigger, but the risk of making a mistake is so much higher. Why do we bulk so at the costs of expert assistance associated with buying and selling a home? Sell a $300,000 home and pay out $18,000 in commissions ($4,500) per broker/agent). You can get market information from the computer, but it is far more complicated than figuring out how much you should spend on a car and most of us don't do it often enough to really understand how to evaluate the price of a home.

There is no reason to use an agent if you have the knowledge to do it yourself without great risk. I am often surprised that more people do not use a discount /flat fee listing agent instead of a full service listing agent. They usually have a cafeteria type service selection - so you buy what you need and skip the stuff you don't need.

It was a great option for me, but I also had solid core knowledge of how to price my home, market my home and do the required paperwork.

It may not be as good of an answer if you have no idea where to start.

" There is no reason to use an agent if you have the knowledge to do it yourself without great risk. "

In my experience, people have a tendency to overstate their understanding/knowledge of matters they really know little about. Someone without appropriate and detailed education, training and experience in a particular area doesn't know what they don't know. If you have handled matters on your own for which you lacked real credentials and no problems resulted, the right conclusion is that you were lucky, not prudent.

There's an old saying that a person who acts as their own lawyer in court or for a legal matter has a fool for a client. That may apply in real estate too.

Well I wouldn’t act as my own lawyer but I’m comfortable without a buyers broker. If I feel I know the market and am comfortable with my offering price, what are my risks? Lawyer and title company cover CO’s, etc., inspector pretends to tell me what’s wrong with the house, cash offer in this hypothetical but I guess still appraisal for insurance if they require it, what more does the buyer’s broker offer?

" what more does the buyer’s broker offer? "

If you don't know, that's consistent with my point.

If you don't have a good measure of transaction experience under your belt, you have no way to know if the seller is trying to put something over on you. Is trying to not follow customary "who's responsible for what" terms in the contract. Is not offering normal concessions that are followed in the area. And on and on.

As I said above, people who are inexperienced in an area tend to be naive about what they need to know but don't, and what an expert knows that they don't know.

It's a personal choice. I never pretend to know something I don't. I also know from my own experiences and those of others that making reasonable efforts to prevent or avoid mistakes and problems is a much better and smarter approach than trying to rectify them after they've occurred.

Before I went FSBO back in 2002 I bought :

"Buying & Selling A Home For Dummies" :-)

Fair enough, Elmer, but in my personal experienxe the brokers played zero role in ironing out the details of the contracts. That was all lawyers.

food, I believe in the majority of states, lawyers are NOT involved in residential real estate transactions. Such in the case where I live - the largest residential housing market in the country and rarely if ever is a lawyer involved in sales. Even in states where a lawyer is required, their involvement is often just limited to closing and conveyance. By then, the contract has long been negotiated and signed - too late to add anything.

" "Buying & Selling A Home For Dummies" :-) "

This mirthful comment recalls a fond memory. Many years ago, when our kids were still youngish, we were about to embark on a family beach vacation. I figured I'd make good use of the flight time and sunbathing time and so I went to a bookstore and bought something I'd long wanted to read. Yes, it was from the once ubiquitous book series with yellow covers, the one on "Relativity for Dummies".

I returned home having finished the book and having resolved a long-standing fog in my mind that had prevented me from understanding at a 10,000 feet level approximately how and what our good friend Albert had left as his legacy to the human race.

It didn't prepare me to apply for a job at Lawrence Livermore Lab or Los Alamos Lab but it was very enlightening.

I don't know if the book is still around but if so, those with an interest in learning things about science topics in simple terms would enjoy it.

Thanks Elmer, that explains your perspective. Here the lawyer would be one of my first calls after an offer is accepted, and not ”my” lawyer but one local to the area in question that’s well-versed with the ins and outs of the local jurisdictions.

Doesn't the written "offer" when accepted in writing by the sellers become the contract? That's typical in contract law, not only for real estate transactions.

Yes, but before there is a contract to sign there’s a provisional offer.

You'll forgive me for thinking this response stems from newfound knowledge from a search.

Are you referring to contingent offers?

Walking into a lawyer's office for consultation with a signed offer (ie, a contract) in hand is too late. A contingency that the offer is subject to the buyer's lawyer's approval would never be accepted.

Over the past 40+ years I've purchased seven homes and I've always had a buyer's agent. Some purchases went smooth as silk and my agent made some easy money. But other deals were nothing but problems from beginning to end and the agents really earned their commission. The trouble is you never know for sure how it's going to go until you're in the middle of the deal and you have a whole lot of money (and your future) on the line.. It all comes down to how big of a risk-taker you are. It's a tough call.

Just remember, for all the people who have had smooth and easy transactions, because you and the other party are completely reasonable, so you wonder whether you really needed an agent or not...unfortunately, your transaction is subsidizing to some extent the transactions that are complete nightmares because one or both of the parties are a---es. That's not fair, really, but that's how it is. If you are one of those people who is not a nightmare, you may not understand how awfully some people can behave.

Elmer, it’d be easier to forgive you if it didin’t fit your all too common MO, but I’ll forgive you anyway. I’ll also let you know that you’re absolutely wrong, which I guess is why I used the wrong word. Provosional instead of contingent. I have no idea what you’re talking about, with walking into a lawyer’s office with a signed contract. Maybe thet’s how it works in CA but not here.

Here’s how I remember the process, and I again will not be googling or even going into the files of my last transactions. Offers and counteroffers go back and forth verbally through the broker(s), buyer and seller. Once a price is agreed upon the buyer signs a short form letter putting the offer in writing, accompanied by earnest money. This agreement basically assures the seller that the buyer won’t back out on a whim without risking forfeiting the earnest money. The seller can still market the house and accept a better offer. I remember not loving the language but accepting it. Now the ball starts rolling quickly. Buyer hires a lawyer who starts pulling up property records and drafting a contract, and also secures the title search. Buyer hires an inspector. Outcomes of all of this get incorporated into the contract, contract gets passed back and forth between buyer and seller attys until everyone is accepting of the terms, then there is a signing by both parties at which point 10% is put down. At this point if there’s a mortgage needed a 45 day clock starts ticking towards closing. If paying cash, things can move quicker. During this time repairs or other items contractually required must be addressed. Everyone meets at closing to pass money around and try to get chuckles from their war stories. Buyer leaves with keys and the seller goes to the bank with their check.

I may have left out some minor steps like the final inspection and bigger ones like appraisals and insurance to satisfy the bank, but that’s the high level flow as I know it both as a buyer and a seller.

Now feel free to pick this apart, but I’ll remind you that the question is what does the buyer’s broker add to the process that warrants a $25-30K paycheck on a $1MM house?

OK. You're describing a very different process and event timelines than I am familiar with. So perhaps we're both guilty of looking to find what's familiar when similarities are limited or non-existent.

Here, a written offer is submitted (preprinted forms with plenty of blanks in places where useful) ease the processes of drafting and review on both sides) and with whatever contingencies are or are not included. The buyer signs it and submits it. If the seller accepts the submission as is, it's signed and that's the contract. If the seller wants changes, they produce a counter offer. At whatever time both the buyer and the seller have both signed the same version of paperwork, that's the contract. There can be contingencies on either or both sides, or none. It depends a lot on circumstances. The higher the value of the house, the less likely contingencies will be accepted.

I would never consider buying real estate without a knowledgeable realtor on my side. I assume I'm paying for it no matter how stated. It's an insurance policy.

Elmer, you described what I have experienced in CA and PA, but in NJ there is an attorney review period. So after the seller accepts the buyers offer and both sides have signed the paperwork is sent to attorneys for both sides of the deal and negotiations begin all over. Only once the attorneys have reviewed and both sides have accepted all new terms is the offer truly accepted. A buyer or seller can back out during this time w/out penalty. A seller can accept a better offer, a buyer can pick a different house.

I’ve only bought and sold in NY. I don’t know how standard earnest money is now. I was asked for it with my last purchase, and it does make it s bit harder for the buyer to back out unscathed. But the seller can still accept another offer.

foodonastump - In most states your agent is your representative and once both the buyer and seller sign the agreement you are under contract. Paperwork and good faith money is turned over to an escrow agent. Some states require an attorney to sign off on the closing in most states the attorneys don't get involved in the negotiations.

Should any agent in a state where they are just bringing the buyer and seller together and attorneys handle the negotiations and/or escrow monitoring and/or closing earn as much as agents in states where that all falls on the shoulders of the agent? Oddly, commissions are generally 3% on each side of the transaction regardless of the responsibilities.

The purpose of earnest money is for the seller to recoup any loses incurred by removing the house from the market. Where I bought and sold real estate we did not have attorney's in the mix, but if the seller has not actually removed the home from the market and is leaving the option for people to make offers during the attorney review period I would think that the earnest money down would be kept in escrow and returned to the buyer if they backed out during the attorney review period.

When I sold real estate I never had a situation where someone didn't get their money back, even when the buyer backed out for a reason that was not listed as a contingency in the contract. If you back out for a reason that is listed in the contract as a contingency you can back out without penalty. It discourages buyers from backing out just because they got cold feet. (Agents talk buyers and sellers off the ledge all the time.)

I had one seller (newly built condo, builder sale) where the seller did not want to give the earnest money back, were not required to give the earnest money back, but still ended up giving it back after some pleading. The buyer was a single woman in the military and got notice that they were being deployed when Desert Storm broke. They expected to be posted in San Diego for several years and didn't anticipate the Golf War and we didn't write a contingency for them being deployed in the middle of escrow.

Well I guess I won’t find out how I’d fare without a buyer’s broker. At least not this time. I found out last night that my ”hypothetical” offer was not accepted. I tried to jump in to break up a deal that I know is slow to come to terms. While my offer was higher, the seller decided to stick with the original due to the weeks of effort already put in. I'm sorely disappointed but respect the decision. I could throw more money at it but won't. I've made jt clear that my offer stands, should things go south.

" I guess I won’t find out how I’d fare without a buyer’s broker. At least not this time.

An agent might have done things differently than you did, that could have led to your offer being accepted. One thing I know from experience is that a buyer's agent will often have an off the record conversation with the seller's agent, to try to find out what factors should be considered in a possible offer. One could learn "Include this, don't include that" or "they were disappointed with this and such, avoid it". Or "They're sticking with the deal on the table, don't bother". Et cetera.

You're right, you'll never know.

Actually I know a good bit about what some of the sticking points have been with the other buyer because I’ve had such conversations myself. I know that my offer assured them of no such sticking points. I know that my last offer, while $100K over my prior "final" made weeks ago is financially a more attractive offer for them, but they decided to pursue the other deal simply because they were already so far along in the process, I know that my offer is one that the seller's broker suggested would be enough for them to consider, I know that it was in fact considered for over 24 hours and that after receiving my offer the seller pledged not to use it to try to increase the other offer nor did they come back to me with another counter, and finally and most importantly, I know that my offer was as high as I was willing to go without feeling like we overpaid. So I'd say I know plenty, including that more cash could have ultimately sealed the deal but I’d not have been comfortable with it.

When I bought my last home and when I bought my current home I came across a home earlier in the process that I thought was perfect and put in an offer that ultimately didn't get accepted. In both cases something even better came onto the market and I assume that someone was looking out for me and the universe knew that it wasn't truly right for me.

This deal was not meant to be.

Yeah, it’s not for a primary residence so in that respect I’m in no rush, but it’s also in a market that doesn’t really dip, just goes up, so if I look at what I could have bought last year or three years ago or five for this money, I kinda wanna puke so I am anxious to finally get a foot in.

We all wish we had a crystal ball and would have invested all of our money into real estate right before COVID.

Sure, but covid was just one particularly agressive point in a long trend.

I'm somewhat curious to know if your educational or occupation experience involves or is related to an engineering or IT/technical field.

It’d almost be worth answering just to get your psychoanalysis. But bottom line all that matters is how I value money and the house, and where those two intersect. I just had a follow-up talk with the agent which left me even more confident with not trying to throw more money at the situation. And he wasn't trying to talk me into doing that, either.

I think your comments have answered the question.

Sometimes a person's attitudes and outlooks are influenced by academic/occupational education and experiences. I wondered if that might be involved in this conversation.

I think this is good advice. I've always wanted to know more about neighbors before moving or buying, and usually I have not had all the information I would have liked to have had.

Right now I am in a neighborhood that I do not know a lot about, but many people like it. The houses are large, but that means that lots of people live in most of them, and they have way too many cars/pickups.

Unfortunately realtors are not allowed to give informaiton they know. Often they know the empty lot across the road from your subdivision is set to build an outdoor concert venue--but are not allowed to share that. They could get fired for sharing that sort of NEEDED and frankly deserved information. Buyer beware. Do your own information gathering. Got to the City offices and look up the zoning, knock on doors and ask what the prospective neighbors love about living there....etc...

“You're right, you'll never know.”

I’m kind of smiling re-reading this bumped thread. They had a yard sale at the house I lost out on. I went and introduced myself to the seller as ”the guy with the other offer.” She came right to me, gave me a big hug and said, ”I’m sorry.” I didn’t pry at all but she was forthcoming. My offer was $50K higher than the accepted offer, which wasn’t enough to disrupt the process. It would have taken at least $100K more than that to get her to reconsider. But she really wasn’t interested in a bidding war, hence her lack of counter this time.

That whole conversation told me that my instincts were spot on, including trusting the feedback from the seller’s broker who did not push me to raise my last offer.

My instincts about the market have been pretty good as well. While inventory hasn't picked up as much as I had hoped, asking prices on new listings are slightly more down to earth. Houses that didn't sell over the summer are either sitting there stubbornly or seeing significant price drops.

I’d still have been happy to get the house at my offer but I’m not sad that I didn’t overpay.

food:

You're looking to buy a house. You go to an open house for one and it looks to have a layout and other interesting features to tick off all the bullet points on your checklist and more. You could see yourself and your family comfortable there and enjoying what it has to offer.

How much is it worth? How can you find out?

It’s generally worth somewhere in the range of what people are willing to pay for it and what the seller is willing to accept. Presuming the buyer can afford the house and makes reasonable offers. The buyer looks at recent sales to gauge the market.

This isn’t rocket science so I’m not sure what you’re getting at. The house sold for a little over $500K less than original asking price. I came up $250K from my opening offer. The fact that it was sold for $50K less than my final offer tells me that my valuation was good. Though initially disappointed of course, I’m not crying about it, in fact I’m glad I was able to stay just dispassionate enough not to overpay.

No, it isn't rocket science. It isn't science at all, it's human emotions - greed at the top of the list. Not measurable, not always determinable, not always reasonable.

I'd say what a property is worth is the amount the buyer agrees to pay and the seller agrees to accept. It's not a range, it's a fixed amount. That and only that.

There's no way to "look up" that number. Each considers who knows what factors to come to their mindsets.

People tend to talk about a region's real estate market the way talking heads talk about the stock market. When interviewed or on TV or equally when talking to a client, they're expected to say something that sounds knowledgeable but really, isn't it normally nonsensical babble? Back to the deal, there's no way to know what influences the views of the potential buyer and seller and what opportunities or impediments they present to getting to a signed contract. Unless specific questions are asked and answered.

MLS systems are great at producing stats but they're historical and broad brush. Inventory is up or down, days listed before sale is up or down, final deal price compared to listing price is above or below. Et cetera. So what?

When you or I present an offer or are presented an offer for a potential transaction, I would argue none of the stats or talking head BS commentary will ultimately influence whether the buyer and seller find a mutually agreeable deal. Their views can be rational or irrational, informed or ignorant. It doesn't matter, does it. An agreement is reached, or it isn't and if it is, that's the value of the property.

I partially agree with you on the stats but don’t have the time or interest to get into where I differ. Your last sentence bothers me a bit though.

”An agreement is reached, or it isn't and if it is, that's the value of the property.”

As I’m understanding it, you are discounting the idea of fair market value, good deal and bad deal. The sale price is what one buyer is willing to spend and one seller is willing to accept at one particular point in time. If both parties are in tune with the market and not pressed to close a quick deal, the sale price should be fair. But outside factors can pressure either the buyer or the seller into a discomfort that they'll accept. That doesn't change the value of the house, just the sale price. That's why you look at multiple comps to help gauge market value.

I recall from my first or second Econ class ages ago that Fair Market Value is defined as something like "the price willing and knowledgeable buyer and sellers acting independently and not under the influence of outside coercion, agree to". I think that's a useful notion, it requires agreement between buyer and seller.

If that definition is reasonable, there's no such thing as a bad deal or a good deal. If you think that a "good deal" for the buyer, for the sake of discussion, as being one at a lower price but one that the seller wouldn't agree to, then that's no deal at all. It's a "not possible" value.

Value and sales price are the same. I think you put too much faith in buyers and sellers acting rationally and in full knowledge of what you think to be relevant, value-determining factors. I think that's rarely the case.

What information is out there is to know is not always useful, not always known, not always understood by people in the market, not always relevant. Buyer and seller conduct in markets of any kind is often driven more by fear and greed than anything else. That's my view.

Fair Market Value is defined as something like "the price willing and knowledgeable buyer and sellers acting independently and not under the influence of outside coercion, agree to."

Define coercion. Assuming you’re not talking about gun to the head type of stuff but more situational influences, well in the real world situational influences exist which will make a house sell for over or under market value. That’s why the definition had to exclude it. And why I included the qualification “and not pressed to close a quick deal”. And why you look at multiple comps, to balance it out.

Back to the point of what prompted this. I had an idea of what I thought the property was worth, and that number was significantly less than the opening asking price. And hundreds less than the lowered asking price. I made an offer that was within spitting distance of what the house sold for, just $50K over. So if you say the home’s value is what it sells for, I was spot on. I came a little higher to try to get the deal but it wasn’t enough. I have no regrets and fail to see what a buyer’s broker would have done for me in this particular situation. The only way I would have gotten that house would be by offering more than I felt it was worth. If you feel this was not a good result, please explain why. If you feel a buyer’s broker (along with their commission) would have led to a better result, please explain that.

A guy I know, a person with what I consider to be an irrational and sometimes overwhelming stingy streak, decided he wanted to leave California in favor of a state with no individual income tax. Not something I would do but fine.

He rented a house for 6 months in his intended new state and then sold his house here. Figuring that he should be able to find and close on a house within 6 months.

He and his wife connected with a broker and started househunting. They found that choices that appealed to them were abundant. In the first few months, they found several houses in turn they liked, put in offers for, but were unsuccessful in sealing a deal. One after the other, no deal.

The six month rental period seemed to not be long enough and they were able to get a six month extension. More finds, more offers submitted, more getting beaten out by other buyers. A second six month extension on their rental was obtained.

I usually don't inquire about personal financial matters with friends, but we were talking on the phone one day and I asked him why he thought they kept striking out with offers. In the ensuing conversation, he told me that he thought house listing values were always overstated and he refused to put in any offer at more than 90% of the listing price. I asked him simply if his objective was to see the price negotiation outcome as a game with a "win" for himself and a "loss" for the seller, or if otherwise, his objective was to buy a house?

He said "both". I suggested that his bias about listing prices and his 90% standard was what was keeping him in a rental house.

Four months later he closed on a house. Purchased for the listing price. Ask him what Fair Market Value is, he knows now.

Well, all those declined offers don’t make it into any stats or comps.

True, other than indirectly. A seller with the bad luck of having a succession of irrational/inflexible potential buyers like the guy I know might experience having to wait more than the average number of days on market before encountering a prospective buyer who better understands the process.

An agent is no guarantee of fair pricing. Bffs sold their home above the going rate to an out of town buyer who trusted his agent. Turns out the agent was looking at his % not a fair deal for his client. Our new neighbor feels very scammed and is suing the realtor. Neighbor already to the office to pony up 6K.

Research is the key when buying or selling. Don't just go by what one realtor says. Follow the market in your neighborhood. When I was looking to purchase a property that was in another state I called a local appraiser (local to the property) and hired him for an hour of his time to look at the comps and give me an estimate of what he thought it was worth.