Agents advising me to turn in offer at or above list price?
I'm perplexed. Twice now, when expressing interest in a house, the agent who is showing me the house (not the list agent), "advises" me that if I turn in an offer, it's best to do it right away since another offer is coming in, and it's best to offer at least the list price.
Since when do agents "advise" to offer the full asking price? Now, bear in mind that I was pretty sure in both instances the houses were not worth the asking price, and both needed some things done. The first one needed a LOT of work, actually. I decided not to make an offer on either because they weren't right for me. But the first one did indeed sell for considerably LESS than the asking price. I don't know yet, but am pretty darn sure, the second one has sold for less than the asking price.
What the heck is the deal? Since when do agents who are supposedly helping YOU the buyer urge you to pay more than a house is worth? I even got comps from one that were very limited, and left out a comp that I knew about (because I've been following the market there closely) that would support a LOWER list price.
Somehow I don't think this happens to male buyers. I wonder if they think I'm stupid because I'm a female buyer, or that I'm more easily persuaded, or maybe buy from emotion rather than value?
Is this the norm? To encourage offering the asking price, or more? (Note: It's a bit of a buyer's market there. So it's not a seller's market situation.)
Last edited by blackcats on Thu Feb 09, 2017 2:06 pm; edited 1 time in total
Thu Jan 12, 2017 8:43 am
Publius Preferred Member
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No, that is not the norm, or at least shouldn't be. You need a new agent. The agent should be your advocate and guide. There is an inherent conflict of interest when it comes to the price you offer -- the higher it sells for, the more the agents make. If you feel like this agent doesnt have your interest at heard, they probably don't.
Get a new agent, IMO.
Thu Jan 12, 2017 11:58 am
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I would ask your realtor to justify the full list price based on the comps they pull. That should give you some concrete info.
Risk comes from not knowing what you're doing. (Warren Buffet)
Thu Jan 12, 2017 3:32 pm
oldguy Senior Member
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quote: What the heck is the deal? Since when do agents who are supposedly helping YOU the buyer urge you to pay more than a house is worth?
Both the seller's and the so-called 'buyer's' agent work for the seller, ie, the seller is the one who pays the agents. And both agents want to protect the local market. When houses in the area are selling well, all agents get higher commissions - so agents hope that you will bid high.
If you are a first-time buyer - or if you are new to the region, a buyer's realtor can help you find a house. But if you are familiar with the area, one realtor is enough, a second one is not helpful.
Thu Jan 12, 2017 3:44 pm
GardenCat Full Member
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I agree mostly that you need a new agent. Maybe as a woman, research out a highly reputable and recommended woman agent?
At least call out your current agent on this.
Our agent has worked for us for years, always as our agent. There is a contract outlining such. Yes, all agents get paid by the seller, but someone truly working for you should be able to look at a house and know if the asking price is a good deal or not.
Our agent has several times suggested low offers as so much work needed to be done on the particular house. We did not get some, but did get the ones that we could deal with.
You should not pay more than you think and have researched on is worth less. think car salesmen...