Am I being screwed over by listing agent?

Am I being screwed over by listing agent?

Investor · Miami, FL · Member since 2013 · 807 posts · 475 votes
I viewed a property for 87K which is a homepath property and has been on the market for over 2 months. I called the listing agent to say I wanted to make an offer of 80K. He said if I could close by end of July he thought it would be accepted as banks were always eager to close properties by the end of the month. I went into their office to sign paperwork 2 days later and spoke to a different agent. She said they now had an offer at 81K so I had to come in higher. I subsequently offered 82K. I made a mistake by calling two days later to see if there was a response from the bank. The person I spoke to said there was no response. 5 minutes later I got a call from the agent I'd met with who said the other buyer offered 87k, so I needed to offer 88k if I wanted it. I said I needed to think overnight and she said no, I needed to confirm immediately. She started saying how I really needed the property so I had to offer 88k and I ended up saying OK. The next day the property went to pending and the day after I received a call from them that I had to go in and sign paperwork with the higher offer price. Who thinks I was screwed over? I know it's illegal to tell a buyer what other offers are on the table and I'm wondering if they used my apparent desperation to drive the price up?
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Investor · Rancho Cucamonga, CA · Member since 2008 · 1k+ posts · 684 votes
11y

I really don't how it is relevant at this point.  If the agent broke the rules what ramifications do you expect to help your position?

1. Are you happy to pay 88k?  

2. Do you really think the listing agent would ever admit what they did/didn't do to the Seller?

3. Do you think the Seller will somehow lower their price 8k?

You complaining and making accusations is going to stop them from ever doing business with you again.  

I have been in your shoes many times with agents. They are all lairs to some degree. Your job is to make the best offer you feel comfortable with and not think about it anymore.  

I have thought an agent was bluffing and missed a deal I would pay way more because I was testing them.  I have also moved my offer up in a highest and best scenario when I was the highest offer by over 10k.

Your goal should be to have them like dealing with you so much that they give you last look on all the properties they can.  You'll win some and loose some, but the path you are taking right now isn't helping anyone.  

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  • Investor · Miami, FL · Member since 2013 · 807 posts · 475 votes
    11y

    I have to disagree with everyone who said that having a buyers agent is the best approach.

    I can unequivocally say that most of the properties I have got, was because I didn't have a buyers agent.

    You can just tell; as soon as they hear you are not represented, the dollars signs tick over in their head.

    On a 200K sale, that's a difference of $12,000 commission, instead of $6000.

    If I really want the property, I also write in my offer “Buyer to pay agent $1000 transaction fee at closing”. I guarantee you, they will do everything in their power to make sure your offer is accepted over others. 

  • Professional · Jacksonville, FL · Member since 2015 · 397 posts · 34 votes
    11y

    Unless you are able to get the realtor to provide evidence that they were indeed offers , not sure if you can "make" them provide such evidence though absent of there being an official complaint. But, you simply can't afford to get emotional when trying to make an investment of this sort. You typically buy any property because it fits whatever the profit agenda is not because you are trying to outbid some other investor.

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