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Thread: Realtor advice?

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    #1

    Realtor advice?

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    So we are buying our first home soon for our new assignment where a lot of my family is. We started talking to a realtor who is my cousin's neighbor and BFF. A house just came on the market that we really think is perfect for us, but the realtor we've been talking to is the listing agent. You can tell they've put a lot of work into the house, but it's priced higher than anything else listed in that neighborhood right now. Most of the houses are in the 125-130 range, the next highest is at 144, and then the one we like is at 155. Can I trust to have an honest discussion about an offer with her since it's her listing? Should I look for a new realtor? How awkward will that be since I have to deal with her anyway? Should I just spend hours upon hours on YouTube and figure it all out myself like I do everything else?
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    #2
    I think it all depends on how you feel about her. The realtor we had was amazing and we would have trusted her completely in that situation. Though I wouldn't work with someone that has ties to family, it can get very messy doing that.



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    I would explain the situation, telling her you are uncomfortable with her being both selling and buying agent, and ask if she can refer you to someone else in her office.

    In some states, the RE agent isnt' even legally allowed to represent both parties. But even if she is, you want someone working in your interest. How it is going to work if you make an offer, and she knows you are willing to go higher? She can't really run negotiations and offer unbiased advice to both parties since she'll have insight in to what everyone's bottle line price is.
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    #4
    Quote Originally Posted by villanelle View Post
    I would explain the situation, telling her you are uncomfortable with her being both selling and buying agent, and ask if she can refer you to someone else in her office.

    In some states, the RE agent isnt' even legally allowed to represent both parties. But even if she is, you want someone working in your interest. How it is going to work if you make an offer, and she knows you are willing to go higher? She can't really run negotiations and offer unbiased advice to both parties since she'll have insight in to what everyone's bottle line price is.
    Definitely makes sense. Am I kind of screwed already since she already knows what we're willing to spend?
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    I would find a separate realtor. We've bought 2 houses and imo it is not a good idea to have an agent represent both sides. Conflict of interest.
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    #6
    If it were my position I would go with a different realtor, my mom is a realtor and while I know that she would go with comparables and make sure there was a fair price agreed upon by both parties I can't say that everyone is like that. If you don't know this person well or aren't comfortable with them then find someone else to go with and you're still giving your other realtor the commission on the sale.


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    #7
    Quote Originally Posted by BamaChica View Post
    Definitely makes sense. Am I kind of screwed already since she already knows what we're willing to spend?
    It doesn't help, but you aren't totally screwed, unless she knows specifically how much you are willing to spend on that house. Because even is someone's max budget is $150k, that doesn't mean they are willing to spend it for any house they like.

    Have you discussed price on that specific home with her?
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    Quote Originally Posted by villanelle View Post
    It doesn't help, but you aren't totally screwed, unless she knows specifically how much you are willing to spend on that house. Because even is someone's max budget is $150k, that doesn't mean they are willing to spend it for any house they like.

    Have you discussed price on that specific home with her?
    Not on this one, but we did with another that went under contract before we could move on it and we talked about $155 so that sucks. I did email her extremely excited about this one saying I like it better than the last one before I looked at the listing agent and realized it was her. There is really not much in the area that we like enough to buy. I honestly wouldn't mind the price if it were more in line with the neighborhood. We plan on renting out whatever we buy when we leave, so I really don't want to be at the top of the market with our rental price because we paid a higher price.
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    #9
    There is a relatively simple solution. Come up with a maximum price you would be willing to pay for the house, total, tell her that, but be prepared to walk away if the seller can't meet that price. If the house is 20,000 more than the others, and you don't think its worth it, than that is the maximum. The amount you are willing to spend on a house house may not be the amount you are willing to spend on THAT house.
    And in most areas which are not major metropolitan areas, we are in a buyers market.
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    #10
    Quote Originally Posted by Guynavywife View Post
    There is a relatively simple solution. Come up with a maximum price you would be willing to pay for the house, total, tell her that, but be prepared to walk away if the seller can't meet that price. If the house is 20,000 more than the others, and you don't think its worth it, than that is the maximum. The amount you are willing to spend on a house house may not be the amount you are willing to spend on THAT house.
    And in most areas which are not major metropolitan areas, we are in a buyers market.
    I don't know if it's considered major metropolitan, but we're moving to Memphis.
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