You can present your case directly to the seller, the agents can sit back and watch, and you have your agent there, just in case you have a question.
Sounds like you might be a tougher negotiator than many people are! Good for you! Keep in mind that your agent is supposed to be working for you, and you can certainly ask to talk directly to the listing agent if you feel that is in your best interests. (remember that the seller may want to NOT be as involved and ask that you present the offer to their agent.)
Assuming that your agent is experienced, I would give him the benefit of the doubt and ask if there is some reason that he feels that offer is inappropriate. He may be working harder for you than it seems at first glance, and be able to explain why he is hesitant to make the offer you suggested.
If you don't get an answer that satisfies you, or if he is a newer agent, you might want to talk to him WITH his broker. The broker has many years of experience AND has the responsibility to oversee the agents in his/her office. That should get you some satisfaction, and hopefully a sucessful buy :-).
Thanks for asking. Hope that you are able to sucessfully complete this purchase and enjoy your new home.
If you feel that you can negotiate better than your agent, it's fine just make sure that he is still involved in the transaction. Have him/her arrange a meeting directly with the seller's agent or better yet, with the buyer! There's nothing wrong with it and who knows, maybe his expertise in the business will come handy. After all, he was the one that presented the business opportunity to you right? So give him a little bit of credit. Good luck in your new home purchase!
Team Thayer Keller Williams
I would strongly suggest that you go to this agent's managing broker (call his main line at the office and ask for the manager) and explain the situation, fully, calmly, and with any dates and documentation that you might have. Tell him/her that you'd like the manager to replace your agent with another agent from the office who WILL work hard for you and help you obtain this property, without denigrating your idea of the value of the home. If the manager can do that, it will resolve any procuring cause problems, because the office will deal with that issue internally.
If you'd rather not deal with the same office, you can fire your agent now, and go hire a different agent.. Make sure to explain the entire situation with this new agent and the managing broker of that office. The two different offices will have to negotiate some arrangement regarding which agent gets paid, and how much... but that too, should be internal, and not something you need to worry about.
It may also be that you do not realize that the listing agent is looking out for the best interest of HIS client- the SELLER, and is trying to get the very best deal he can for the seller. If you choose to go directly to the listing agent with your information and offer, you may be giving away your own negotiating position. I don't think that is your intent.
Good luck as you find that special home.
Hope that helps
Better yet, don't trust their own agent, who is looking out for their own best interest, but want to go thru the listing agent, who is looking out for the SELLER'S best interest.
In reality, how much more or less do you think they would get? I do a great job for my buyers and from that, I get referrals. If I try to make them pay, let's say, $20,000 more for a place, first, it has to appraise if a mortgage is involved, second, it only makes me a few hundred more. It is not worth it in the end. Any agent that thinks it is will not be around very long. I will take more referrals over a few hundred any day!
Have your offer in writng along with evidence, supporting documentation, that you are financially able to meet the finacial requirements of this deal.Make sure your offer is not binding for at least 5 days and requires your ATTORNEYS review before it becomes binding..
After you meet with the seller talk with your agent and any others you respect etc., however don't be penny wise and pound foolish and forget to involve an attorney who specializes in real estate transactions.
In reading your posting I a sense a level of frustation that may cause you to act impulsively remember at the end both parties will agree or disagree and probably never see each other again.
Stay cool, use your agent, but seek competent legal advise before placing your signature on any binding offer.
Good Luck and if this isn't the right deal continue to look for the one that is.
We DO need lawyers to use their knowledge and skills.
We do NOT need agents. You will still have to spend time processing the offers, looking for properties, figuring out the price to bid at, scheduling the viewings, examining the properties.
In my case, I had to find the property I wanted to lease myself, without the agent's help. The agent scheduled the viewing. The agent did the paperwork. She got 50% of monthly lease for that. Then she delayed the closing arrangements to the last week before possession.
If you can read and write and do business, do NOT hire an agent.
If you want to make an offer at 86% of listing, by all means go for it with your agent, and tell your buyer's agent my following anecdote. The first firm offer for real estate I ever tendered in my life was way back in 2002 on a tragically rehabbed trinity just off 3rd street (it was all fine and cute except the kitchen, with low end Home Depot cabinetry hung crooked, and open holes into the crawlspace) They asked 138K, I offered 100K. The BRT website showed me they had bought within the year for well less than that, unless it was a total junker and they had spent for structural work, I personally found my offer to be entirely fair. My agent was worried that would be insulting; the next day the seller's agent said "that's insulting" and a month later (after I had a different contract working) the sellers agent came back and asked my agent if I was still in the market. So I guess it wasn't insulting so much as the market telling a deluded dude what his property was worth. Stand by your guns, you know what your offer and limits are, and it's not so much your agent wearing down the buyer in this negotiation (I don't know what you are expecting in terms of "negotiating" from your agent - you are the alpha and omega for the entire offer, and your agent gets to deal with the photocopying and the phones and correct language for you) as you having a live, 3-day-to-expiration written cash money offer ready to move and get the moneypit off their hands. You should offer them speed and no complicated contingencies if you are lowballing, but the dollar amount is entirely in your control and don't let your agent tell you otherwise.
Your agent is making 3% on the deal, if this really offends you, keep them and ramp down to 81% and move forward with your life. It can be up to the seller to ask the two agents if they're willing to take a haircut to close the deal.
However, you are not paying your buyer agent anything and your buyer agent is looking out for your interests. If you feel he or she isn't contact his or her broker and discuss why you feel your agent isn't performing or protecting your interests.
Your agent should be helping you and counseling you throughout the entire process. Have faith in your agent if they are worth their weight in salt.
A realtors job is to represent his or her clients. And when you have a dual agent it is not always the best option. Do not get me wrong, there are plenty of agents that can do a great job representing both, however it is always the better option to have your own representation. That being said, your realtor will be able to negotiate for you only. If you went through the sellers agent to do everything, they are not only representing you but also the seller, which some people do not like. In addition, if you have signed an exclusivity contract with your agent, they can technically collect a commission no matter if you use them to make the offer or not. Bottom line, if YOUR realtor shows you the property, it is in your best interest to use them.
In life you can do what ever you want, just as long as you can deal with the consequences. Without getting too long winded, it's unfortunate that you don't feel this agent has anything to bring to the table. A good agent can help guide you through the process because no matter how educated and knowledgable you think you are with buying real estate I guarantee you there is an Realtor out there that knows a heck of a lot more. It sounds like the second agent might be a better fit for you.
Whether you decide to use or not use your agent in the transaction you might not have a say whether they get to collect a commission on it. My guess is that the agent can already state a claim for "procuring cause" because they did show you the property and you showed a subsequent interest. Also if you signed a buyer broker agreement with that agent they might still come after you for the commission if you buy the property.
This has the potential of getting ugly quick so here is what I would do:
Contact the agentâ€™s managing Broker (the manager of his real estate company). I would only deal with this person directly. Explain to him/her that you didnâ€™t feel the agent was following his fiduciary duties to you and you are extremely unhappy with his performance. Tell the broker you are still interested in the house but do not want to use that agent. Here the Broker might recommend using another agent in their company. If you truly donâ€™t want to work with that company any more just let the broker know and that you will also like to be released of any financial obligation to them or their agents. If you signed a buyer broker agreement I would ask them to cancel it.
Generally one of the big things a buyer's agent brings, is their ability and experience in negotiating. Obviously you don't feel your agent brings that or perhaps you feel like you could negotiate better than your agent ever will.
Once again though, why did you use an agent in the first place? Seeing how you are on trulia, you already know where to look for houses on the market, so you don't need an agent to tell you what's available. So, what did your agent have to offer that made you decide to work with one?
Regardless, if your agent still gets paid (ie. you just want to present an offer yourself, but don't fire your agent) you should be able to do it (even if your agent will wonder why you'd want to do it) if you fire your agent and go directly to listing agent (who will love you, twice the commission for them, though more work) then there might be some problems since your agent showed you that house, so they may have some objections to not gettign paid as they acted as a procurring cause (this depends on your state and a number of other factors)
You could be "short-changing" yourself by not having your Buyer's agent assist you in your purchase.
You may be feel that it is an overwhelming process, but that is exactly why you would want to have your agent by your side.
I have in the past had face to face negotiaions on properties if the Buyer or Seller wished to do it that way. There is no right or wrong way to do it. Just have your agent clarify with the Listing agent that you wish to have negotiations taking place that way.
I just had another agent give me all her Buyer's terms "verbally" the other day, as they wanted to work things out, before putting it on paper. We got things worked out, and now have a written offer in hand. Whatever works for the situation.
Good Luck to you.