Question Details

Ayo, Home Buyer in Germantown, MD

I do not trust my realtor (or buyers agent). Please read and advise.

Asked by Ayo, Germantown, MD Fri Oct 5, 2012

I do not trust my realtor (or buyers agent). My buyers agent just seems to un-invested in helping us find a home. I feel like I am doing most of the work, scouring the internet and riding different neighborhoods just to forward all of the results to him. Also he already admitted that he is an investor who owns and rents multiple properties. we have found the perfect property for my family, and now it seems like he is trying to turn us away. First we submitted an offer for the price listed and now he is saying there are multiple offers on the property (but) he says he doesn't know what the offers are??? We raised our offer a few thousand!!! Then, He says The listing agent for the property is not responding to any of his voice mails. Now he is saying he thinks it is headed into foreclosure (it is a short sale) And, also after our suggestion (only) it finally dawned on him that he should go over the listing agents head and contact the properties broker instead. Does anything seem shady?

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Answers

8
The answers below are legitimate. My suggestion would be to sit down with your agent and share your concerns before moving on. Today's market is very difficult, and even though your agents answers may not seem satisfactory - they sound just like most of the transactions occurring today.
If you don't feel comfortable after your meeting with your agent - then move forward - but I believe sharing your concerns with him may bring you better results.
0 votes Thank Flag Link Fri Oct 12, 2012
First of all, if you do not feel warm and fuzzy with a person you choose to work for you, cut them loose! With that said, as an agent trying to get an offer in on a bank owned, short sale or foreclosure takes perfect timing. You have to be ready the minute the property has shown signs of going into distress. It can be a waiting game once your offer is submitted and with no communication from the listing side. Most of the time the listing agent is in the same situation with not really knowing where things stand.
Feel free to always check with the Broker in charge if you have any concerns....the Broker in charge is working for you too!
Good luck!
0 votes Thank Flag Link Fri Oct 12, 2012
Hi Ayo

Seems like there are 2 issues going on here:

1) The handling of this particular offer - It seems like your agent is doing everything he can, but like other replies below, it may be out of his/her hands now. When there are multiple offers on a property, the listing agents tend to get 'sloppy' and tend not to be too engaged. This scenario has the added disadvantage that it is dealing with a bank, which in many cases is slow to respond and tends to keep buyers in the dark. The amount of the other offers are never revealed. I suspect your agent is getting the run around on this as well.

2) Your personal experience with your Realtor - This relationship between buyer and Realtor is one built on trust. You should feel very comfortable with your Realtor, his/her knowledge and expertise and ability to negotiate and close the deal for you. Your Realtor ought to be professional, caring and listen to your needs. It is very important that you get along and have fun in the process as well. If you cannot say this about your current Realtor, don't be afraid to change agents. Many people change agents until they find one they are comfortable with. If this is the route you choose, talk to the Broker of the Office first, and get a termination of buyer agency in writing. (Offcourse, you should use this agent for any homes that were shown by him/her)

Best of Luck Ayo!

Nick Gandhi
Equity Capital Real Estate
(203) 280 3838
0 votes Thank Flag Link Fri Oct 5, 2012
This sounds like standard operating procedure for multiple offer situations. The listing agents are often difficult to reach, don't give out any information. We, as buyer's agent, are never privy to how much the other offers are for.... that just wouldn't be fair.

Short sales are notorious about leaving us in the dark... and contacting the property broker (or asset manager) of the bank will often lead to a brick wall. That's why they hire real estate agents to represent their properties... they don't want to talk to buyer's agents.

Doesn't sound like anything shady... I think your agent is being tainted merely by the process. Doesn't sound like he's done a thing wrong.
0 votes Thank Flag Link Fri Oct 5, 2012
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
If you are unsatisfied with your agent, contact his/her broker owner, and or, office manager and express your concerns, then go from there...
0 votes Thank Flag Link Fri Oct 5, 2012
It is likely that everything the Agent said is absolutely true:
When a LISTING Agent has multiple offers; they tend to be busy, and inconsiderate, (in equal measure).
We do not see the level of kindness and responsiveness that our generation grew up with.

The LISTING price is not the "automatic" buying price; it is likely a "come-on" price, designed to attract multiple offers.

You are concerned with him LISTENING to you; but you should be listening to him; it sounds like he knows what he is talking about.

It also sounds like this house is gone, history, off-market: Go find another house you love and try again; that is the nature of the market right now. Don't blame your Agent for that.

Good luck and may God bless
0 votes Thank Flag Link Fri Oct 5, 2012
Hi Ayo,
Yes, it is true that the listing agent cannot disclose the dollar amount of the other offers. He can only state that he has other offers if your agent inquires about it.
If you are dissatisfied with the service you are receiving from your agent then have a discussion with him about it. If you then are not satisfied with his response then I suggest speaking to his Broker (office manager) about it. Perhaps the Broker will assign you to a different agent in the office who can better serve you and who you will feel more comfortable with.

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Oct 5, 2012
Sorry you are having difficulty with your Realtor®. However, it is definitely not disclosed what other offers are on a property. There may be a few gray areas here but only one side has spoken here. If you are uncomfortable with your Agent, possibly discuss severing your agreement. Best of Luck!
0 votes Thank Flag Link Fri Oct 5, 2012
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