O.k.. maybe the Realtor has been told that there are multiple offers, maybe the comps would say, house is priced perfectly and you should pay the price or more to get the house. it may be worth it.
You generalize Edison realtors. Edison is hot. Has been a hot market and the inventory is thinning out. when a "good" house hits the market it is probably the Realtor telling you, well.. you missed 4 houses already, so if you want to buy one.. then get in the game. Why are you asking about a realtors code of conduct? Are you looking to file a complaint that your Realtor told you to go above asking to get a house, rather than bid low and be in competition with 5 other people, negotiate it up and possibly not get the house you want?
There is nothing wrong with being realistic with people. Prices are low. the market is moving like crazy and I have more disappointed buyers losing homes all the time. But of course, it is up to the buyer to decide what to offer. It is up to the Realtor to provide comps on the house and area to help the buyer make a sensible offer.
Explain a little more on what happened to you in particular to clarify what you think was done to you that was wrong.
â€œMost commissions are based on sales price, so the higher the sales price of the home, the more money the agents make. â€œ
Not really the motivation here at all. If you buy a house for $10,000 more than you wanted to offer and on a 5% commission, that is $500 more If you sold your own listing. If you sold someone elseâ€™s listing it is $250. Then the office split letâ€™s say the average 50% the agent will see $125 on an additional $10,000 increased offer. So letâ€™s say that money is not the motivation here.
Next, the worst thing any buyer can do is sign an "exclusive buyer agency agreementâ€ they are horrible. The document will lock you into one realtor and even if you go to another realtor, that guys waves the agreement in their hand and yellâ€™s â€œI GET PAIDâ€ "I GET PAID" not him. You signed an agreement. So people talk about money.. that document is all about money and the Realtor that has you sign it. money for that realtor. I would run if I were a buyer and the Realtor presented that to me.
There is absolutely nothing a so called â€œexclusive buyers agentâ€ can do to get you â€œthe best priceâ€ at the â€œmost favorable terms for a home. NOTHING. It annoys me that people talk about ethics and all this stuff when people advertise that they will get them more and better terms. Because they have a "tag line". Nonsense. Sellers want to sell their homes, negotiation is part of that and agreeing to a price for a home. The seller is not going to just give you the house for less or better terms because some guy says he is an "exclusive buyers agent". Just a bunch of baloney.
Find an agent that you are comfortable with and feel that you can trust, do your due diligence on the properties in the area and make a reasonable offer. Period. Your agent will be able to handle the negotiation and get you a great price on a home. Part of the reason is that I / we want your referrals. If you have a good agent that works on your side, then all should be just fine. You donâ€™t need a person waving a flag and yelling how they will get you the best deal, because the deal will be the deal. Buyers agent or dual agent. The numbers are going to be the same.
Buying a home is a great experience! Be smart, be educated and do your due diligence.
The realtor can only show you the facts of similar houses sold in past 3-6 months in similar area which is called as comparables. Based on which the buyer can decide to quote on the house. It also depends on several other factors as well.
If you need any further assistance, I will be more than happy to assist you.
If they give their honest and best advice after it has been requested it would seem to me they have done the right thing. There have certainly been situations where buyers must offer higher than list to get their contract accepted lately! If a property goes for over list and your Realtor did not advise you of that possibility then wouldn't you feel you did not get good advice?
If the agent your referring to are representing the seller, than it's their job to try to get more money out of the buyer. The agent is doing their job and doing it well.
The vast majority of Realtors are honest people, but there is a lot of confusion about buyer/seller representation and who works for whom.
The best place for buyers to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.
I've had a book published called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $7 you've ever spent.