Your agent works for you and has to follow your instructions. In essence, you are negotiating with the listing agent; your agent is the mouth piece. I suggest you put your offers and counter-offers in writing and instruct your agent to present it to the seller's agent.
Yes your agent is suppose to have you write your offer, provide a pre-approval letter, have you sign the mandatory agency disclosure, hopefully have a singed buyer agency agreement with you and get a check from you and submit it to the sellers.
However it is not uncommon with GOOD agents that have a good relationship with other agents to bounce off offers knowing that in this sellers market it would not fly. Hopefully getting a better sense of what it will take to have your offer considered seriously and or get a counter.
If you think we sit down, in a smoke filled room, putting our guns on the table and don't walk out until the other guy is crying; you got another think coming.
The appropraite definition of a good sale is where the Buyer would have been will to pay more, and the Seller would have been willing to accept less.
Anyone who doesn't buy into this, would not make a good Client, much less, a good negotiator.
How is it that you know your agent isn't a top notch negotiator? Could this be more of a "control" issue for you, feeling that no one will be able to do the job you could?
The fact of the matter is that most agents know the importance of keeping customers removed from the process. We have all see what can happen when the two parties get together unsupervised and it usually just complicates things.
Consider this approach. You and you agent collaborate to arrive at a defendable purchase price to begin your negotiations and then create a cover letter to be presented with your offer that explains in detail the justifications for this amount.
The reality here is that both you and your agent do the negotiations together. Yes, this means coming up the rationale that supports your case. Don't be misled by someone being a nice person....there's no connection between this and the true ability to negotiate. Remember the expression, "You can't judge a book by its cover?" Well, here it is........
If you are my customer, you are involved as you should be, BUT in the back seat! Regardless of what anyone thinks, real estate professionals can negotiate!
All this is very important as you want to get the best price and have a good negotiator.
So, Talk it over with the agent, ask them questions like... What's the plan? How are you with negotiations? You may even communicate your thoughts and wishes.... If you don't have confidence in your agent, You have a very serious issue and should consider all your options.
The negotiating is part of the agents job.
There's not a Realtor alive who can make their client do anything they don't want to. If you've been told that the Sellers bottom line is "X" and you aren't willing to pay it; that's your prerogative, but it has nothing to do with your agent. If you've offered yor best and final price and the seller isn't interested, that's their prerogative. They may be foolish, (I have no way of knowing) but again that has nothing to do with your agent
My advice is let your agent handle the negotiations and stop trying to second guess them. Also understand the market, which is definitely favoring sellers in most areas of the country and certainly in your area.
Each agent has there own way of getting the best situation available for their client. In this market there is little room for negotiations if any.
Price is dictated by two issues, how the market perceives it and how motivated the seller is.
If it is price that is important to you then the home you are looking at may not be right for you or the seller has not had enough time to see the reaction of the market.
But if it is right then a few thousand dollars( 5,10, 20k) won't make a difference especially with these low interest rates.
The only way the listing agent can TRULY negotiate a price with you is to have you submit an offer and then he/she has to present said offer to seller for seller to decide if they will accept it.
A verbal agreement to sale you the home at a set price means nothing
Sounds like you have ahead working agent already. The market right now favors sellers. Do not think your agent is not up to speed just because an offer has not been accepted yet.
Best of luck to you!
Kawain Payne, Realtor
What does representation means? Both parties are being represented in your case. The agents are the channels in the transaction. There are many, varied and good reasons why agents act as the clients' liaison and advocate in the transaction
Have you had a discussion with your agent and instructed him/her to present your offer in writing?
There may be a lack of communication between you and your agent. Lack of communication or no communication could have been the biggest problem.
Open up to your agent. He/she works for your interest. Trust goes both ways. It is a key factor to a successful relationship and eventually, a successful transaction.
There is a saying in real estate, with a verbal offer you have nothing but hot air, with a written offer you have a prayer.
People go without buyers agents because they feel they may get a better deal, in reality it is the opposite, that you will get a better deal with a buyers agent, at least you will have representation.
Now that you know your offer was unacceptable, give your buyer agent a higher offer or wait for the seller to lower the price.
If not move on and either find a home you love and are willing to pay a premium for, or find one that meets your price but may not be ideal, or hopefully you can find one that meets both your price and you love.
Hmmm. I never really thought about that before, but I suppose that since there are no rules against it, it probably is OK. I know that Larry Tollen speaks for me - I absolutely don't want to hear from a buyer directly when I'm the listing agent. I wouldn't take your call!
But, you ask, is it OK? I suppose it is.
All the best,