Pathmasiri, Home Buyer in Marina del Rey, CA

Sorry, I mean to say Sellers Agents and not Buyers Agents.

Asked by Pathmasiri, Marina del Rey, CA Tue Mar 26, 2013

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Guy Gleason’s answer
HI Pathmasiri

i figured you meant sellers agent.
me being a listing agent ( sellers agent ) here is what i know .
Inventory is scarce right now,,so the element of "supply and demand" is a driving force to raise prices, there are some very big fish out there as far as investor groups and individual investors who want to pay all cash and scoop up properties and either flip or buy and hold for awhile.
I recently had a listing in Bellflower, short-sale, and got 9 offers all cash within 48 hours.
So with that, it becomes a bidding war..................
sort of like a foreclosure auction somewhat, so as a listing agent, if yoiu have 5 offers at all cash full list price AND the investor wants you to represent both sides ---meaning the agent can double his commish..............that is hard to turn down...
so then the listing agent might get back to other offers that are close and ask if they want to go higher.

this is the current game out there.

hope this helps

Thanks
Guy Gleason
Equitable Real Estate Group
1 vote Thank Flag Link Tue Mar 26, 2013
@ Guy - It's great to give an honest assessment of what's going on, but making statements that you're giving priority to offers where you can double end the deal isn't a great thing to do on a public forum, especially since it is the seller's decision in the end. Where is the seller's input in the offer selection?
1 vote Thank Flag Link Tue Mar 26, 2013
I agree with you and what you are saying.............all of my listings are short-sale listings....thus technically it is the bank that is the seller........and i failed to mention that i do short-sales.
so i apologize for the missing information...what i wrote is what I have observed in my dealings with listing here in Los ANgeles, and i never cut someone out, or do behind the back stuff or play against the other offers........and i when other agents say "what is the highest offer you have and i will beat it by $1000 " i tell them it is unfair to the others that have sent in their offer and thus i CANNOT Tell you. I hope this clarifies things a bit and thanks for the advice on Public Forums...Take care
Guy
Flag Wed Mar 27, 2013
good assessment of the comments......bravo!
Flag Tue Mar 26, 2013
@ Guy, thanks for your honest feedback. I also think that this is the on going "game" here in Los Angeles. To me, this is very sickening like others have pointed out. I have worked with Agents in Canada, New Jersey, Orange County, CA and now LA. I have never ever seen this kind of unethical deals whenever I try to buy a home. The most unethical thing in this "game" is taking my offer after a counter offer then take my offer back to another buyer and get up their offer. Someone is right that the Seller probably doesn't even know this game so Agent can give the offer to his client who is also represented by the same Agent for a lower price because he get doubled the commission.
0 votes Thank Flag Link Wed Mar 27, 2013
You will get more thoughts and opinions if we were all in on the whole question.
0 votes Thank Flag Link Tue Mar 26, 2013
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