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James R. Bre…, Other/Just Looking in 47150

We feel our Realtor is trying extremely hard to sell us a property rather than represent our best interests.

Asked by James R. Breslin, 47150 Sat Jul 18, 2009

We asked to make a counter offer to our first offer counter offer, so the sellers would see the number they countered with which would psychologically emphasize that we were not that far apart. Our Realtor wrote a new offer instead & then tried to get us to bump the offer without talking to the selling agent. Are counters to counters illegal or something?

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Jody Jones’ answer
James,

No, a 2nd or even 3rd or 4th counter offer to the original is not illegal. If I understand what happened correctly, your 1st offer was rejected outright and the sellers did not choose to counter your first offer? If so, your agent would have to write a new offer. It sounds to me like your agent is doing everything exactly right, you just need to up your offer price, because the sellers rejected the first offer. Oh and trust me, I have seen and heard of deals going out the window for as little as $3,000 difference in price. The sellers are tired of being beat up on prices and the buyers are still thinking they are going to get a good deal for nothing. (not necessarily saying that is your case, just in general) Good luck with it!
1 vote Thank Flag Link Sat Jul 18, 2009
BEST ANSWER
James:

The line of offers and counter offers is a bit confusing from your description, but the law as it relates to agency duties in Indiana is not. The law makes it very clear what an agent's duties are to his or her client.

1. Obedience - do what you say
2. Loyalty - loyal to you exclusively
3. Disclosure - tell you about issues with the property that they're aware of
4. Confidentiality - don't tell anyone anything that might compromise your negotiating position without your written permission.
5. Accountability - make sure you know where the money's going and how it's disbursed.
6. Reasonable care - be careful with how he or she deals in the transaction.

Unless and until your agent has failed to do one of those 6 things, they're operating according to the Indiana Real Estate License Law's requirements as an agent.

(By the way, I am not an attorney. Take my opinions as such.)

Good luck, and I hope your deal works out!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group
joe@macduffrealty.com
0 votes Thank Flag Link Sat Jul 18, 2009
Counter to counter is fine as many times as need be. I am assuming that your realtor was trying to clean things up for you. If you get an accepted offer your lender will not want to deal with a purchase agreement that has 1-2-3--4 counters with it. That leaves much room for error. Most lenders will ask you to clean the offer up before they will proceed and your Realtor apparently knows this. There a many many people that have to touch your loan before closing and there is a lot less confusion if they are only looking at the purchase agreement instead of the purchase agreement plus three or four counter offers. A purchase agreement and 1-2- counters not to bad anything more than that you will more than likely be ask be clean it up a bit before the lender will proceed. Good Luck
0 votes Thank Flag Link Mon Jul 20, 2009
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