Home Buying in Montana City>Question Details

Montanamaven1, Home Buyer in Plano, TX

We made two signed offers. Only got verbal counters. Agent lives two doors from listing and wants to keep prices up. What do we do?

Asked by Montanamaven1, Plano, TX Mon Feb 7, 2011

Help the community by answering this question:

Answers

5
Doc & Ellen Stephens’ answer
Sounds like you may be trying to represent yourselves and dealing directly with the Listing Agent. His job is to get the most money possible for that home and to protect the interests of the Seller. If that is the case, you are simply a customer, not a client. You need someone to look out for your interests.

See http://www.trulia.com/blog/ellen_doc_stephens_realtors/2010/… for a complete discussion.

Contact me if you want to be introduced to a strong Buyers Agent in Plano.

Doc Stephens, REALTOR
Keller Williams Realty
San Antonio, TX 78230
Web Reference: http://TellEllen.com
0 votes Thank Flag Link Tue Feb 8, 2011
BEST ANSWER
I have several questions... Is the Listing Agent acting as a Dual Agent (representing both you and the Sellers)? Have you given him/her written Dual Agency Approval? I would encourage you to do several things.

1. Get separate representation from another Real Estate Agent.
2. Get written counter offers on responses from the Seller (price, earnest money, closing date, etc)
3. Have your Agent show you comparable sold & active listings to determine the appropriate value of the property. The Listing Agent should not be dictating the Selling Price of this home, no matter if he lives in the neighborhood or 2-miles away.
4. If you continue to be stonewalled by this agent, contact his managing broker and file a complaint to the Local Realtor Association.
5. Make sure you have a reputable real estate attorney to represent your interests.

Best of luck,

David Jaffe-SRES, CDPE
Realtor-Coldwell Banker
0 votes Thank Flag Link Mon Feb 7, 2011
It sounds a bit frustrating. As you probably know, sellers are not required to respond to offers. If an offer is lower than they want to consider, oftentimes it will just be ignored. But if it is somewhere in the realm of 'reasonable' (in their opinion) they will typically respond.

Your agent is required to look out for your best interest and should be communicating closely with the sellers' agent (who is looking out for the sellers' best interest) and should be keeping you apprised of the situation. I've seen some counters done verbally when the two parties are zeroing in on final price and terms, but these really must be followed up with an actual written counter-offer. I think Realtors don't really have any control of neighborhood pricing. We use our best professional judgment and give recommendations based on a number of characteristics. It is up to the sellers to actually set the listing price. It is the final negotiations with the buyer and seller that set the actual sales price. Good luck!!
0 votes Thank Flag Link Mon Feb 7, 2011
This is a most unfortunate scenario and one that isn't a stranger to the real estate scene. This may be a simple conflict of interest that needs to be addressed by you or the agent's broker. Try contacting the broker to get their take on the situation and how they plan to resolve this before changing agents and agencies.

Stand your ground.....if their worng, they'll come to accept the marker...sooner or later.

Good luck,

Bill
0 votes Thank Flag Link Mon Feb 7, 2011
Find a better BUYER agent !
0 votes Thank Flag Link Mon Feb 7, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer