Bsn, Home Buyer in 08540

What is my recourse if my buyers agent has been lying and manipulating my offers? I have seen some homes with her and even put an offer on few.

Asked by Bsn, 08540 Tue May 24, 2011

We made several offers through this agent but everytime were told of multiple bids. This time we were assured verbally that our bid had been accepted and on the day the contact was to be signed the agent told us that the home had another offer and if we were willing to pay the same price (i.e,$10,000 more) as the other person we would get the offer as the seller /seller agent liked our agent better. We declined and our agent came back saying that the owners feel we had better down than the other and was willing to negotiate with us ,rather than the so called other offer. In this situation what is our recourse ? do we have to take this agent to any other houses we have seen thru the agent. We know that we have be played want with and donot wish to take services. How do we ensure transpareency in our future dealings with any other agent?

Help the community by answering this question:

Answers

8
John Sacktig’s answer
BSN,

I understand what you are saying, but why would you think you have been played? I can't imagine that you are working with a Realtor that enjoys driving around showing homes and making things up just to enjoy your company on a daily basis. In today’s market/ economy I am sure that agents are doing everything that they can to help buyers buy a home as well as sell them.

Where does the mindset come from hat your agent is playing games? I am not looking to cause an argument, by how did the agent "play" you?

Taking you to see house, no pay, making offers, no pay, unsuccessful negotiation, no pay...
I am thinking that you are making unrealistic offers and a lot of time is wasted.. especially with no pay to your
Real Estate agent.. so who is being "played" here?

Unless, of course, you are paying your Realtor $25. an hour to take you to look at homes and write these offers.. yeah, then maybe you were played. Clarify a little further on how you feel you have been played….
3 votes Thank Flag Link Tue May 24, 2011
Good morning Bsn:

It sounds like you are being shown the type of homes you wish to see and bid on...Check, no being "played".
Then, you are being guided to make an offer that is in the top two or three....Check, no being "played".
You are informed quickly and in a timely fashion of what the sellers are thinking...Check, no being "played".
Agent also explains verbal counter offers so you may choose to change your bid...Check, no being "played".

Remember, the agent makes nothing if the loan doesn't close. I am willing to bet the agent hopes you find the perfect home at the perfect price, and you get to closing....Check, no being "played".
In terms of finding a new agent, if you have a buyer's agent agreement, that should spell out how to terminate your relationship with the agent, although from what you have said, the agent is not your problem.
Best wishes, Jim, 703 615 4675
1 vote Thank Flag Link Wed May 25, 2011
BSN,

I had a similar situation happen not once but three times in the last month or so, with the same client. First house, we saw several houses, waited a bit too long to decide to make an offer on it, and there were 2 other offers and a third on the way (ours would be 4th). Client passed. The house came BACK on the market on a Saturday, and I informed him immediately. Waited too long to decide on an offer price, house sold again on Monday. Second house, decided fairly quickly to make an offer and at first glance it was a very reasonable starting point. We wrote the offer, I called agent to ask to present it, and was told there were 3 written offers already, to come in with our highest and best offer (which BTW usually means fairly close to list if the comps prove it) because the sellers was not going to negotiate. My client only came up $5000, but we presented anyway. As predicted the offer was too low. Third house, same thing...three other offers. Again told my client that his offer would have to be highest and best. He gave me a number which I knew was now going to be too low, so I verbally asked the listing agent how my clients offer would fair up, and was told it was WAY to low.

Even in this so-called bad market, in many areas, a good house priced right will sell, and this is the time of year when this will happen again and again.

It's not in my best interest, or my clients best interest to "play" them when it comes to seling a house. I work hard, and only when a sale is made and closes do I get paid.

In fact, I showed this client a total of 32 houses in a months time. That's also my time researching listings, scheduling appointments, and my gas being used to show the houses. It's my time gathering up and writing the contract and all it's componants, and presenting the offer.

If you think your agent was playing games to "make more money", I don't think so. In reality the difference at 5% commission for a sale that is $10,000 more is $141 more in pocket. In my case, not a hell of a lot when I spent 20 hours showing houses and using my gasoline to drive all over the place.

In your case, the sellers had NOT signed your contract, though they verbally agreed on the sales price. But remember the seller wants to make the most they can, so when a second higher offer came in, they gave you the oppotrunity to raise your offer price to match it. When you wouldn't come up the $10K, the seller was STILL willing to negotiate with you. I don't see this as being "played" at all. The seller could have stuck with the higher offer and never given you the chance to negotiate once you declined to come up 10K. I see this as the sellers and their agent doing what they needed to do to try to get the highest sales price, but still allowing you to "meet them in the middle" once you declined the initial counter-offer.
1 vote Thank Flag Link Wed May 25, 2011
You have to understand that most buyers are looking for the same exact thing you are. The cleanest most upgraded home in the nicest area of South Brunswick that your budget will allow for the best possible price. With a particular home being the most desirable home in a certain price range, you will certainly run into multiple bids. This is very common.

Touching a bit on what john said, it's the goal of a buyers agent to sell you a home. Realtors are 100% commission. When a buyer says they want to make an offer, that's music to a buyers agents ears. If we make the deal, you are happy, agent gets paid and it results in a win win situation. If your agent doesn't make the deal, he will take you see more homes and you become frustrated.

My final thought? I highly doubt there is any lying or manipulation of your offers. There is no motivation to lie.
1 vote Thank Flag Link Tue May 24, 2011
Hi, unfortunately for many buyers these types of situations are real and do happen. You can request confirmation that your offers have been properly presented or even request to be present. it doesn't sound like foul play but I only know what you are telling me. If you are sure you haver been played with I recommend going to the agents principal broker and speaking with them. They can help with the situation or even assign anpother agent to you. If you haven't signed an "exclusive right to represent" contract with the agent you can dissolve your relationship at any time. The agent may argue that they were the procuring cause of the deal so you should speak to the broker about that as well and what your rights in your state are.

Chris
0 votes Thank Flag Link Wed May 25, 2011
It is very common in this market to have multiple offers on a home that is priced right, first thing is there is nothing binding if an offer is verbally accepted, any expereinced agent will not tell their buyers the offer was verbally accepted becuase it doesnt mean anything. If you are looking to switch agents, you need to end the agreement/contract you signed with the first agent. Depending on teh wording of that contract, even if released you may owe that buyer broker a commission if they introduces you to a house that you purchase from another agent. It is best to have an attorney review your contract if you dont understand it or if you are not sure.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue May 24, 2011
Hi Bsn, Laura (nice new picture Laura!) is right - just found myself in a multiple offer situation - 5 offers in total. Overpriced homes are sitting but well priced homes are moving quickly and often with multiple offers. I agree with Laura that a good next step would be to sit down with your agent to discuss your feelings. It can be a bruising and exhausting process - especially if you do not "win". But have faith, it sounds to me as though you are targeting properties that are priced well - you may need to be more aggressive on them - ie, move more quickly and more decisively.

I suspect that you are finding yourself in this situation rather than outright manipulation on the part of your agent. But if you find yourself in a situation where the trust is breached, then, again, talk with the agent and the broker/manager to discuss how to mend the situation.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue May 24, 2011
The situation you describe is common in today's market. If a home is well priced it's likely to get mulitple offers in a very short time.

Explain to your agent your feelings about what has transpired. If your still not happy with your agent's advocacy on your behalf ask for a release from any buyer's agreement you might have signed and move on.
0 votes Thank Flag Link Tue May 24, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer