Home Buying in Brooklyn>Question Details

Mikeindy, Home Buyer in Brooklyn, NY

What resources are available to review a real estate agent? Our agent was not helpful at all, but we are stuck with her...

Asked by Mikeindy, Brooklyn, NY Tue Jan 18, 2011

Every step of the way was painful. Now, she is about to kill our dream. The apt appraised under value(not her fault), but she should be able to re-negotiate for us, right? instead I feel like she is only out to increase her commision. Can I contact the sponsor's agent directly? Our bank has sent out 2 appraisers both with the same result... What can we do besides walk away?

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16
Sorry you are having problems, have you spoken to their broker?

In some instances property owner can't sell for less DUE to amount owed. UNLESS the property is a short sale,

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Feb 25, 2011
If the apt does not sell then the agent has earned zero so it highly unlikely she would stand pat and lose a commission. Negotiating is an art but we really need to know what the difference is between the appraised value and the offering price is.

Remember if negotiations fail you can still get the apt (if you still want it) by increasing your downpayment. If additional funds are an issue do consider things like tax free gifts from parents to children etc to make up the difference.

Best of luck.

Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 (David’s Cell)
646-318-5031 (Bonnie’s Cell)
e-mail: davidrogoff@fillmore.com
0 votes Thank Flag Link Fri Feb 25, 2011
You can simply go down to her real estate office and speak directly with the broker owner of the office to discuss your situation.

But if you're having an appraisal then you are already in contract. You may want to ask your attorney to make a call to the seller's attorney to see if the negotiation can take place that way.

Also, you need to know if the owner of the property is willing to drop the price to the appraised price because it may not be the agent's fault.


I hope this answer helped you.
Web Reference: http://www.RhondaHolt.com
0 votes Thank Flag Link Thu Jan 20, 2011
Well, Mikeindy, what kind of available information do you think would have warned you about this agent?

I do understand your feeling here, but there are some things in life that you just can't prepare for.

Some really excellent agents have problems communicating with some clients some of the time, which is what usually makes for a painful journey. But consider this - your agent knows that there is no commission if there's no deal; do you really think she'd rather see the deal fall apart than negotiate with the sponsor?

Negotiations, however, are a two-way street, and the fact is, if the seller won't budge, the seller won't budge. Same goes for the buyer.

I'm wondering, though . . . doesn't the sponsor have a preferred lender? Let's face it, Mikeindy, the sponsor wants to sell units, and if you're still willing to pay the price you offered, maybe it's up to the preferred lender to provide the financing.

All the best,
0 votes Thank Flag Link Wed Jan 19, 2011
Mikeindy,

I do not want to Bad mouth anyone. Especially another Agent, based on partial information.

But, even if you signed a "Buyers rep. agreement" you are really only bound to the Brokerage firm. If you have good evidence of an agent failing to perform as your fiduciary or is clearly not making an adequate effort on your behalf, you may go to the actual Broker for whom the agent is the Agent of...

An Agent IS NOT NECCESSARILY A REALTOR . iI would reccomend only using an actual REALTOR.

The Appraisel is out of the Agents hands of course. There should have been an appraisel contengency in your contract to protect you. But, noone can force the seller to lower the price to meet the appraised value. If your "Agent" is not making any effort to get creative on your behalf, then go to His/Her Broker and/or release them if nothing can be reconciled to save your relatioship...

Maybe you could step back and take a couple of deep breaths, talk to the Broker and work this whole thing out.

Who knows, maybe Fate is trying to intervene and save you from something your not able to see at this time!

Good Luck!
0 votes Thank Flag Link Wed Jan 19, 2011
Many instances a seller CAN NOT NEGOTIATE the sells price for following:
1) Pay off remaining balance mortgage
2) Taxes
3) Closing costs
4) Realtors fees
5) Insurance
6) Repair request if any
7) Moving costs
8) Any other miscell. fees.

It could be listing agent WAS NOT FAIR to property owner DID NOT do their job by interviewing and obtaining all facts in order to list home. If the home DOES NOT APPRAISE for list price OR more seller CAN'T sell the property. IF so then seller should need to petition the bank request for short sale approval

We decline NOT LISTING a home if realize seller home does not comp per what their entire pay out be

CLOSING STATEMENT: It may not be your buyers agent fault. Once a property is over valued difficult for any seller change their mind lower a price THEN COME TO TABLE with $$,$$$

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Jan 19, 2011
Mike,

You are missing the big picture......if the agent is holding out and trying to increase her commission and the deal fall through......what's her commission. ZERO, and she loses as well.

Consider working with her, not against her.....
0 votes Thank Flag Link Wed Jan 19, 2011
Firstly check with a Profesional organization, in Brooklyn, with Brooklyn Board of realtors. Not every licensed Real Estate Brooker is a Realtor.
Then interview the broker before hiring.
How long is he/she in business, how many listings he/she had/has in the last 6 months? Is he/she a member of the local MLS?
Web Reference: http://Www.cbshayovitz.com
0 votes Thank Flag Link Tue Jan 18, 2011
You are not stuck with your agent under any circumstances, if an agent fails to meet your expectations you may release them from any contractual agreement. If they play hard ball with you, you may contact the national Association of Realtors and explain the circumstances and they may be able to assist you further.
Are you under contract to sell your home or to purchase one? Feel free to call me 917.374.4295.
0 votes Thank Flag Link Tue Jan 18, 2011
It doesn't appear to be your agent's fault, the real problem appears to be the appraisal--Did you ask your agent to renegotiate based on the appraisal--if so and if unsuccessful, keep in mind that the seller makes all decisions and really is under no obligation to meet the appraisal price--what is your attorney advising and did he/she discuss this issue with the seller's attorney...you can also discuss any of your concerns, with your agent's broker owner, and or office manager--one could ask to be assigned another agent from within ....If the seller is not willing to lower his/her price, if walking away is not an option, consider adding more money down...
0 votes Thank Flag Link Tue Jan 18, 2011
Dear Mikeindy:

The seller has no obligation to renegotiate, but as you said you can walk away. Another option if you did not want to walk away would be for you to increase your down payment amount to salvage the deal. If you are upset with your agent I would suggest that you speak to the broker at the agent's office to see if he or she can help you further. Reiterate that you have friends and family members who are also going to be looking to buy and/or sell property, this will motivate the broker to help you.

I also want to point out that most agents simply want to make a deal. A difference of $10,000 to $20,000 on a sales price has very little effect on the amount of money the agent will make (it may amount to $150.00 to $300.00 difference). If the ultimate commission they would have made was say $6,000.00, the agent would be very happy to walk away with $5,700.00 and salvage the deal rather than have the deal falter and then make nothing!

Given that you have already done the appraisal, I would assume you are in contract. If this is the case, your lawyer is the one who should be helping you out right now via communication with the seller's attorney. If your deal falters, you may want to work with another agent based on the obvious lack of professionalism that you mentioned in your question. Either way I wish you the best. If I can be of further assistance please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Jan 18, 2011
It's not your agents fault. The agent can only suggest the seller lowers the price but the seller can't be forced to do so. The decision is made by the seller not the agent. If you don't wish to make up the difference in cash you can walk away. This is upsetting but its not uncommon. Sorry and good luck.
0 votes Thank Flag Link Tue Jan 18, 2011
It seems the issue is the appraisal! Is the agent a buyer rep? If not he represents the sellers best interest. Either way she can show the seller the appraisal, and maybe suggest to the seller to call in another appraiser in to justify the other 2. If the seller wants to sell the property has to appraise!
0 votes Thank Flag Link Tue Jan 18, 2011
DISCLAIMER: I work in a different jurisdiction and laws vary greatlly.
If the seller refuses to drop the price to the appraised value, and you must have that specific apartment, you can come up with the difference as a down payment. The seller cannot be forced to drop the price, and if he doesn't and you had an appraisal contingency then the deal is essentially dead and you are no longer tied to that agent unless you signed a buyers representation agreement.

All contracts I write have an appraisal contingency and if a property doesn't appraise I would do an addendum changing the price to the appraised value to see if the seller will accept. As far as increasing her commission, here seller's pay that through their listing agreement to their listing agent and the listing agent cooperates with the buyers agent and the buyers agent usually doesn't have any control.

I wish you good luck.
0 votes Thank Flag Link Tue Jan 18, 2011
Before you go reviewing an agent because of an appraisal, bear in mind that your agent can only do so much in this case. Most times there is a middle ground that can be had, but the reality is that many buyers do come out of pocket to cover the extra cost of buying a dream apartment. If that's not the case here, you do have the right to walk away, as the mortgage contingency will protect you.

Your other option is to move to another bank. Granted, the result may be the same, but since you're starting fresh you'll never know. Your agent isn't just looking out for her commission. Keep in mind that the lower appraised value is probably her taking a haircut of pennies. She is absolutely out there to make a transaction happen, and I think you should give her another opportunity to reevaluate the situation and offer suggestions. Perhaps you should ask her what your options are at this point.
0 votes Thank Flag Link Tue Jan 18, 2011
Please ask your Realtor to renegotiate the deal. If you do not feel she is capable, certainly approach her Broker and ask the broker to step in or assign you a new agent in the office. The two agents can work out how the compensation can/will be portioned out.

If the seller is not willing to come in at a price that is mortgageable, you can 1) put more cash into the deal or 2) find another apartment. I am not sure that there are any other choices available.

If you do not get any satisfaction out of the brokerage you are dealing with and have not signed a buyer broker agreement, you have the right to hire someone else who can bring the deal to closing.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Tue Jan 18, 2011
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