marcoslbc, Real Estate Pro in Long Beach, CA

whats going on with my realtor is it that way or what

Asked by marcoslbc, Long Beach, CA Fri Apr 19, 2013

i am confused my realtor did a open house on a home.they are asking $319,000.i offer $345,000 and for they to pay closing cost.1 day later he said someone beat me they offer to pay their own closing cost.that is where i am confused.isnt he supposed to me on my side and tell me that.that way i could offer a better bid?was going on.

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This question was asked from this property: http://www.trulia.com/property/3030159170-529-W-4th-St-Long-…

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9
Sounds like your realtor is the listing agent as well as your buyer;'s agent.
(since you said he did the open house)

The agent can not give you details of the other offer, such as the amount they offered or the terms. He can say if it was a full price offer or not, but not more than that.

It would have been nice if you at least got a counter, then maybe you could have increased your offer, and take away the request for closing help. It is up to the seller to decide which offer they want, as well as which ones to counter.

In a seller's market like the one we are in now, sellers are not likely to pay any closing cost. Offers asking for closing cost help will not be favored in most cases.

In my opinion, your seller did nothing wrong.

Try and stay positive, and keep in mind it will take several offers before you get one accepted.

Best of luck to you!
Kawain Payne, Realtor
0 votes Thank Flag Link Thu Jun 13, 2013
marcoslbc,
welcome to the sellers market.
As a realtor, I am frustrated when my clients offer get rejected.
Before submitting any offer it's best for the selling agent to talk
to the listing agent and try to figure out the best offer. If it's a multiple offer
situation, usually if my client have money, I will advice not to ask for closing cost,
after doing my due diligence will advice on best price, shortest escrow possible by
checking with lender and usually already have a DU approval not just pre-qual letter.
It's unfortunate that your realtor didn't discuss the different scenarios so there's no
confusion.
Hope this helps.
Roberto
0 votes Thank Flag Link Sat Jun 8, 2013
One of the respondents indicated that the Realtor isn't legally allowed to disclose other offers. That's actually not true and is explored on a disclosure that goes over the agent's representation of other buyers and sellers. If the Realtor you're working with was also representing the seller, then their first relationship and primary objective was to get the seller the best deal. If your Realtor just happened to be holding the home open for the listing agent, they may not have been in a position to have the information. In any case, your best bet is to put your best foot forward in the future and offer the most you are comfortable with, based on your budget and comparable sales for the home. You may also want to explore whether your lender can structure the loan to give you a lender credit so you don't have to ask the seller to credit you for closing costs. Asking the seller to pay for your closing costs does tend to make your offer less competitive.
Web Reference: http://www.showmehome.com
0 votes Thank Flag Link Wed Apr 24, 2013
Shannon is spot-on about the disclosure of the offer! Unless an offer specifically has a do not disclose clause, the listing agent may share those offers to other agents.
Flag Fri Apr 26, 2013
If the property in question was not your agent's listing, then he most likely did not know the offer amount. Nor is the seller is not obligated to issue a counter offer, in the event the listing was your agent's listing.

In this tight market, listings are at a premium, especially in this price range. Always make sure your agent provides a list of comps for any future properties....remember, it isn't the list price you up against, you are against the fair market price.

Jerome Hodge
Realtor
First Team Real Estate
DRE# 01866533
Cell 562.413.6068
0 votes Thank Flag Link Sun Apr 21, 2013
There could be a very simple reason, that the seller did not offer anyone a counter and just accepted the offer they felt was the best. Your agent would not have had an opportunity to tell you what the situation was in that case. Another question I would ask is if your agent is representing the seller as well, that can make for a difficult situation if not handled correctly by the agent.
0 votes Thank Flag Link Sat Apr 20, 2013
Hey Pet Planet, this buyer claims they have a Realtor. Trying to get them to contact you is called Interference and is unethical. Also, it's only illegal to disclose offer amounts when it's not in the sellers best interest. Since we don't know the details, it's hard to know why this happened.

Many times an agent can hold open houses on listings that aren't theirs. If that's the case, they probably wouldn't know the offer amounts or when they came in. Or, if it is their listing, they work for the seller first and foremost, EVERY TIME. They signed a contract to get the seller the highest and best offer foe their home. Disclosing details to you may not have been in the best interest of the seller.
0 votes Thank Flag Link Sat Apr 20, 2013
Asking for seller concessions can get you to the bottom of the multiple offer stack every time. I can go over other options with you to pay your own closing costs so you won't have that issue to deal with. You may qualify for a lower down payment program depending on your fico scores. You may qualify from 3% down conventional with a minimum 700 fico score or 5% down conventional with NO Mortgage insurance (Lender paid MI) from a minimum 620 fico score. You may qualify for 3.5% down or as low as half percent down payment program. It only takes a few dozen questions to qualify you in minutes. Here are some links to study and consider that I offer.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
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0 votes Thank Flag Link Sat Apr 20, 2013
Actually no, the Realtor is not legally allowed to disclose other offers. In addition it sounds like you chose to use the listing agent which is never a good idea. As the listing agent, his allegiance is to the seller. Find yourself a buyer's agent to work with - you'll find it a cleaner, easier way to go.

Best of luck.
0 votes Thank Flag Link Sat Apr 20, 2013
The one thing you do not mention here is if the same agent helping you is the same agent who is also representing the seller. But let's put this aside for now and assume you and the seller have your own representation, agent wise, but they both work for the same Broker.

If I take your story as you have stated it then more what had happen was that another buyer was already in the counter stage of an offer they had submitted prior to yours since you say that one day later, after your offer was submitted, someone else offer had been accepted. Please note that just because a listing reads active it does not guarantee that there are no offers on the table already. Also some agents will hold an open house even though it is officially pending but by our regulations they must inform the open house attendees that "real/actual" status of the home and not conceal this information.

As stated before with some key information not stated within your question it is a tad difficult to provide you a pure answer. So here is a general answer for you based on what you are asking.
0 votes Thank Flag Link Fri Apr 19, 2013
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