You should just offer what you will pay and stop counters going back and forth. The seller does not care about your research and cares about the bottom line. ALL people neeed money and Sellers will not just give homes away. How about a fair offer and give you agent something to work with.
Today most purchase agreements contain a clause that states the house must appraise for the purchase price. Appraisers became much stricter in the last few years in their views of value of the property.
Of course, you must be comfortable with the agent you have chosen and I hope it all worked out for you in the end.
If you are under contract with a Buyers Agent that agent should have your best interest when negotiating offers, not trying to make more commission on the sale. Every one likes to blame the agent, we really don't know how low your offers are. Some buyers think they can put in very low offers because of the situation in the market and if it doesn't get accepted they want to fire the agent. If the seller doesn't agree and wants more the negotiations begin. If the buyer truly want the property and it is within his budget, I always make sure we negotiate until both parties agree. How long are you giving the seller to return with an answer. How much information do you have on the property. How long has it been on the market. Have there been other offers on the house. This might be a buyers market to some but I can tell you that I have put in many offers on homes where there were multiple offers. I don't call that a buyers market, the last offer I put in had 10 other offers. If the buyer wants the house he has to go higher. If you haven't seen the comps of what has sold in the area, ask your agent to pull them up. If the seller won't budge, look elsewhere. If you truly feel you need to change agents go to the broker and have a discussion about a mutual release.
@Scott, if everyone only used a seller agent there wouldn't be a need for buyers agents. Dan didn't say he was buying a bank owned property.
Pam Bava, Realtor
Real Living Kee Realty
You have had many excellent answers from the agents on Trulia. A good buyer's agent should be working with you to find a home in your price range, and all offers are supposed to be presented to the seller. Counter-offers are the norm in real estate negotiations. However, your agent should be explaining why your counters are low, and should be staying in touch and addressing your concerns. If not, you may need to meet with the broker and either ask for another agent to help you, or request a release.
I hope this works out for you.
Bonnie Chernin & David Rogoff
Though a buyer's agent with strong negotiation skills is a must to have, remember that a buyer will pay what a buyer will pay, and a seller will sell at a price that they are willing to sell at. Negotiation and persuasion are strong skills to have, but they can not move mountains. If someone is set on a price, there is nothing an agent can do. You have to determine your walk away dollar and then do it. If the seller doesn't get a better offer in the next couple of weeks, maybe they will then reconsider your offer if you haven't yet found another property.
I wish you well. Cynthia
One can sense your frustration and I would like to apology on behalf our industry to you. The event that you are experiencing should not be happening.
IF and I mean if, all you say is true then ask for a meeting with your agent and the broker. If the meeting goes badly, then ask your agentâ€™s broker for another agent. If your agent is the broker of the firm, then get another firm.
Great agents will ask, then demand that they present their offer in person to the seller with the sellerâ€™s agent present of course. In this manner, your agent cannot just present the facts but also present you (or you and your family) to the seller. This â€œemotional-stringâ€ can make a difference.
Depending on the price range you're looking in there are some good deals in S/E Michigan. I take my duties to buyer agent clients very serious. I had a recent buyer that I told I would lower my initial offer if I was her, she did and I got it accepted. There are other buyers that have made low offers on homes that are priced aggressively saying the news says to offer____% under list price. One such home was a steal at list price according to recent comps and I made an 11% under list price offer on behalf of my buyer which was rejected and the home sold for list price in less than a week. Each home is unique and must be evaluated individually, as there is no magic formula to list, offer, and sales price. Much of Metro Detroit has inventory down and sales up over this time last year which should start raising sales prices (supply and demand). I always recommend signing an exclusive buyers agency agreement, as that assures you of what your agent is required to do for you. If there is a problem with that agent down the road asking them to cancel that will normally work. Please remember there is very little incentive for your buyers agent to get you to pay extra for a home when you do all the numbers even 30,000 higher equates to a negligible increase in pay to the agent. Choose an aggressive agent, sign a buyers agency agreement so you can be fully represented and remember itâ€™s not all doom and gloom out there as the news would have you believe.
As an agent, I present any offer that my client is willing to pay. The final decision is up to the Seller and if an agreement can't be reached, you have to be willing to walk away. There are a lot of homes on the market to choose from. If you are still far apart in price, I would suggest looking at others. Please feel free to contact me directly if you have any specific questions. I hope things work out for you.