Home Selling in Harper Woods>Question Details

Stefanie, Home Seller in Harper Woods, MI

My home has been on the market for over a year in Harper Woods,Mi. Recently, an offer was placed where my

Asked by Stefanie, Harper Woods, MI Fri Mar 28, 2008

realtor was working as dual agent. The offer was quite low, $16,000 below asking price which is already very competitive for the location plus closing costs. Do you think he has my best interest here?

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Homes listed for a year without a sale normally indicate at least one thing - the price is too high. If you've got an offer, negotiate, make it work. I do not know the details of your situation, based on your story at facevalue, I'd take it. Your Realtor's job is to bring your an offer. Assuming the your home is being properly marketed, if I were your listing agents I'd have asked (and obtained) price reductions.

Good luck!
1 vote Thank Flag Link Fri Mar 28, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
Missy is right about being thrilled. An offer is a GREAT thing.

I was just coming back to mention that I tell all my sellers to expect the offer to come in low. That is just the market. Negotiate what you can until you are satisfied with the deal.
Web Reference: http://mibirmingham.com
1 vote Thank Flag Link Fri Mar 28, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
If your home has been on the market for awhile then negotiate. In MI we practice dual agency, that basically means your Realtor was not allowed to disclose information on your situation to them. It also means and this is important..........She could not TELL them what to offer. So the offer is coming straight from them.
In this market be thrilled you have an offer.
Web Reference: http://MissyCaulkTeam.com
1 vote Thank Flag Link Fri Mar 28, 2008
In a dual agency situation, the Realtor is not supposed to suggest what the buyer offers or the seller counter offers. So don't hold him responsible for the amount offered. Counter where you feel comfortable and ask him about different strategies for getting it sold. He is probably trying to do his best for you to achieve your goal of getting the home sold.
Web Reference: http://mioaklandcounty.com
1 vote Thank Flag Link Fri Mar 28, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
The price a home is being marketed for does not reflect the offers coming in will be consistent with your expectations. What is owed, what you paid for it, what you want out of it ... has much less to do with it than what the market will bear. An agent can facilitate a transaction as a dual agent but the buyer and seller need to be aware of options and make wise choices in the process. An offer of 10% below asking price is not uncommon. Look for the terms and special conditions as well ... not just the bottom line number. The listed price needs to be understood along with condition and size to understand first if $16,000. less on an offer from the marketing price is substantial. I have some listings in the $70,000 range and some in the $800,000 range. An offer $16,000 less is not much of a reduction to a $800,000 seller but a world of difference to the $70,000 seller.
0 votes Thank Flag Link Tue Apr 22, 2008
No, I don't think so but here's why. As a dual agent (not duel) he cannot represent your interests over the buyers, nor the buyers interests over yours. I agree with Gary-read your dual agency disclosures carefully.

It's hard to say but if your property has been aggressively marketed for over a year, $16,000 below asking might be about right in your market area. Many communities in Michigan are depreciating in value.
0 votes Thank Flag Link Tue Apr 22, 2008

Please review duel agency on the forms you signed. The forms will specify your agents responsibilities and duties to each party.

In today's market more than 95 percent of all offers have to be negotiated. Sorry I cannot elaborate further.
Web Reference: http://www.mi-living.com
0 votes Thank Flag Link Sat Mar 29, 2008
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