How can I know whether my Real Estate agen is acting in my best interest or not?

Asked by Liz, 91910 Tue Jan 12, 2010

I am interestes in purchasing a house in the San Diego, CA. area, but must agents would say the same thing......."there are thousands of buyers out there"...which means I will have to uper my price....but, I still see thousands of homes for sale and many more are comming up for forclousere.......where are all the buyers????
I just would like to find a honest real estate agent, who would tell me the facts and acts in my best interest

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25
Kari Shea, Agent, San Diego, CA
Wed Jan 13, 2010
Hello Liz,

Jim is right on as his answer is the second half of what we were going to give you. Real Estate is a business with the same economic forces as gasoline, textiles, or any other product driven market...with one exception.

If you go to the store and there is a shortage of oranges and the price of oranges and orange juice have gone up, you have alternatives. In the housing market, it is determined by price bands based on what people can afford. The sub $500,000 market is in VERY tight supply right now, so the choice is to persist until something breaks for you or rent. The only other option in housing is to move to an area where homes are less expensive and/or the supply is greater.

We hope this helps.

Best to you,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Specialists in Investment Properties, Foreclosures, Short Sales,
Development Opportunities & Traditional Real Estate
1 vote
Kari Shea, Agent, San Diego, CA
Tue Jan 12, 2010
Liz,

There are many agents who do this for a living who are honest and operate with integrity. Ask friends, relatives and coworkers for referrals. You will hear honest answers where they are given rather than rhetoric.

Best to you,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Specialists in Investment Properties, Foreclosures, Short Sales,
Development Opportunities & Traditional Real Estate
1 vote
Mack McCoy, Agent, Seattle, WA
Tue Jan 12, 2010
Here's honesty: I can barely understand your post.

Sometimes, the truth is something you don't want to hear. However - if you keep shopping for someone who shares your opinion, eventually, you'll probably find them.
1 vote
Leigh-Jo Anz…, Agent, Albuquerque, NM
Mon Mar 24, 2014
Hello Liz,

While there may be thousands of homes on the market, some areas can be more in demand than others and therefore, offers may need to be more attractive.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
New Mexico Real Estate: http://www.syan.com
Web Reference:  http://www.syan.com
0 votes
Patrick Hale, , San Diego, CA
Thu Aug 12, 2010
You do unfortunately see a lot of agents that talk up the price. However, there are billions of dollars in San Diego seeking to by property, so he/she may be telling the truth. This is the best time to buy in San Diego and I am not just saying that. I am a real estate broker but also an investor in charge of around 10 Million that we are using to purchase homes throughout the county.

I would find an agent that you can trust and that will tell you things exactly how they're. If the first thing they do is try to lock you into a contract with them, they may not be the one for you, unless you know they are good at what they do.

Patrick A. Hale, CDPE, RSD
Real Estate Broker & Investor

REO & SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
Web Reference:  http://www.reofsd.com
0 votes
Alex, , 91910
Wed Jun 23, 2010
Dear Liz
it is very simple
I am willing to work hard and write a new offer every 3 days for you at the price you want to offer!
Since every offer is automatically void unless accepted within 3 days ,you have nothing to risk in presenting multiple offers for all the properties you like.
Best time to buy is after summer. It is true there are a lot of buyers now but that is seasonal .
Call me so i can explain how the whole process works and how to get the best deals around.
Thanks
Alex Lenci
Realtor/Loan Consultant
951-7756636
0 votes
John Stacy, Agent, Chula Vista, CA
Wed Feb 17, 2010
Hi Liz,

I can understand your frustration, buying a home right now isn't an easy thing to do and at times can be very challenging for an FHA or VA buyer, but it's nothing that you can't overcome. You obviously chose your agent because you trusted them enough to work with them. Have a heart-to-heart open discussion with your agent and tell them what your concern is. Based upon their response and the conversation, you can decide if you want to continue this business relationship and if it's truly in your best interest.

Your agent might be a great person, but isn't a great agent. Sometimes, it just wasn't meant to be. Your agent actually might be relieved and will be glad that you had the talk and hopefully you are both on the "same page". Trust is very important, but at some point there are other traits and skills needed by an agent to get the job done.

Liz, always surround yourself with the right people who are looking out for your best interest and it's hard to go wrong! There are a lot of great agents out there. Good luck and if things don't work out... Please call me, I would love to sit down and talk with you about your needs and the current market... Thanks!

With Kind Regards,

John Stacy

Bank Owned and Short Sale Specialist
Weichert Realtors Elite
619.892.2985 cell
email: john@johnstacysellshomes.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Feb 10, 2010
Hi Terry!
We all make mistales here.....no big deal!
Not to hijack this question, but in regard to "Best Answers", I have suggested (to no avail) that trulia allow the person to select more than 1.........(maybe call it "Outstanding Answers" rather than best)...............Answers keep coming in, as the questions are never closed down, and what might be considered "best" out of 12 answers on Tuesday, might be outdone by other answers that come in several days later.

I asked a question.....and never selected a best asnwer......the reason was, I couldn't decide, and I didn;t want to slight the others who gave thoughtful responses..........so I took the easy way out, and never made a selection! If I could have picked sveral "Outstanding Answers" I would have..........

Anyway, sorry to take the topic off road..........Liz - you have receieved many useful answers here...........hope they have helped.
0 votes
Terry L Burs…, Agent, Chula Vista, CA
Wed Feb 10, 2010
Hi Debbie,

My bad...on my laptop when the cursor goes over an area (not using a mouse now) and if it's there too long it clicks and boom a mistake is made. I was checking my website. Please accept my apologies.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Feb 10, 2010
Terry - in all fairnenss, since you seem new to trulia, ...the only person who can award a "BEST ANSWER" is the person who asked the question.

Most people on trulia don't try to award it to themselves!
I am sure we all think our responses qualify as best answers.......I know mine do :)
0 votes
Terry L Burs…, Agent, Chula Vista, CA
Wed Feb 10, 2010
Terry L Bursky
Agent
Chula Vista, CA
..BEST ANSWER
Hi Liz,

If an agent tells you there are more buyers than homes for sale in San Diego especially Chula Vista... they are right. Cash, Conventional, FHA and VA in that order are the desired loans. Most times, with no closing costs to be paid by the seller for the buyer. You and your agent have to be proactive and ready to jump on a new listing. I often keep in close contact with agents on homes my clients wanted but weren't accepted on. Some of those do come back and we close escrow successfully. I never give up trying to find my clients their home.
Trust is the first foundation to be looked at, without that... the agent and client are spinning their wheels. The agent has been in the trenches everyday. Countless hours behind their computers, looking for that perfect property they want you to call home. Viewing hundreds of homes and writing numerous offers. If you're serious about purchasing a new home, please listen to your agent's thoughts. Let them gather all the information and present it to you, to help you decide on the offer price and terms. Myself and many other REALTORS have experienced that offers at listing prices just won't be accepted. In this market buyers need to give it their best shot from the beginning. Pre approval or better yet full loan commitment, to be presented with the offer. Highest and best, because you just might not get another chance at the property. A fair offering price is what is needed these days. The inventory is very low, many homes have 6-12+ offers. REO (real estate owned) properties can have as many as 60. Your agent has a goal... to find a great home you will be happy in for many years, negotiate the best possible price and terms for you. Keeping you well informed and having a pulse on the ever changing marketplace is my job...and I love it. I do tell the reality of the market., the good the bad and the ugly.

My office is located in Chula Vista - Eastlake and I would be happy to help you find the home you're looking for.

Most sincerely,
Terry L Bursky
Realtor
CENTURY 21 Award

619-417-5645
0 votes
Dianne Hicks, Agent, Rancho Bernardo, CA
Sun Feb 7, 2010
Liz
It is very competitive and the buyers are out there. You need to jump right on it the day it comes out. List price means nothing, have your agent show you recently sold homes because that is where you need to be to get your offer accepted. My guess is that is why you agent wants you to pay over asking price. Ask your agent, it sounds like you do not trust your agent. These are things that you really should be able to speak to your agent about. If you agent wants you to go over asking price, ask what are the comps for that area? Have your agent show you.

By doing this you will see if your agent has your best interest. We always print out comps, taxes and the printout for the home when we show houses. That way you get a good idea of what is happening with that home. If interested then we even go more detailed and map out the direct neighborhood and comp. That is what it takes these days to get an offer accepted.

Good Luck!!!
0 votes
Jane Grant, Agent, Aguanga, CA
Sat Feb 6, 2010
Liz: Most of the homes you see have multiple offers. You should have your agent set you up on listing alerts so that you see the brand new listings as soon as they hit the market. I am assuming that you are getting a loan and probably want your closing costs paid. This is most likely why your agent wants you to make the offer over the asking price.

The relationship you have with your agent has to be a comfortable one so if it is not then you certainly have the right to interview and seek out a different agent.

*****
***
*
Web Reference:  http://www.soreal.biz
0 votes
Barbara Q., , Bergen County, NJ
Wed Jan 13, 2010
Liz- The marketer sets the price - but the buyer determines the true value.
You are in the driver's seat.

But with the price of gas ...it's important that you have a realistic destination in mind,
rather than driving in circles, spinning everybody's wheels.
Happy Driving!
Web Reference:  http://www.321advantage.com
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Jan 13, 2010
Agents work on your behalf for fact only way WE are paid at closing. Secure a buyer who is qualified locate a home within bank specifications & yours, have all parties work in concert on your behalf

Why would you not think an agent would not work on for you?

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
0 votes
Dorene Slavi…, Agent, Torrance, CA
Wed Jan 13, 2010
Hi Liz,
I understand your feelings..it's one of the reasons I became a Real Estate Agent in the first place.
The fact is, there are many buyers for good properties that are well priced, as well as investors who are coming in with all cash offers. This is something you should know, right from the beginning when it comes to short sale and foreclosure property. Once you know this,you will know where you stand. Not Everything is short sale and foreclosure though and you can still find a very nice property, where the competition is not so stiff.
Best of Luck to you!
Web Reference:  http://www.doreneslavitz.com
0 votes
Ben Faubert, Agent, Westerly, RI
Wed Jan 13, 2010
Tell your agent how you feel and depending on his/her response go with your gut feeling
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jan 13, 2010
You have to trust your agent--if you see something you like don't lowball the offer-- bidding wars do exist--keep in mind not all foreclosures are great bargains and they are by no means fast sales. Again, you need to trust your agent--he/she may already be telling you the facts, but for whatever reason you may be choosing not to hear those facts.

Anna
0 votes
Joan Wilson, Agent, San Diego, CA
Wed Jan 13, 2010
If you do not believe the agent is acting in your best interest, then let them go (fire them) and get an agent you trust. What they are saying, sounds a lot like what I am telling my customers that are trying to buy below $500,000. However, if you don't think they are acting in your best interest now...while you are looking, then how are you going to feel when you finally get an accepted offer on a home. This is not a market where you can afford to work with someone you don't trust. There is a lot of pressure, particularly on bank owned properties, and short sales to perform. And there are several places where you have to make " a leap of faith". This is easier with someone you feel is looking out for your best interest.
Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Jan 13, 2010
Liz with anything there is always a good and a bad. Fortanately there are many more good agents than bad. You should first ask around to people you know if they can refer an agent they had used and loved. If not ou will need to interview an agent as you are hiring them for a job, to represent and take care of you. You will want to make sure they can offer what you are looking for. If you do not know where to start and would like me to refer a couple of agents out there, i could search my network for an agent that could assist you. Good luck with your purchase.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Jim Walker, Agent, Carmichael, CA
Wed Jan 13, 2010
The agents that told you ..."there are thousands of buyers out there". are telling you the truth. Thousands of homes for sale, and thousands of buyers. Supply and demand. Always.

If it is ten thousand buyers and five thousand houses: That means twice as many active buyers than available homes. If that is the case then you are not special. That means they don't have to reduce the price for you, because there are other buyers willing to pay the top dollar.

When it was five thousand buyers and ten thousand homes then you were in a good position. Even so, if only half those homes were in move in condition and priced affordable, you were still competing with a buyer for every home that was priced right.

The honest agent tells you the truth even when it is what you don't want to hear.
0 votes
Joanna Jensen, Other Pro, Livermore, CA
Tue Jan 12, 2010
Hi Liz,
This is what you should do. Interview a few realtors. They are going to make a nice commission for helping you find your home. It is a lot of work I will be honest. Make sure you do not sign anything. Take your time for now, interview realtors go into open homes and see how you feel with them. Do you click, are they trying to "close" you? No one can say weather the market is going up or down. I truly believe we will have more foreclosures on the market for a while. However if they come on the maket and they are priced very low and in perfect condition you know other people may also be looking. so the thing is, get prequalified, know the area you want to buy and be comfortably ready when the time comes.

Dont get talked into anythig. Dont get pushed into a home you dont really like. Some realtors are "closers" and they will push. So take your time but also know know is the best time for a lot of people to buy. When a nice home in great condition come on the market here that is at a good price, it is sold quickly. If it is a fixer it may take longer. The question is what price is it sold for??? I woul say if I were the buyers realtor i would try to get the best buy possible. but you have to know the market.

best of luck.

JoAnna Jensen
Realtor Legal Assistant
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Tue Jan 12, 2010
I am a little confused, too.
How do you know what most agents would say? Have you spoken to them?
You have kind of asked and answered your own quesiton.

Why not interview a few agents - pick one, and have a little trust in them.
Or, if not comfortable doing that .......Find a home you love, don't follow your agent's advice, offer a low number....and see if your offer is accepted.
When you lose a few houses, you'll know the agent was giving you good advice, and was acting in your best interest!..
0 votes
Brad Gill, Agent, San Jose, CA
Tue Jan 12, 2010
Hi Liz, You sound a little frustrated…which is pretty common for some homebuyers in the hotter housing markets around California, which is especially true of the “entry level” markets. In many markets across CA there are currently low inventories and very strong demand coming both from first time homebuyers and real estate investors. Home prices are still very low and interest rates are the lowest they’ve been for fixed rate mortgages.

One place to start your search for a buyer’s agent that will hopefully keep your interests above their own is making sure that you work with a Realtor. Realtor’s are held to ethical standards that will hopefully prove that they are working in your best interests.

Secondly, make sure that you interview a handful of agents before choosing the agent to represent you in what could be one of the largest financial purchases of your lifetime. And be sure to ask them questions about the current state of the local markets and neighborhoods that you are interested in purchasing a home in. You may even think about touring several open houses over the weekend and discuss your purchase goals with the hosting real estate agents.

And another consideration is to make sure that you are “ready to buy.” These days buyers must possess pre-approval letters and strong down payments in order to win some of the bidding wars that pop-up over some of the nicer listings. By ensuring that you are prepared to make an offer, both financially and emotionally, you will find working with your Realtor is an invaluable asset in your goal of homeownership.

And lastly, I’m sure that if you prepare yourself for your decision to purchase a home and talk to enough realtors that you will eventually find one that is able to earn your trust.
0 votes
Michelle Gon…, Agent, Los Alamitos, CA
Tue Jan 12, 2010
Your agent is right. There are multiple buyers looking right now and we are finding ourselves in multiple offer situations. Unless you are buying cash, you are swimming with a pool of buyers. There are thousands of homes for sale, many of them are sold within a matter of days.

As for the foreclosures up and coming, lenders are doing what they can to avoid having to foreclose on the borrowers such as suggesting they try a short sale. They are even hiring real estate agents (like myself) to personally go out to these peoples homes and find out if they are interested in modifying their loans. In some cases they want us (listing agents) to list the home for sale, in order to avoid foreclosure. There will be more foreclosures to come but not as many as we have seen in the past.
0 votes
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