How long should I wait to make another offer with another agent (buyer's)..??

Asked by Andrea, philadelphi Mon Mar 31, 2008

Hello, I made an offer on a condo through a my agent (buyer's agent) who i think was not agressive enough to get me the deal. As expected, the seller's agent regected the offer, then we made a 2nd conter offer, then he denied for good!.. they did not want to negotiate anymore. Now, questions: we really wanted the house.. could we make another offer through another agent who I think is much better negotiator? and How many days should we wait to do this to avoid any future law suits or problems???

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5
Deborah Madey, Agent, Brick, NJ
Mon Mar 31, 2008
Chances are great that your offer would be rejected again by the seller.

Even without a signed buyer agency agreement, there is a chance that the agent who presented the first contract would pursue a procuring cause. Procuring cause does not require any signed buyer agency agreement. Procuring cause is not determined by one event, but rather a series of events. Any questions on procuring cause are not easily answered, but pages can be found at NAR site.

If you do attempt to switch agents and pursue this property, do let the second agent know, so that he/she can make a decision about whether they are willing to represnt you or not. Many will not, because the first agent might have a claim to the commission. That remains a question mark....but also a very real possibility that cannot simply be disregarded.

I have had a buyer switch agents and submit another bid when I represented the seller. The seller's reaction was quite negative.

The representative you choose can make a difference. A good agent can tip you off to properties w/ strong seller motivation. A good agent is better at extracting information about the seller that will help thier buyer. A good agent can push the envelope of the seller's bottom number and reach a bit lower. Even the best agent cannot make a seller take grossly and substantially less than market value if the seller is not emotionally or financially motivated to drastic acts. If your offer was simply way too low.......it hit a dead wall.

If you really want the property, I would suggest asking your current agent to contact the sellers agent to see what can be done to open discussions.

Deborah Madey - Real Estate Broker
Peninsula Realty Group - New Jersey
2 votes
J R, , New York, NY
Mon Mar 31, 2008
Changing agents is not going to get a better reception for your offer. What do you think they can say that will make the seller like it better? True story: one of my listings had an accepted offer. Another offer came in the same day. It was 10,000 higher, but it came from a buyer who had already gotten on the seller's bad side by making a low offer. As soon as he found it was the same guy, the seller said no way, he wasn't negotiating with him and stuck with the other buyer.
2 votes
RE/MAX Empire…, , Texas
Mon Mar 31, 2008
The offer was rejected not the agent. That agent could push hard and the sellers are not going to know about it because they are getting the offer through their agent. I would ask your realtor why the offers are being rejected. Is it price and terms? It is usually price. Changing realtors will not help that.
2 votes
Chris & Step…, Agent, Philadelphia, PA
Mon Mar 31, 2008
Andrea, as the previous pro indicated, it would depend on your buyer agency contract. Typically a buyer agency contract will be for a periord of time or will specify the property that is covered as part of the buyer agency contract.

If there is no buyer agency contract (which would be unusual if an offer was made) then you are certainly free to go elsewhere. If there is a buyer agency contract and you feel that you were not represented property, you can certainly ask for the contract to be terminated by either the agent or the broker. Or you can always just give your agent the revised terms of your offer to try to get the deal closed for you.

Buyer agency is very beneficial for the process, especially for buyers. One of the pitfalls, however, is that it is hard to enforce. Keep in mind that if you did end up buying the property and the agent did have a valid buyer agency contract that they would potentially have the case to sue you for the buyers agent portion of the commission on the deal so caution would be important.

For more helpful hints, please visit our website below. Good luck in your search and in this property !
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0 votes
Terrence Cha…, Home Owner, Allentown, PA
Mon Mar 31, 2008
If you signed a contract with your agent, then you are bound what is in the contract for using that particular agent. If you did not sign a contract with your agent, then you could go elsewhere.

That being said, there are sellers who are putting their homes on the market after only a couple of years. So they may have purchased the property at the premium prices people paid a couple of years ago and now, for some reason they want or need to sell. Unfortunately, they do not want to lose any money on the sale or if they get below what they paid for the home, it becomes what is called a "short sale".

Short Sales is when the bank is owed (i.e.) $300K and the offer is for, subtracting the fees and taxes, $275K. The bank would need to approve of this before any Agreements of Sale could be signed.

Also, the sellers could just be very stubborn with getting the listing price. I feel that it is not the agent that is the concern here. There could be many other factors. Is this a sale from a divorce, an estate of someone who passed away? In those situations, they probably won't agree to anything but the listed price.

Have your agent check it out, they should have already checked out the history of the home and it's value.

Good luck,

Terrence Charest, e-Pro
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell: 267.614.1494
0 votes
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