Property Q&A in Westport>Question Details

Vik M, Home Buyer in 06880

How much should we bid on this house? What is the realistic lowest price for which we can close this property?

Asked by Vik M, 06880 Wed Feb 25, 2009

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Bear in mind that a buyer's agent is only really a buyer's agent if he is being paid by the buyer and not receiving part of the commission from the seller. If he is getting part of the commission, you can guess where his interests lie: 1, to get the highest price possible and 2, in any event to get the deal done.

As for comps, remember that sales even from September/October will be grossly misleading because we are now in a dramatically different market. Volumes are way down and prices are falling.
0 votes Thank Flag Link Thu Mar 5, 2009
You have to understand that even though a Realtor's paycheck is a percentage of the sales price, as a buyers agent we are legally bound to do the best we can for our client. That aside, I have never met a realtor that would put a few dollars from 1 transaction ahead of the rest of their career. In this business, if we don't do the absolute best for our client, then we will lose that client, and any possible referrals we might have gotten from them.
We can only survive in this business, or not, by the quality of our work. Our reputation is everything! If my clients don't feel that I have done everything possible for them, then I have failed them. In no way do I work for the seller when I am representing a buyer. To the contrary, I do everything I can to squeeze every cent out of them.
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0 votes Thank Flag Link Thu Mar 5, 2009
I always people to offer the price that they would be happy with if it is accepted.Trying to guess at the lowest price you could get it for is very counter productive. If you want the property, at what price would it work for you.
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0 votes Thank Flag Link Thu Mar 5, 2009
I am not trying to be cynical, and I am certainly NOT trying to impugn anyone's integrety. I am also not suggesting that a broker cannot be extremely helpful in understanding the market and/or the value of a particular house. My point is that where a broker is receiving a share of the sales commission rather than some form of "consulting" fee from the buyer, that broker has a personal stake in the transaction and should be seen as working for the seller.
0 votes Thank Flag Link Thu Mar 5, 2009
I must say that Thb's answer is extremely cynical. When a clients sign a buyer's agreement with me, my fiduciary responsibility is to my buyers. When I negotiate, I advocate for the best price for them. My commission is a percentage of the selling price, so there is no difference if my buyer or the seller pays it. I am not going to push them into spending more than they need to, in order to add a couple of hundred dollars to my commission.
0 votes Thank Flag Link Thu Mar 5, 2009
Vik- I agree with the previous responder that you should seek the advice of a buyer agent. There is no cost to you, to do so, as the commission is contracted with the selling side.

To put it in perspective, this house is currently among the lowest priced,comparable, new construction homes, in Westport. During the past year, the lowest comp sold for $1,435,000.

If you would like more detailed information about the Westport market, I would be happy to speak with you.

Marilyn Katz, ABR, e-PRO
Prudential Connecticut Realty
272 Post Road East, Westport, CT 06880
203-429-1041 Voice Mail
203-451-1977 Cellular
203-428-4314 e-Fax
0 votes Thank Flag Link Wed Feb 25, 2009
It sounds like you don't have buyer representation. I would advise you to seek some out to assist you with this. As your agent, a buyer rep will do all the research on the house, and neighborhood. Only by evaluating all of the pertinent facts, including your financial situation, will you be able to make a sound, informed decision.
If I can be of assistance with the process, I would be happy to help
Dan Ross
(860) 736-1002
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0 votes Thank Flag Link Wed Feb 25, 2009
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