Question Details

Sarah, Home Buyer in Connecticut

Buyer Agents....Thank you so much for your sharing your experience and advice.

Asked by Sarah, Connecticut Wed Oct 3, 2007

My house has been on the market 4 months. During that time we have received two offers with deposit check and contract...only to have them not work out. We also had two other offers - one couldn't get financing...other just disappeared. During this time we looked at many houses thinking a move was just around the corner. We wrote up an offer on a foreclosure home that we had to rescind because we lost our sale. I fear now that we might appear not serious to our buyer agent because we haven't bought anything yet. Now we have been advised not to even look until we have a contract on our house. We want to keep looking at the new houses coming on,,,,just not sure if we need to let this agent off the hook with us. We don't want to do offend, but we want to keep looking whether or not agent thinks we should. We have dropped our price again on our house, and we do believe it was fairly priced considering the offers (within 3,000 of asking price) and interest we had and the many showings.

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You sound pretty serious to me and the property is generating offers and you have reduced your price! Coluld you please move out to California!! I don't know why you've divided your loyalties between Realtor/Agents? But if both Realtor/Agents are fine with this I don't mind. I really think you need to get your house sold and closed! Negotiate a rent back until you find a suitable property or just move-in with the inlaws for a while. You will get a much better price, concessions if you are solid gold buyer witih NO contingnecies other than loan appraisal and due diligence for physical inspections, title inspections, etc. Don't be in such a darn hurry!! Belive you me--waiting in this market is NOT a bad strategy. Monitor the competition very keenly as this is where the action is! Comps can be all over the place in this market due to the foreclosure implosion. Good luck! You have picked a great time to buy! But go in with all guns blazing and DON'T make it a contingency sale! You'll be shooting blanks!
0 votes Thank Flag Link Wed Oct 3, 2007
It sounds like you chose different agents for the buying side and the listing side. Have a talk with your buying agent, you seem to be a much more serious buyer than most. Who was it who advised you to stop looking at houses altogether ?

If your current agent wants to give up on you and your search, that is his or her business decision, it does not have to be your decision. If you start looking with a new agent, be sure to identify to the new agent all properties that you saw with the first agent, to avoid a procuring cause (who earned the commssion?)
problem, should you decide you want to offer on a property that you saw with the first agent. Ask both agents in advance of such a situation how they expect you (and them to handle that situation) Be sure to get every one on the same page about that very important issue.

- Maybe you don't need to go every weekend, but it makes sense for you to see the new listings that are coming on and to be apprised of the market, in general.

If you received an offer on your own house and found the perfect replacement house the same week. That would be serendipitous. We need more serendipity in real estate these days.
0 votes Thank Flag Link Wed Oct 3, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
Sarah, a good Buyers Agent is with you for however long it takes to find the right property. In this market, many sellers are accepting contingency with kickout contracts...since you've had a lot of interest in your property in a relatively short amount of time, you're a strong candidate for that type of contingency, so there is no reason why you should not continue your search. I would suggest you speak with your agent, candidly discuss your feelings and desire to continue looking and evaluate their commitment to you. Best of luck!
0 votes Thank Flag Link Wed Oct 3, 2007
Hi Sarah:

First question; Is your house listed by a Realtor? If not, why not? (An excepted offer without first knowing if a professional lender has qualified the buyer does not sound like the work of a professional Realtor)

Second; Does your buyer agent have a firm understanding of what you want in your next home? If so, are they emailing you homes that come onto the market that meets your criteria? If not, why not?

Lastly; Hang in there! If your buyer agent knows you are serious about selling your home (and it sounds like you are) then they should help you at every turn. However, remember that your buyer agent has other clients and their needs have to be meet too. So do not expect your agent to show houses to you 4 times a week type of thing.
0 votes Thank Flag Link Wed Oct 3, 2007
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