I hate my realtor!

[bumbershoot]

And a neighbor happened by , pretending to be a buyer and was told to make any offer the sellers are really desperate.

She thinks we are desperate (as evidence by what she told the potential buyer if you see my previous post)

I think it is 100% inappropriate to tell a potential buyer to make a low offer because the seller (HER CLIENT) is desperate.

I saw the first quote last night (well, after 1am pacific time), but couldn't respond b/c that's when the boards seem to go into maintenance mode...yes I agree that it's inappropriate! Is she *trying* to get a lower commission? That's just so weird. But good for your neighbor for stopping by and reporting back to you...

 

[manning]

I saw the first quote last night (well, after 1am pacific time), but couldn't respond b/c that's when the boards seem to go into maintenance mode...yes I agree that it's inappropriate! Is she *trying* to get a lower commission? That's just so weird. But good for your neighbor for stopping by and reporting back to you...

Or get a commission?

Don't hold my feet to the fire, but if someone agrees to your priice and for some reason you turn it down a commission is still owed?

 

[dakcp2001]

Or get a commission?

Don't hold my feet to the fire, but if someone agrees to your priice and for some reason you turn it down a commission is still owed?

Nope not until the sale is inked.

In the grand scheme of things, the commission a realtor makes is not going to be a significant amount lower if the house sells for less. Mine makes 5%. Now figure the difference of selling the house for 300K vs 280K, she still makes quite a bit of money. Granted, she doesnt keep all the money, some goes to the broker etc, but she works for one of the companies in which she does keep a decent chunk. She would rather sell it & get something asap. But the difference in the amount I will lose with selling it lower is far more than the difference she will get paid. Her bottom line doesnt suffer as much as mine will.

 

[dimimi]

Just curious how many bids you have had on your house? I am wondering how low they were? We were suggested to bid about 95% of the asking price. Of course, some people bid lower than that. In this market, lower than that may be what sells.

 

[sweet angel]

For YOUR realtor to tell a potential buyer to submit a lowball offer because you're desperate is ILLEGAL!!!!

 

[dakcp2001]

We have had 3 bids, one was offensive (50K under) and the other two were in the "maybe we should consider it" category but not what we want and roght aftger we listed. There are a lot of showings, so I feel like we should keep on keeping on.

 

[Bethenny]

I missed the comment about you being desperate the first time around. Wow. Yeah, she'd be gone. We went to an open house where the realtor (seller's agent) was pointing things out to us. Like dirty carpet and even commented that she didn't think they cleaned very well. We were floored!

Now we priced our house high. Mainly because the other house on the street was. So we went in with a date in mind to drop the price if it didn't sell. It went under contract the day before that day. Still if you're in no hurry, there's no need to drop the price yet.

 

[abdmom]

For YOUR realtor to tell a potential buyer to submit a lowball offer because you're desperate is ILLEGAL!!!!

This.

I was a licensed realtor. A statement like that can get you dinged by the state board.

I also did the same as someone else suggested. I complained to the broker about my RE agent. The agent wouldn't release the listing though. So, I made it unavailable until the end of the listing agreement. And then relisted with a different brokerage.

 

[abdmom]

We have had 3 bids, one was offensive (50K under) and the other two were in the "maybe we should consider it" category but not what we want and roght aftger we listed. There are a lot of showings, so I feel like we should keep on keeping on.

I missed this the first time around. And I've got to say A house becomes stale the longer it is on the market. The first offer is usually the best. The next 4 months are the slow season in the real estate market. You have to consider how much it costs you (in additional expenses or not being able to access the equity in your house) each month to continue having the house on the market.

 

[arminnie]

I disagree about open houses not being of any value. As a buyer I went to many open houses. I was a picky, picky buyer in CA in the early 90s. I'd sworn that I would never buy again after losing money on THREE houses in Texas in the mid-80s. (lost almost $200K in total). So it took a LOT to convince me to buy again.

The CA market was really hurting. The condo that I eventually bought after 6 months of aggressive looking had been empty for over a year. I bought about $100k less than the peak value.

I looked at many properties over and over again trying to decide if they could work. It was a very, very difficult decision. To me buying a house meant nothing but losing money. I finally bought with the expectation that I would have NO appreciation on the property.

And you know what - for several years there was virtually no appreciation. I gradually improved a little here and a little there. Fortunately I was able to sell at a very nice profit even though it was just after the dot com bust and 9/11. But 10 years later it has appreciated very little.

I think that people who are sitting around waiting for a $250,000 valued house today to finally get back to $400,000 are in for a very LONG wait.

Of course it it easy for me to say that. I bought in late 2005 - and I have a very nice appreciation. Not many from 2005 can say that. It helps being in a city where 80% of the housing was destroyed.

 

[KellyWasHere]

Ours was an idiot too. I feel your pain.

 

[Disney Doll]

Realtor's wife here.

I would also recommend calling your realtor's office and speaking to her manager. The office is not going to want to lose your business, so the manager would probably assign you another realtor or VERY CLOSELY oversee your transaction...at least that's the way my DH, who manages an real estate office, handles these types of situations.

As far as the price...I've seen that go both ways. I have known DH to give people comparables and have the seller be completely insulted that their house would be worth so little and they choose to list it for a much higher price. I've also seen realtors who tell their client that their house is worth much more than it is in order to get their business...tell the client what they want to hear rather than what they need to hear, so to speak. But, the final decision as to what price a house will be listed at ALWAYS lies with the home's owner. If DH tells someone their house should be listed at $200K and they say "No, I want it at $300K" then $300K it is. Then DH gets blamed fro the house not selling!

In your case, it seems as if your realtor gave you comparables and suggested you price your house a bit lower to increase activity and that tactic didn't work. My guess is that she is sensing your dislike of her and is trying to cover her butt by reminding you that the final decision on the listing price is yours, regardless of what she recommends.

Bottom line, you don't like her, she's sensing it. Talk to her manager and get things changed so you can be working with someone you like.

 

[sbell111]

I don't understand the angst regarding the realtor suggesting that you drop your price. It's not as if she was forcing you to do so. She was giving you a suggestion that, in her opinion, would result in your house selling faster.

 

[Bethenny]

I disagree about open houses not being of any value. As a buyer I went to many open houses.

I did too. But, any house I was truly interested in, I still made an appointment to see with my realtor. I used the Open House to knock off some houses from my list so that I wouldn't waste my time with my realtor. And now I'm still going to OHs to get ideas for when I finish my basement next year.

 

[tlbwriter]

I don't understand the angst regarding the realtor suggesting that you drop your price. It's not as if she was forcing you to do so. She was giving you a suggestion that, in her opinion, would result in your house selling faster.

Well, she accused the OP of setting the original price too high, when *she* was the one who had come up with that price.

I'm glad to see at least one other person finds open houses useful. We tried to buy a house we saw when it was open and honestly would never have looked at otherwise (deal fell through due to issues on the seller's end), and my parents bought their house after seeing it open. I guess we're the exceptions to the rule.

 

[design_mom]

I don't understand the angst regarding the realtor suggesting that you drop your price. It's not as if she was forcing you to do so. She was giving you a suggestion that, in her opinion, would result in your house selling faster.

I understand it. Our real estate agent did it to us, too.

We priced the house in line with what he suggested. We interviewed several agents and all suggested similar prices, so I think it was a reasonable price.

Within the first two days that it was on the market, we got two low-ball offers. They were well below our asking price and I do not really think they were "serious offers." I think they were from people who were hoping to score a deal in case we were desperate to sell.

Our realtor *really* pressured us to accept these offers, then suggested that "the market" was telling us what our house was worth. He suggested dropping the price.

We did not drop the price, and it sold several weeks later for what I think as a fair price. However, I think our realtor was hoping for a quick sale before he had to put any work/money into marketing our home, even if it ended up costing us thousands. I did not feel he was working for *our* interests in the least.

 

[Molliday]

Your Realtor has a fiduciary duty to YOU. For her to tell a potential buyer that you're desperate and to make any offer, is definitely a breach of ethics. #1 - her duty is to you, no matter what. The water is muddied even further, if she's showing the house to a buyer, and working both sides.

She cannot force you to keep your house on the market, but you can't re-list it until your current contract expires. If she terminates it, or withdraws it in the MLS, it cannot be listed. It has to expire.