Profile picture for sundiablo

Am I getting good advice from my realtor?

Hi, I am buying my first home. So far this has been a painful never ending process. The first home I was potentially buying fell through when I discovered it had its original cast iron plumbing still installed. Since then I have made offers on four other homes and have either been outbid, or seller would not agree to closing date. The thing is I have a month to find a house. The last house my realtor said we had an excellent shot, well we submitted our offer and they came back and told all bidders to submit their highest and best offer, so increased our bid 12,000. We waited almost two weeks for them to finally come back and tell us we were significantly outbid. The reason I have questioned switching realtors is because time is running out, and this guy has already wasted a month. I am wondering if I should switch realtors, but then start from scratch with someone new, or if I should keep the realtor I have and risk running out of time.

Thanks
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October 01 2010 - Tempe
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Answers (35)

Okay here is my take first of all I think we need more information like how often is your realtor showing you property?? If he is taking you as often as you can go view then I would say your agent is doing a good job. If he is not then its in your best interest for you to go find some one who is willing and able to devote more time to you..

Having said all that I hope your not blaming your agent for you being outbid its not his fault.. hope that helped :)
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October 24 2010
Depending upon your price range and desired amenities, this can be normal in the Phoenix metro area. I have had plenty of buyers that have gone through exactly what you are going through. A lot of agents from other areas have commented but not all of them work in the east valley so I'll give you the real 411 about Phoenix area real estate. It's NUTS! Some buyers I represented in Queen Creek recently had to put offers on about 15 homes before they got into one that they weren't outbid on by investors. They also had to give their "highest and best" at about 15k over market price. Fact is, investors are eating up the inventory in certain areas and certain price ranges. Sounds like you fall into this category, don't dump your agent. He/she is just as frustrated as you are! Remember, you are competing with cash buyers and it won't be easy. Be patient and don't panic, you'll get the home you want eventually.
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October 24 2010
Advice to a fellow SunDevil:

Drop them like a HOT Potatoe.  I think the first job of a realtor is to understand the needs, wants and timeline of their client.  If your getting out bid, it's because your broker isn't nailing the "real" value and most importantly isn't positioning you to "win".  What I mean by that is: you and everyone else out there is going to be attracted to the "good ones".  So why get into a bidding war and lose out or end up over paying.  That is silly.  You need to target and preview homes the first few days they hit the market.  What I find is that the "good ones" go fast, so you've got to be the first person bidding on them.  And the reality is, that if your broker is just submitting offers without "really" finding out the sellers motivations, timeline and bottomline, then your swinging in the dark.  If you're going to take the time to sit your current broker down and start from the beginning, might as well just do it with someone new.  You've already wasted a whole month with this other person.  The other thing I would tell you is to stay away from ShortSales.  They are a waste of time, have a less than 15% chance of closing and usually take 4-6 months to close.  Foreclosures are alittle better, but you really want a regular seller.  Listen, I don't really know if your in Tempe or Denver (where I am).  But I'd be happy to give you a few tips that will help you reach success.....but not on a Zillow response.  You'r welcome to email me or call.  Best of luck to you. Ihope that helps a little.

Jay Feaster
FeasterRealty.com
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October 14 2010
I would keep the realtor you have, but make it perfectly clear how you need to be number one in your agents eyes.  You have a deadline looming overhead and need to be out looking at homes within your budget.  Are you making offers on short sales?
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October 12 2010

The more questions you ask, the more you will learn. Interniew at least 3 Realtors and ask the same questions. You will find out.

Thanks

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October 12 2010
We don't have a lot of info but based on what we can read I would suggest that if your realotor is not putting in the amount of time and attention you need to go see homes everyday, that you do look for another realotor may the best realtor win!
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October 12 2010
As I do not know you Realtor, I would advise you have this same discussion with your Realtor's broker, he/she will help you decide and if not get a new brokerage.
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October 12 2010
Make certain you are concisely telling your agent your needs, wants and goals and objectives.

a) If your agent is hearing you and understands your goals and objectives, don't change.

b) if you don't feel like you are on the same page with your agent you can ask for a cancellation of the representation agreement (assuming you are properly represented) and interview/ hire a new agent. This may be problematic if you choose to pursue the exact same property.

Not all agents are the same and not all agents do the same things!
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October 12 2010
Dont change realtors, that will not help, all realtors will do almost the same since you are the client and he is just following you, next time, if you like a house bid on top of the asking price, not below and you will probably get the house!
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October 12 2010
Profile picture for SoCal_Engr
"Keep the Realtor and suggest you make more than one offer at a time."

I'm assuming you meant to add...
 
", but make sure the offers are written in a manner to prevent yourself from getting into two-or-more accepted offers."
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October 11 2010
Keep the Realtor and suggest you make more than one offer at a time.
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October 11 2010
I'm not sure we have enough information to accurately answer your question. It seems that you might be in the price bracket where you may need to have more time and patience incorporated into your overall strategy. In my market area 60 days may be a stretch (from start to close) when we consider properties under $150,ooo. I suggest you talk openly and honestly with your agent about your concerns. Maybe renting is your best option at this point???
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October 11 2010
It sounds like you yourself need to be more flexible on time frame and price. Find temporary living and then buy something you really like instead of getting stressed out.
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October 07 2010
Hi sundiablo, just reading your post, it seems like the market and the price point you're searching in is putting you through the ringer.  Based on what you wrote, it doesn't seem as if your realtor is doing anything explicitly wrong.  Do you have any other complaints other than you just not being able to win in a multiple offer situation?  Agents, no matter how good they are, don't have a crystal ball where they can predict how your offer is going to be received.

At this point, I realize you're running out of time, but is this timeline set in stone?  You shouldn't buy something just for the sake of buying, because you'll be buying out of desperation, not logic, and not from a place where you're likely to see value in it.  If you can buy yourself some time, do it!  It'll lessen the stress and perhaps you'll be able to enjoy the process more.  The truth is that the market is what it is, and if you're writing the highest and best possible offers you can, then you and your agent are doing everything you can in your power.  Stay strong!

Best, Caroline
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October 06 2010
Profile picture for jal74
I would suggest taking a different tack - Rent

You appear to no longer be making rational decisions.  From what you have indicated above, you appear to be under considerable pressure.  Not a good way to make your largest single purchase/investment you will ever make, in which a wrong decision could result in the 10's of thousands and even the hundreds of thousands in the worst case scenarios.

I suggest you look for a comparable rental property and just rent for a while.  It's not like home prices are going up in the next 5 years.  I guarantee you that you can find a comparable home to rent, so don't think you have to settle

Regards
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October 04 2010
What is this a "BashBuyer Agents Fourm"?  Buyer agents, like all other professionals come in all sizes and shapes, some are fantastic, some are good and some should go home and train again.  Sundiablo gets along fine with his realtor, so there!
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October 04 2010
Profile picture for jycleaver
If you don't trust agents -- who, after all, helped get us all into this real estate mess -- sell by owner. Agents claim that they bring value to transactions with market value & pricing (which you can get here from Zillow), showing (which you can do) and negotiating (which a lawyer can help you with). Is all that worth 6% of your equity...which may be all the equity you have left? Check out FSBO at ForSaleByOwner.com
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October 04 2010

 

You should use the Realtor that you think does the best job for you.  As a member of the real estate community, obviously we would love it if none of our clients ever left us.  At the same time, you are making an important decision, and you need to feel comfortable with the professional you work with.  Losing time is not an issue because you can search with your agent, and you two can rule out ones you've already seen. There are thousands of Realtors that would love the opportunity to help you right now.  Let us know if we can help you.

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October 04 2010
Profile picture for Willy04
Do not expect much from buyers' agents. I have used 5 agents and there were no good ones. They have only two strengths: (1) access to MLS, and (2) credibility to get keys to show houses. The other factors are mostly meaningless, often obstacles. Dozens of times I thought everything had been much faster and easier if no agents were involved. For example, you have to give your agent legal advices (!) about contract if he is not experienced. Since they are supposed to know more than you, it takes more time to convince they are wrong. If he is experienced and wrong, you have to compromise with a wrong procedure. Market Analysis? You should ask your agent to provide recent sales data, and NOT to provide any analysis. If you ask analysis, you have to waste a day or two to get junk, and you have to negociate the price with YOUR agent before making an offer. Paper work? I wondered multiple times if agents miss something or make a mistake on purpose in favor of sellers.

OK. There may be some `good' agents, but my guess is less than 5%. It is probably waste of time to search for it. If your agent is terrible, then look for a `relatively better' one. But if you like your agent, try to do as much work as you can by yourself and work with him/her. Good luck!
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October 03 2010
find a month to month rental, and take your time buying. Honestly rushing a home purchase to meet ANY deadline is too bad of an idea to believe, it takes time to get a home you like at a decent price.
I live in Tempe, the market is in decline, has been since the buyer's credit ended. Nevertheless, good deals go, then foreclosures come on the market and a few months later, lower their prices.  Hurry a purchase today, and watch your value drop.

On second thought I take that back. I have an excellent 4 bedroom 3.5 bath pool home on a big lot for you, $260K and I'll get it closed on your timeline.
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October 03 2010
Profile picture for sundiablo
Thanks for all your answers. Contrary to what most of you said, me and my realtor get along pretty well, I am just nervous about time constraints. I am sticking with my realtor, and am looking at other houses. 
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October 03 2010

Based on the information you provided I would guess that your realtor is feeling your desperation and acting on it.  None of the problems you have mentioned are a result of realtor error.  Maybe a little research could have been done prior to going through the contract phase but if you are in a hurry maybe your agent is feeling it too. 

Buying a home is not something you should do with a time constraint.  It may be better to put your things in storage and rent a place while you continue to search for the property to buy.  A cash purchase is the shortest closing and can be done as soon as the paper work is completed - I have seen this turn around in two weeks.  The purchase of a distressed property can take up to 180 days.  The standard time for a non-distressed property and obtaining a mortgage is at least 45 days.  Taking all of those time frames into consideration - renting for a while may be the answer for now.

Talk things over with your  realtor and develop a clear strategy to proceed.     

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October 02 2010
It wouldnt seem to me as if your Realtor hasnt wasted your time at all.  Bids were submitted and the iron plumbing was no fault to anyone.  Not to mention 2 weeks for the bid to come back and find you didnt get it was no fault at all to your Realtor, unless your Realtor did not mention to you how long the wait would be.    This happens and unfortunately its happening to you. You have a month and closing takes up to 45 days if not longer.  It would seem to me your already out of time.  I am sorry for your unfortunate experience. Especially when this is suppose to be an exciting time for you.
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October 02 2010

My question is "have you had a heart-to-heart talk with your current agent"? Does he know you're feeling frustrated? If so, what is he doing about it, is he trying? Are you willing to hang in there with him? If so, then it's a matter of getting on to the same page when it comes to what type of properties to look at and how to submit the best offer you can to minimize any more wasting of time.

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October 02 2010
Dear Sun:

Sounds like you ran into some obstacles. The good news? There are still many good buys out there. Investors are starting to come back into the market, so on the low price homes you may run into some competitive bid situations that are not good for you as the buyer.

The home inspection protects you on situations like the plumbing, so Iam glad that you were able to find this.

Try looking for homes that may seem to be overpriced but on the market for a long time. Make an agressive offer and you may get a "yes" without competitive bidders.

May I wish you the best.

Jeff Masich
HomeSmart
Scottsdale
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October 02 2010
If you have a buyer's agency agreement signed, then you're pretty much stuck with them until the end of the agreed upon time-frame. Is your Realtor the supervising broker of the firm? I'm asking this because if he/she is just a salesperson or an associate broker, you can go to the supervising broker and ask to be assigned a different Realtor. Express your dissatisfaction with their services, tell them what their doing wrong. And if they don't fix it, ask them to release you from your contract.

Make sure to check if you have to pay a fee for breaking the contract early. Some real estate firms do require a fee for early termination.
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October 02 2010
You have to make a few decisions before moving forward.  You do not seem to be getting along with your realtor, since you are blaming him for some of the problems you have been experiencing.  Why don't you have a meeting with him and explain your disatisfaction with his services, if you are not pleased with the outcome of the meeting let him know you want to terminate the Buyer Agency Agreement (that is, if you signed one).  Once you are released from that Agreement you can shop around for a new Buyer Agent. Although it may not be the ideal situation, you may have to rent for a while until you find your new home.  If you want to make things happen quicker, stay away from foreclosures and certainly short sales.  Short sales can take a long while.  Good luck! 
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October 02 2010
I agree with the previous answer. Stay away from shorts sales and bank owned homes. Perhaps sit down with your current agent and explain your urgency. If you do not have the utmost confidence in your agent,
find another one.
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October 02 2010
Profile picture for wetdawgs
There are two things I would do:

1.  Find an agent that you've selected carefully.   Your agent is your employee.   Interview the agents, ask about their style, their experience, their method of communication, their responsiveness and dozens of other things that a critical for an agent that will work for you.  

2.  Change your expectations.  Bank owned homes do not close in a month.   In fact, you are lucky with bank owned homes (even with the best agent) to hear back whether or not your offer has been accepted in a month.   With bank owned homes, don't be surprised to spend three to 12 months from offer to closing.    If you make a bid on a house that is not bank owned/short sale, you might actually be able to close in 30 days if you have no contingencies (no inspection contingencies, no financing contingencies etc).
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October 02 2010
Switch realtors, it seems that if your realtor was on top of things you shouldn't have to wait  two weeks to find a answer.When you do switch check realtor,com for the realtor with the most listings and experience in the field in your  area you want to go.
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October 02 2010
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