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Answers (10)
- Michael Dolan, "BrokerPro"
- Contributions:277
Your best source of information is a Realtor who knows the property.
Only work with professionals you trust. So find a realtor who will look at this transaction and work for you.
Only work with professionals you trust. So find a realtor who will look at this transaction and work for you.
- sunnyview
- Contributions:25115
I can't answer whether the counter is good without know ing the recently sold houses like it. Frankly, I am uncomfortable with your agent not providing more facts to you than pressure to close. You are the buyer and you decide what the house is worth to you with the help of information from your agent. Is this agent working for you or is this the builder's agent? You need to be careful and demand representation/information from the agent. If they refuse, tell them you feel lied to and threaten to dump them in the middle of this deal. For most agents in that situation, they will shape up if they have the capacity and do a better job from there. As a first time buyer, you might also consider replying to this thread here about your experience with your agent and agents in general as a first time buyer. It won't help you in this deal, but it will maybe help others.
- Randolph Leslie Smith, "RandolphLSmith"
- Contributions:156
Sounds like you were talking to the seller's agent whose fiduciary obligations is to the seller, not you.
Read your state laws on Agency and get yourself an agent signed to represent your interests.
I have no idea about Oregon, frankly, couldn't care less, but I am sure the "Agency" laws are clearly defined for your guidance. In Washington State, clients have to sign a receipt upon receiving a pamphlet on Washington State Agency Law.
I doubt any agent is so worried about the pittance of a commision difference they wind up with as motivation to try and get you to offer more money. This sounds more like you were simply talking to an agent not signed to represent you.
It is kind of like the legal system, each side has representation to ensure fairness and protection on both sides.
Read your state laws on Agency and get yourself an agent signed to represent your interests.
I have no idea about Oregon, frankly, couldn't care less, but I am sure the "Agency" laws are clearly defined for your guidance. In Washington State, clients have to sign a receipt upon receiving a pamphlet on Washington State Agency Law.
I doubt any agent is so worried about the pittance of a commision difference they wind up with as motivation to try and get you to offer more money. This sounds more like you were simply talking to an agent not signed to represent you.
It is kind of like the legal system, each side has representation to ensure fairness and protection on both sides.
- real estate mike
- Contributions:2001
Why so bitter spacey? If my buyer can't get the deal they want on a property we move on to the next, end of story. I'm a professional who serves my buyers. You are right that the buyer shouldn't ask the agent what to offer, just what the market value is on the property. The buyer is in control of the offering price. Also taking into consideration seller concessions and property condition.
- Space_Truss
- Contributions:177
Your agent is getting commission from the sale, and trying to close the deal. This is number one rule. The agents posting here are people like your agent, making a life from this business. So I wouldn't even read what they are saying.
Never ask an agent what to offer, or how much is the house worth. Do your own homework. Look at the sales within last 3 months, not 1 year.
Look how many houses are on the market at the same price range, and how long they have been waiting.
If there are 10 houses listed for 230K, and 5 of them have been waiting on the market for 6 months at the same price, that means they are overpriced, or nobody is willing to pay this much.
If your agent is trying to negotiate with you, fire immediately. He will do the same thing again and again. Don't worry, there are zillions of them out there. Let him write down what you want to offer, and send.
Don't forget, what you can easily loose from a wrong deal is much higher than what your agent's commision. If he does not care your loss for his commision, you don't have to worry about his loss of commision.
Never ask an agent what to offer, or how much is the house worth. Do your own homework. Look at the sales within last 3 months, not 1 year.
Look how many houses are on the market at the same price range, and how long they have been waiting.
If there are 10 houses listed for 230K, and 5 of them have been waiting on the market for 6 months at the same price, that means they are overpriced, or nobody is willing to pay this much.
If your agent is trying to negotiate with you, fire immediately. He will do the same thing again and again. Don't worry, there are zillions of them out there. Let him write down what you want to offer, and send.
Don't forget, what you can easily loose from a wrong deal is much higher than what your agent's commision. If he does not care your loss for his commision, you don't have to worry about his loss of commision.
- tde123
- Contributions:20
I made offer of 239k which is full listing 6k worth of up grades and 6k closing. Builder countered with All upgrades plus 3k for closing should I take offer or at least try and counter.
- sunnyview
- Contributions:25115
The market in Aloha from everything I have seen is somewhat soft especially for the typical summer season. Do not pay more than you are comfortable with. The agent needs to start by giving you all the recently sold comps in that area for the last 60 days in that area showing the days on market and the list vs sale price. If they say no, find a better agent. You need an agent that you can trust and if you feel that this agent is not your speed there are others that would be happy to help you. You are the buyer, trust your instincts and do not be pressed to pay more than you feel the house is worth.
- Carol-Lynne Mittelbusher, "Carol Lynne"
- Contributions:642
tde, did your agent show you the recently-sold comps in the area? That should give you a good idea of where the market is - you can compare $/sq.ft of recent sales to what the agent suggests you offer. And Michael and Stephen are correct - the agent works for you, and should educate you on why your offer should be "$X"; once done, though, it's your decision.
- real estate mike
- Contributions:2001
If you feel like it was too much then offer lower. Your agent works at your direction even if you are want to bid "low". Your agent gives you market facts and their opinion then you decide how to process the information. You are in control.
- Stephen FitzMaurice, "Top10Percent"
- Contributions:1216
It is common practice to ask for 1% - 3% off the total price if the property is priced right given current market conditions. It really depends on whether the Realtor thinks the house is priced to sell or is overpriced for the market.
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