Zillow Advice: Finding a buy-side agent - Was I misrepresented by my realtor?

Right on Linda. Why show ...

Tue, 02 Jun 2009 00:12:00 GMT

Right on Linda. Why show a 320 max buyer a 359 house? You had very little chance from the start and this is how I would have communicated it. Secondly once they were not budging from 335 it was time to move on. Next..

ibcrewinFor US data there ...

Wed, 27 May 2009 03:44:00 GMT

ibcrewin

For US data there were over 1.5 million foreclosurse in the last 1.5 years and in the next 4 years there will be another 8 million foreclosures , there will be 2.5 million foreclosures in 2009 alone; data souce provided earlier. AND in at least 99% of those foreclosures , past and future, was a real estate agent who knew , or if they did not know they were totaly incompetant , that the person buying could not afford the loan. ( all those interest only, alt A, subprime, etc etc, loans that were made.) The REA who earned money by closing a sale of a house in order to provide a living for himself/herself helped those who could not afford the house - buy the house... so did all the loan officers who should have known the limits of what a person would afford. and in addition to home losses something around 25% of all homeowers are under water and owe more than their home is worth and can't sell it without begging the bank to foregive their debt (its been retermed a short sale to save dignity) < they have my sympathy it is a tough situation to be in > and it is all because a licensed REA helped them to pay more than they should, (or again if the REA did not know they were paying too much they were incompetent to advise) and the appraisers who appraised at what the lenders wanted so the loan could be made and the appraiser would keep working and not get black balled. etc etc,,

So after my ranting I will re-ask your question in a rhetoricle manner
C) Is it normal for a (saleman) to push a client above the max for another 15k? (ever bought a used car from a used car saleman )

That said why do you doubt that there is something wrong with the situation you described, question A
A) Does something sound off here? yes as in wrong, but no as in normal operating procedures followed to closed a sale.

"The learn enough about market ...

Wed, 27 May 2009 02:10:00 GMT

"The learn enough about market pricing to give reasons to buy."

Strange, they dont give any reason why sellers should not sell...

RE only goes up, why sell today when its worth more next month/year.

If you are worried about ...

Wed, 27 May 2009 02:05:00 GMT

If you are worried about missing a good deal and where real estate is going here is some help on a good article make of it what you will.

http://www.bloomberg.com/apps/news?pid=20603037&sid=aJjnVOs7SUW8&refer=home

date may 26,   title is 'Home Prices in 20 U.S. Cities Fall More Than Forecast (Update2)' hope you know who bloomberg new source is .its not a fly by night web site.

and that extra 15,000 that will only cost $140 month is called reduce it to the rediculus, a standard closing technique, you can reduce it even to $140/30days = $4.67 per day the price of a daily starbucks ,, see the trick.    But how about that extra $15,000, it will become an extra $30,000 or more out of your pocket if its a 30 year loan- after the tax deduction, or more depending on your interest rate.

2 things matter
1)is the house worth it , if you are not sure you don't know enough about your market.
2)can you afford it and not be another statistic in the projected 8 million foreclosures that will occur in the next 4 years. IF 15k now , 30K later and 140 day are trivial what does it matter? or is $140 month the straw ... then walk away.
data source for projected foreclosure rates
http://www.responsiblelending.org/search/search.jsp?query=foreclosure+by+state
you can find the projected foreclosure rate for you state at this link.

Never offer more than you ...

Wed, 27 May 2009 02:01:00 GMT

Never offer more than you feel comfortable with. If the agent "pushes you" get another agent.

Oh Barbara, we all know that ...

Wed, 27 May 2009 01:44:00 GMT

Oh Barbara, we all know that it really doesn't matter the title or who they say they represent, in the end all agents, no matter, represent themselves and their own interests, otherwise they wouldn't be human......or make a living......sure there are those who can balance the client and their needs and can add a little touch of good ethics to the mix, but based on the postings of agents and their rantings here in Zillow it is a small amount I am sure of.

Congrads , you have now learned ...

Wed, 27 May 2009 01:41:00 GMT

Congrads , you have now learned why you never trust a realtor who wants to sell you something , actually you should never trust anyone who wants to make money by you buying or selling something. Did you really expect a comissioned saleman to be your friend and advocate. Or to even really know the value of real estate in the area you want to buy. The realtors I know spend a lot more time on sales technique training than on developing a professional knowledge of the market. The learn enough about market pricing to give reasons to buy. Look at all the crap they spread here on zillow about why to buy when the market is "according to news data still heading down for a long time" . They are salesmen they learn how to "close the deal" and get the commission. Did you really expect something else. And if you were dealing with the listing agent his job is not to help you it is to help the seller first and last. And you may be right about the realtor knowing what the price was the owners would sell at and knew what he had to work you up to.... If listing agent he should have known, and if just a selling agent he may have talked with the listing agent and they figured out what to work towards. remember * million more foreclosures are projected by the mortgage bankers association , you will have lots of time to find a good house at the price you decide you will pay

You didn't actually say who ...

Wed, 27 May 2009 00:40:00 GMT

You didn't actually say who the agent was representing. Was he/she a buyer's agent, a broker's agent or a seller's agent? You cannot assume the agent was working for you. You should have an agency disclosure to say who that person was representing.

Not a long shot after all.. ...

Wed, 27 May 2009 00:19:00 GMT

Not a long shot after all.. you are the only bidder.
The offering prices are always padded to income commissions
and other expenses. It was always common for asking to be higher
than final prices.

Your being financially conservative and unemotional.
Stick to your guns...

AzRob is spot on, never reveal ...

Tue, 26 May 2009 23:56:00 GMT

AzRob is spot on, never reveal your cards, your REA somehow believes you will budge perhaps so you need to play hardball, the market is in your favor. Sure your agent is there to represent you but at the end of the day he/she wants to get paid and get the deal done. I gave my selling agent only so much info cause I knew it may be divulged to the buying agent and it worked out well for me.

Have your agent go for a verabal rebuttal and see what you get, if there is a bite then you can write it down, sometimes it seems more permanent to write it down and though a verbal may make them feel like you are more negotiable it is truly a pychological way to play the game and many agents will accept a verbal so they can work it out that way and then put it to paper for a final price.