I am with Russell on this one...LV isn't my market but the same thing is happening here in my marker in Michigan...and I only advise my buyers of what is going on in the market based on the area the demand for the area and let them make there decision. You have to realize that your Realtor has only the knowledge based on many experiences of seeing buyers loose out on the home they wanted for not being aggressive enough with their offer... Our hands are tied as we can not tell you what to offer on a property but give you the tools and the knowledge to make a decision for yourself...best of luck with that and i understand your frustration...oh and to address the appraisal aspect of it ... if a person is paying cash and not financing it is obsolete so overbidding is not an appraisal issue..financing if property does not appraise then you are not obligated to purchase.
Although most buyers think of the agent who took them around as "their" agent, in reality, both that agent and the listing agent were paid by, and had a fiduciary duty to, just the seller. So both were obliged to tell the seller everything the buyers said about their plans and negotiation strategy. This is how it used to be which introduced agencies which now typically spell out contractually what sort of relationship they have with the buyer -- a good reason to read all paperwork you're given very closely. Plus, a new kind of agent emerged over the years, the "exclusive buyer agent," who is responsible to the buyer alone and doesn't list homes. I highly recommend that buyers seek out such agents, as they'll not only keep your confidence, they'll also drive you around, give you valuable insight into market conditions and negotiate hard on your behalf -- without any possibility of a conflict of interest.But like everyone else, buyer agents don't work for free. At first glance, it seems like the seller pays them, since most are paid at closing from the commission costs that the seller pays, just as in the past. In reality, buyers pay for everything, since sellers routinely factor these costs into the asking price for the home. The typical real-estate commission ranges between 5% and 6%, split between the buyer and seller agents. Since the median price of an existing home is currently $208,400, that means a buyer is effectively paying between $5,210 and $6,252 for representation in a typical transaction.But not every agent works this way, and flat fees are an acceptable form of compensation -- in fact, they're sometimes a bargain, if you compare $395 with the figures above. Be sure you understand and agree with what you will be getting for your money, though. Will the team be finding for-sale-by-owner and distressed properties for you, as well as those listed on the multiple listing service? How often will listings be sent to you, and in what form? Will somebody be available to show you properties that interest you, at your convenience? How much help and advice will you get to secure financing? Who will do the negotiating when you present an offer, and who will shepherd you through closing? Is there a provision in the contract that says that the flat fee is all that will be paid to the agent on closing, and that he will forego any commission? What happens if you are dissatisfied with his service -- can you cancel the contract before the year is up and hire someone else? I hope this helps you understand it doesn't matter the price of the home it is the service being provided to the client/buyer.
This is not directly addressing what the buyer in this situation should do but I just want to say I hear this story all to often and I want this buyer to know that just like the other Realtors that have responded with knowledge and concern there are more like us out there so don't get discourage or disappointed in Realtors because of this situation. I advise you to take the advise of the responses you received and move on to someone that will assist you in your real estate needs..be blessed in your home search and beyond..
It depends on how you are making your purchase. If you are buying cash then your first step would be to hire a buyers agent to represent you and you can search in your area through websites. If you are looking to finance then you would get with you bank or credit union and tell them you are looking to make a purchase on a home and would like to know if I can be approved for a mortgage, then if approved ask them for a recommendation of Buyers agents or do your own search through websites . I suggest you work with a Buyers agent as they will represent you in the transaction and have your best interest in mind throughout the process. Listing agents have an obligation to the owner of the property and works for the seller. I hope this helps and best of luck on buying a home.
A pending transaction means it is under contract. A buyer and seller has come to an agreement on price and terms and it is no longer available to show or sale.