I'm not actively looking for a new home or a new rental but in the past year I've found two listings pop up that were attractive. I've purchased and sold several properties and my wife is a real estate attorney. Thus when I reach out to the listing agents (i knew both) I didn't bring my own agent or request that they represent me. Both times I made at offer at or above asking with no contingencies. Both times the properties were sold to someone else and the published sales price were not higher than mine. Both times the real estate office posted a pending post on Facebook congratulating both of their clients on a successful sale. If I'm not using an agent wouldn't the seller make more on my offer of the same amount? Am I stupid for not asking the listing agent to represent me? I'm in a smaller community and it seams like all the properties I see close are by agencies who represent both sides.
Posted by maverick5872
4 Comments
The listing agent already has their commission locked in and would rather keep it simple by working with buyers they have an existing relationship with – you’re getting shut out because there’s no agent advocating specifically for you in those deals
We know nothing about the rest of your offer besides that it was for more money. And was it written on standard forms the agents use, or is your wife writing up her own contracts, which, in my state, an agent is not licensed to deal with. Lots of reasons why they may not have wanted to work with you or your offer wasn’t as good.
Sellers decide on offers based on price AND terms.
A buyer has to look like they can close, so the financials are very important (eg earnest money, down payment, loan type, APR cap, etc).
Some buyers waive inspections or put inspection request caps into the offer.
The initial offers made by other buyers may have been higher than yours, but the price recorded after seller concession and credits shows a lower amount.
Finally, are you using the local board-promulgated forms?
When we list a home we have x% in the contract that we are going to make. If you do not bring an agent then we may charge a bit extra, but it’s not what the buyer agent would make on the sale.
The listing agents job is to sell the house. They are there for the seller, not you the unrepresented buyer. Your mistake is not having a buyers agent.