Our market is in a weird spot. Home is completely updated & shows well vs others in our area (which is sought out because we are in one of the top 5 school districts in our state).
We listed a year ago at a price our realtor based on comps. She said she never saw as many showings (and received so much positive feedback from other agents) as our house had. We accepted three offers, which all fell through for various reasons – but the bottom line was our market was quickly transitioning from a strong seller's market to a marginal seller's market – and many prospective buyers were bailing from offers they placed at that time.
Fast forward a year later, and we were approached by another realtor who claimed to specialize in relos (and could generate a tranche of pre-qualified, motivated buyers). He said our home was in a highly desirable area and – with the extensive updates we had done – would show well & likely sell quickly at the right price.
We agreed to his recommendation (based on comps) of a $30k reducation from the price the home had previously been listed at & once again received a torrent of traffic. The first offer came in months later $30k below the list (appx 9% under the current list) – which we rejected.
He was extremely upset (became abusive when discussing our decision with my wife) and has cut off contact with us.
We are now dealing with his brokerage partner (who is his wife). She has continued to communicate with us professionally, so we are continuing to list with this agency and will let the listing expire later this summer if the home does not sell.
I invited him to fire us when he declared our response to the sole offer we received as unreasonable, and he quickly backed off.
I understand he doesn't get paid if an offer doesn't close.
Could you clarify whether his duty is to secure the best offer for his clients or to advocate for the best deal for buyers (and himself)?
Realtor is ghosting me because I did not accept low-ball offer.
byu/treesqu inRealEstate
Posted by treesqu
13 Comments
What are the reasons the other 3 deals fell apart? I have a feeling you are the reason. And your realtor is done with you.
F them! Dont take that low offer! People are taking advantage of things. Know some people may have sell because they lost their jobs or other bad thing. And you know what your house is worth and what you put into it and you know what you want!!!!!! Get a different realtor.
Not sure of what’s happening clearly. I’m not sure why a realtor would stop taking calls from their clients. It seems like a win – win if the deal happens. Is there more to the story?
He is supposed to be advocating for you. Not surprisingly, the agent who does that is rare if not mythical.
If you’ve got a listing contract with him, he has to perform his side. Read what you signed. If he’s not holding up his end, you don’t have to ask him to fire you…
i suspect theres some level of unrealistic expectations on sale price from OP feeding misgivings with the realtor
The seller’s agent should be acting in the seller’s interest. You didn’t sign over PoA, so you, and not the agent, decide what offer you will accept. The reality is that agents have an incentive to sell quickly to get their commission and move on (kind of a popular econ book mentioned this back in the day, and makes sense). Ultimately, though, they’re your agent since you’re paying the commission, and they’re responsibility is to represent your interests.
May be best for you to continue communicating with the wife and explain that it’s best for everybody to keep this professional and get this house sold on terms you’re comfortable with. If she won’t do that, see what you can do to convince her that this contract isn’t in either of your best interests so you can move on.
It sounds like it came off the market and went bank on? Or just switched realtors? How long has it been listed with this realtor? Usually if a good house in a good area takes a year to sell it’s overpriced.
So they would be the realtor of the buyer AND seller, is that what you are saying?
I’m afraid it’s atypical in most markets to be struggling to sell your home for a year. Or for that many offers to fall through. Or for you to cut the price by $30K and still receive only one offer for $30K less than that. It really does sound like your home may be overpriced for the current market conditions.
He’s blowing smoke about corporate relocating client. That market is evaporating.
Did you at least counter or did you simply reject the offer. 9% below is a decent starting point and I could understand why your agent might be upset
The way the realtor delivered the message was unprofessional, but that doesn’t mean the message was wrong.
If you haven’t sold your house for a year it’s over priced unless it’s like a 5 million dollar house in Alabama