Find Real Estate Agent That Looks Out For Your Interests
REM #A746
By Ilyce R. Glink
Summary: A ThinkGlink reader amended an offer on a house because her agent told her the owners had other offers. Now the owners have counter offered with a lot of stipulations. This reader is wondering if her agent is looking out for her. Ilyce suggests finding a good buyer's agent.
Q: We recently made an offer on a home. Our real estate agent told us there
was another offer and suggested we amend our offer and instead offer the full
asking price for the property.
So, we offered to pay the full asking price, and the seller came back with a counter-offer that included a lot of other stipulations.
Here’s my question: Is the agent allowed to tell us there was another offer made on a home if there really wasn’t? And, is she allowed to put her own stipulations on a counter offer. I am unsure of the legalities of what an agent can do to sell a home.
Q: Are you being represented on this purchase offer? Or, is the seller's agent
also acting as your agent?
It sounds to me like you're getting advice from the seller's agent, who is being
paid to sell the home. This agent doesn't represent you and has no fiduciary
interest in making sure you get a fair shake.
You need someone to talk to you about your offer and what kinds of strategy
you might want to employ in order to secure this home.
As for the seller's agent, he or she can tell you what is true: There is another
offer and that if you offer full price for the property, you might get it. The
fact that the seller came back with more stipulations on the offer doesn't surprise
me. You're now engaged in a bidding war. The only way to take back control is
to decide if you really want this property and at what price and under what
conditions.
If the seller's stipulations aren't to your liking, rescind your offer and walk
away.
And, find a good buyer's agent who can help you navigate these waters.
Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyce’s website www.thinkglink.com
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