Is my Real Estate agent really working in my best interest?

Question

I am trying to buy a house in NC, while I am currently stationed in Germany. I have family that is local in the area and they are touring the homes for me until it is more serious. We think we have found something that fits our price range and dream. It is a foreclosed home that has had appliances stolen. When I called realtor today she said the listing is as low as they will go. In my research I know this is not true, she also is not willing to try and help us negotiate an offer off of the things we have found to be imperfect. We want to make a report with our offer to show replacement/repair costs, just to get it liveable. Am I wrong to feel she is being greedy and trying to walk in on an easy sell. We are doing all of the work, and asking for her help and she refuses, normal?This is a foreclosure listed through a realtor, what is the best way to get around her, my research shows I can't go directly to bank b/c of listing..true? Sorry for the many ?'s inside ?'s, puzzled by this.

Answer 1

2 possibilities:   a.  The agent is telling you the truth. If you want the house, pay the money.  One of the local agents who is the representative of the bank has started writing into her listings "The bank knows exactly what the house is worth" because so many buyers were attaching lists of repair costs to try to get a lower price.  The banks aren't dumb.  They know the house needs repairs.

b.  The agent is unsure about you. You are far away. Is she sure you will ever get here and really buy a house.  Will you buy a house after only seeing photos.  Will you complain that the seller didn't come down enuf. Will you always look at her as if she is greedy- she knows what you are thinking.  

Or maybe she's not feeling particularly motivated this week.  We may never know.

Answer 2

I hope you are using a buyer agent REALTOR.  If you are working through the listing agent, she represents the sellers, not you.  If that is the case, she IS doing her job.  You are just using the wrong agent.

Answer 3

First, this is NOT an easy sale.

And based on your post, I believe you are being greedy.  You want a lower price and the bank to fix or replace items.  

A lot of times, the bank has lowered the price to rock bottom and will sell it AS IS.

Have you had an inspection?  What are the other houses selling for in the area.  I bet that they have sold for much more and this house, own by the bank, is priced to already reflect the changes you want.

If you are not happy, get a new agent.

Answer 4

A buyer’s agent would have no issues doing what you’ve asked, but this doesn’t sound like a buyer’s agent; it sounds like the listing agent on the property. If that’s true, in no way is she repressing your interests, nor should she be. Her contract is with the seller.

Listing agent = The one working for the seller. Their name is on the sign in the yard.  They can't work for you, and you shouldn't want them too.

Buyer’s agent = A agent working for you, the buyer. They are in no way associated with the listing agent.

Answer 5

Usually, the real estate agent is mostly looking out for themselves. If It pleases you then great. Once a house is listed with a realtor, they can't sell the property unless the realty company gets their cut also. The best way to do this is get ahold of the foreclosures before they get to the actual market, if you can. Check the sherriff sales. That's a good place to start, to find real good deals. You might have to work on some things on the house, but usually pretty good deals from this way of doing it.

Answer 6

If she is the realtor who you engaged to help you find the property, she should do whatever you want within the law.   She may advise you that the bank (it's a foreclosure so I assume the bank is the owner) won't replace and/or fix things, but she should still include it in the offer if it what you want at the price you want to offer (a home is only worth what a buyer is willing to pay).  If she refuses or you have any doubts about her ability and/or willingness to zealously represent you, get a new realtor.  You don't want to be in a position where you are asking yourself whether you got the best deal or not because of your realtor's willingness to help you; that is within you control!  Just move on and find someone who better fits your negotiating style.

Answer 7

Have you been pre-qualified? If not, that is a big reason why your realtor is acting silly with you. Make sure you let her know that you are serious about buying by being pre-qualified. Once she sees that you are truly serious, ask her to give you a list of comparable homes in the area. When it comes to the offer, try to have at least the 3% for a downpayment, which will let the seller know that you are ready to make the purchase and not there to play games.