Skip to main content

Agent Conflict of Interest? Agent is the Buyer

We went with an experienced agent for selling a home, and have a few offers so far. Up to this point we've been satisfied with her service. We were close to deciding to on an offer when we got an unexpected offer: it was from our agent and her daughter, and they were represented by another family member.

Not having much experience in real estate, I'm not sure if this is common enough to be acceptable, but it has made me very worried about the whole thing. It's one thing for an agent to represent both buyer and seller, but it's another thing entirely for your own agent, the buyer, and the buyer's agent to be from the same family. Part of the service that an agent provides for the laity is a sense of protection in a high-stakes market, and we're now feeling like no one's on our side.

This has us questioning the whole process. Our agent originally encouraged us to set a low price to attract buyers who would then bid up. Now their offer is better than others, but still slightly lower than what we originally had in mind. If they had been planning to make an offer from the beginning, doesn't that give our agent the incentive to not find the highest offers? How are we supposed to have our agent make a counteroffer with herself? What if there are complications during or after the sale?

I'm willing to entertain the possibility that I'm being too paranoid, especially if someone in the real estate industry can tell me something that I'm not seeing. Also, their offer isn't bad - it's basically in line with what we expected. The whole thing just feels very sketchy, and I'm currently at a loss for what we should do.

submitted by /u/morrowman
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1dgby7f/agent_conflict_of_interest_agent_is_the_buyer/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more