I am a first time homebuyer. I am about to put an offer in on a house that is kind of a lowball offer. I am willing to go up $25K more max if need be, do I tell my agent (he's a buyers agent working for me) that I am willing to go up, or should I keep this vague?
Thanks
Market: Boston, MA (aka THE BUBBLE)
2006-12-03 05:41:26 · 8 answers · asked by Patricia J 1 in Business & Finance ➔ Renting & Real Estate
As an Realtor who does mostly buyer represenation, I would say NEVER tell anyone what the most you're willing to spend on a particular house is.
Instead, sit down with your agent and ask them what they think is the most you should be willing to pay for the house (i.e. what is the fair market value). Then ask them what they think they can get the seller to agree to.
Then figure out the best way to get there.
This way you are not "showing your cards" but are getting the agent's best advice about what they think you should be willing to pay.
If that matches your willingness, then things are looking good. If they don't match, it is time to figure out why?
Are you being unrealistic, or is your agent not doing a good job for you?
2006-12-03 10:24:40 · answer #1 · answered by triad_historic_homes 2 · 1⤊ 1⤋
As a buyer's agent he supposed to look out for your best interests only. He should not tell the seller anything about your possible max offer. I would let him know that it is possible so that he knows he has that flexibility if it is needed. I have had buyers fail to tell me this and they have lost out on a house because the seller has taken a different offer. An offer that my buyer was willing to beat but didn't let me know in time. Bottom line the buyer's agent works for you equip him with all the knowledge you can so he can best represent your interest.
2006-12-03 05:56:13 · answer #2 · answered by sightseer77 2 · 1⤊ 0⤋
If you truly have a buyer's agent, then yes, you should advise them of exactly what you're doing. A true buyer's agent is barred from telling the other party what you're willing to do.
Some jurisdictions don't formally recognize the buyer's agent concept and your agent may even be legally obliged to pass on any information that they are privy to. Check local laws and your agency agreement for full details on that.
2006-12-03 05:51:12 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
NO then they will hold out. Only negotiate when you HAVE to. I got my house that way, they made a mistake on letting me know how urgent it was to sell, so I low balled the offer while there were no other bites and stuck to it....they gave in I bought it under value to. But it also depends on how quick and badly you want this place or if you have time in case someone else come in and offers more.It's a game. BUT NEVER let them know how much,MY agant was working for them to, and she told me this so I do not know if I would take the chance.
2006-12-03 05:47:05 · answer #4 · answered by ~Another Day~ 5 · 0⤊ 0⤋
Yes, you should tell your agent. It's his job to help you get the best deal and help you negotiate the price and he should be able to give you suggestions on whether the offer is a good one or not and will be able to help you out better if he knows what he is dealing with.
2006-12-03 06:18:24 · answer #5 · answered by shesus9132003 2 · 0⤊ 0⤋
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2016-12-29 20:19:34 · answer #6 · answered by chatterton 3 · 0⤊ 0⤋
Absolutely not! Agents work on commission and when their choice is to lose the sale and go bankdrupt or to tell secrets and get the sale, what do you think they will do? I don't care if it is a buyer's or seller's agent. They are business associates and one may owe another a favor. DO NOT TELL!
2006-12-03 05:58:03 · answer #7 · answered by ? 3 · 0⤊ 2⤋
you can tell your agent, but don't let them tell the buyer!!!! some agents are blabbermouths, so you may want to keep it to yourself.
2006-12-03 05:46:44 · answer #8 · answered by Judith O 3 · 0⤊ 0⤋