I have been trying to sell a family home that I inherited since last Spring/Summer. I've had few offers and dropped the price three times. Now my realtor's partner is offering to buy the house for 50,000 less than the asking price. My gut says she is taking advantage of the situation because she knows it is costing me money and emotional distress to keep the house. I plan to counter-offer, but is this even ethical?
2007-01-30 13:30:59 · 9 answers · asked by doggles 1 in Business & Finance ➔ Renting & Real Estate
She is definitely being unethical, and is definitely not trying to sell your house anymore. Tell her if she wants to make an offer, then resign as your realtor and make an offer like everyone else. When she does, reject it out of spite. She's trying to pick your pocket and tell you she's giving you a reach around.
2007-01-30 13:45:37 · answer #1 · answered by normobrian 6 · 1⤊ 0⤋
Depends on how you view it. The Realtor has to state on the purchase agreement that he/she is a Realtor. Yes, it is ethical as long as it is put in writing.
The average listing agreement is usually for 6 months. You really have not had it out there that long and you have lowered the price 3 times. It must have been grossly over priced to begin with. Now the Realtor's partner wants it and offers you $50,000 under the listed price. I would say there is something VERY wrong here. When your listing expires I would call in 3-4 other Realtors and ask for their opinion. Ask for a plan of how they would market the home for you. Ask them why they think it has not sold yet.
I would certainly not stay with the company you have now. That $50,000 less than the asking price even AFTER they have lowered it 3 times, tells me to run, not walk as far away from these people as I could......................
2007-01-30 14:48:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Being that the Buyer is your Realtors partner he/she knows a whole lot of information that a regular buyer does not. It truly is such a fine line on the ethical question- I for one think it may be- just because of her relationship- representing both sides. Please check your contract- somewhere in there it will state and will have your initials if He/She can represent BOTH buyer and seller. CHECK THIS!!! If not then even bring an offer is unethical on the Realtors part. Your gut is right the market may be soft but not sinking-50K???---give me a break. COUNTER-HARD. Do not be beaten down just because its an offer and your an emotional mess. Your Realtor is doing you an injustice and does not have your best interest at heart. Need I say more? By the way, I am a Realtor and I personally think you need to consider your business relationship for in fact your Realtor has broken a very serious rule its called a fiduciary duty to YOU.
2007-01-30 15:26:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Any investor will give you a low-ball offer knowing your circumstances. I would tell her you will entertain her offer, then call other brokers and tell them you are willing to see direct if they are interested. Oh! and tell your realtor exactly what you're doing.
I suggest if you don't take the offer, you fire the realtor because at that point, they won't have your best interest in mind. In fact, they might never had it in the first place, initially looking at your house as an investment from the get-go.
If you can sell it for $50,000 to this person and not pay a dime of commission and still come out to an advantage, do it. You shouldn't have to pay a commission at all at this point.
Good Luck! It's your final decision.
2007-01-30 14:47:21 · answer #4 · answered by Barbara 5 · 0⤊ 0⤋
It is under valued and i would bet they have not relay tried to sell the home. Counter offer with 20k less and give a 24 hour to give an answer and before you counter offer have them sign a release form so you can list with another Realtor if the do not accept your offer.
2007-01-30 14:47:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If the Realtor is up front with you and explains what she is doing it is legal, and ethical. Maybe she is just trying to help you and herself at the same time. everybody is so cynical in this site. Not everyone is out to take advantage of you. I bet that guy who buys homes all over will take you for a ride though.
2007-01-30 14:13:16 · answer #6 · answered by frankie b 5 · 1⤊ 0⤋
It probably is ethically alright, but morally, I'd question it. If they can't sell your house, then tell them you want to consult another realtor. If you have a contract for them to sell the house, then you are stuck until the contract runs out.
2007-01-30 13:48:08 · answer #7 · answered by Beau R 7 · 0⤊ 0⤋
She is trying to get the house for a great price and then flip it. My concern would be how earnestly is she looking to sell your house when she wants to buy it herself? Ethical? Not sure, but definitely allowed.
2007-01-30 13:37:07 · answer #8 · answered by walkinandrockin 3 · 0⤊ 0⤋
I would drop her as your rep, and find another. Any rep that tries to pull some BS like that doesnt deserve to have your business.
2007-01-30 13:38:21 · answer #9 · answered by condorcall02 2 · 1⤊ 1⤋