Morning all,
I've noticed of late, through personal experience and of others that the current market had created a sense of arrogance from real estate agents and lack of communication and finally under quoting.....so my question is how do I level the game out?
Examples
1) property is advertised for offers above $260,000, I make an offer of $268,000, noting that next door sold for $250,000 in November 2014 which was completely renovated and subject was unrenovated and needed about $10k to bring life back into the property. Offer was made in writing on Saturday, then a few counter offers were made yesterday to $278,000 and I asked them to keep me up to date with any changes.....to finally receive a text message to my surprise, it looked automated, that the property was sold that morning for $311,000. This is surely low balling the value of the property if it sold for an extra $51k than what was advertised! What options are there to report this type of behavior?
2) property is advertised for offers above $290,000 and again is sold for $325,000! I called the agent up after inspection on the Monday and asked him what would take the deal off the table? His response was well an offer above the $290k, so my offer was $306k to which he said that he was expecting it to sell for $315k. I said based on previous sale of the property and comparable sales; courtesy of RP Data, I noted to him $306k with 66w was a strong offer. He said put this in writing....so my mother in law puts the offer in writing within 2minutes, he then calls her in about 10 minutes, they discuss the property and he then indicates that he already has an offer of $315k in writing....my mother in law then explodes and questions why he didn't mention this to me a few minutes earlier....to his surprise he had no legs to stand on and obviously caught out that there was no offer of $315k in writing, as he was stumbling with an appropriate response....he didn't have anything. Again this is terrible experience and believe we definitely have a system of agents under quoting to get buyer interest. How does one protect themself?
Thank you in advance for your assistance.
Amativus
I've noticed of late, through personal experience and of others that the current market had created a sense of arrogance from real estate agents and lack of communication and finally under quoting.....so my question is how do I level the game out?
Examples
1) property is advertised for offers above $260,000, I make an offer of $268,000, noting that next door sold for $250,000 in November 2014 which was completely renovated and subject was unrenovated and needed about $10k to bring life back into the property. Offer was made in writing on Saturday, then a few counter offers were made yesterday to $278,000 and I asked them to keep me up to date with any changes.....to finally receive a text message to my surprise, it looked automated, that the property was sold that morning for $311,000. This is surely low balling the value of the property if it sold for an extra $51k than what was advertised! What options are there to report this type of behavior?
2) property is advertised for offers above $290,000 and again is sold for $325,000! I called the agent up after inspection on the Monday and asked him what would take the deal off the table? His response was well an offer above the $290k, so my offer was $306k to which he said that he was expecting it to sell for $315k. I said based on previous sale of the property and comparable sales; courtesy of RP Data, I noted to him $306k with 66w was a strong offer. He said put this in writing....so my mother in law puts the offer in writing within 2minutes, he then calls her in about 10 minutes, they discuss the property and he then indicates that he already has an offer of $315k in writing....my mother in law then explodes and questions why he didn't mention this to me a few minutes earlier....to his surprise he had no legs to stand on and obviously caught out that there was no offer of $315k in writing, as he was stumbling with an appropriate response....he didn't have anything. Again this is terrible experience and believe we definitely have a system of agents under quoting to get buyer interest. How does one protect themself?
Thank you in advance for your assistance.
Amativus