Re: Lowball Offer on House
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For someone who is trying to be smart and wise about the process, this statement shows that you don't understand a lot of the basics.
Your first step is to figure out if you have signed a "Buyer's Agency Agreement". I can't tell from your post.
If you don't have an agreement with your agent, then you could probably try to go directly to the seller's agent. But if I were the seller's agent, and someone made three offers through another agent then tried to cut them out of the deal, I wouldn't even talk to them any more. They just wouldn't be the type of person that I would feel comfortable dealing with.
Obviously this would be a decision that I let the seller make, but my advice would be to steer clear.
In negotiations like yours, I think it is best just to sit back at this point. If the house sells for more than you wanted to offer, then you don't feel bad. But every day that passes gives you more chance of getting a low price. Especially if you aren't raising your offer every other day.
If you like a house and the seller won't respond to several low offers, you have to be willing to
a) raise your price
b) walk away
It's not your agent's fault. It may take months, or even years to get a "steal" in any market. And usually first-time homebuyers or people new to town aren't the ones who get the deals. There are others who have more experience and have done more homework in that market.
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Sorry if I wasn't clear. The only thing I have signed is a contract to purchase the home. I just didn't know if that somehow bound me to use my buying agent in any further negotiations on this home. I didn't sign a separate contract to let this agent represent me in other home purchases. I agree though, the agent probably wouldn't be keen on dealing with someone that dumped his agent this far into negotiations, even if it meant the selling agent might get more commission.
Also, I got word yesterday that they cannot get the roof estimate until next week. That is fine with me, because I agree that the more time that goes into the deal, the better it is for my chances of getting a lower price. Thanks again for all the helpful suggestions.
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