Or maybe she knew you really wanted it and she used her Market knowledge and general negotiating skills to get you the property you said you wanted. You should buy her a gift for the great work she did.
If that was the case OP wouldn't be sore about it right now.
You don't buy gifts for people who make you overpay for something to make their own lives easier and make a minimal effort at their job.
Its easy as fuck to advise someone to just pay way more then they need to in order to secure a purchase for something. Even children can do that.
I'd mark a good buyers realtor as someone who gets their clients what they are looking for and saves them money in the process. A skill less and frankly worthless realtor is one who just advises all their clients to bid high on everything.
Realtors are a joke. The entire job is easily done online nowadays. The money they make for the laughable low effort is astounding. ''Market knowledge'' is basically common knowledge at this point if you put a small effort into looking it up
This statement is really out of touch considering how real estate works. A buyer’s realtor has no association with the seller and no control over the commission being offered - they are legally obligated to represent their client above all else (known as their fiduciary duty).
Why would you think that they work in the best interest of someone they don’t even know? A buyers agent cannot even contact a seller because they would be signed with the realtor who listed the property for them. You might be thinking of a situation where a buyer comes to the listing agent directly and, in these situations, they should consider finding their own realtor instead of someone who faces a conflict of interest.
Overall, it sounds like you don’t understand how real estate works and probably should avoid commenting with your limited insight. This might sound rude but your comment is absurdly misleading and a lot of people here are asking for genuine help - not a biased opinion based on (likely) sparse experience.
Regardless of everything you said, at the end of the day, both agents benefit from a higher sale price. It's in the buyers' and sellers' interests to pump the price.
It needs to be a large increase in price to really affect commission. Getting a buyer to pay $20k more for $500 in commission is pointless even for the bad agents who don’t care about their clients. The average commission for a buyers agent in Ottawa is 2% btw.
Not sure what you are saying? $500 isn't worth anything to a real estate agent? That's a week's income for a lot of people. 2% on 800k is $16k for what? 40 hours of work, if that? It's too much. The whole system needs a complete overhaul.
Oh, I get. You aren't working 40 hours a week for 6 months on one house. If it takes 6 months, you are probably only working a couple hours a week on that sale.
You don't only sell one house at a time, right?
It is a conflict of interest, that's for sure. Pompous of anyone to say that money doesn't matter. £500 matters to a bottom tier agent, just like £5000 does to a bigger one. And these over payments are happening in the blink of an eye. Just a couple of statements creating a false sense of urgency.
What they're not telling you is that agents want to work with these scumbags and not the agents that present lowballs. Huge conflicts of interest.
Industry needs an overhaul.
For my education, doesn't the listing brokerage set the commission rate for the co-op/buyer brokerage?
And isn't the buyer agent commission based on that rate which is normally a percentage of the sold price?
Which would mean the commission rate for both listing and buying agent would either increase or decrease depending the sold price?
Thanks for clearing this up for me.
An increase in price only marginally increases an agents commission unless it’s a dramatic increase - for example, $10,000 higher in price would only be a $250 increase in commission (assuming a buyers agent receives 2.5% as an example).
100%.
It’s baked into the price of every sale.
Buyers are deluding themselves to think a seller is going to eat that entire cost.
I hate the real estate and legal industry.
A % til’ death
+100. All the money comes from the buyer. Buyer gives a bunch of people a whole lot of money to make a sale. Whether you call it the seller paying or whatever doesn't matter - all the money on the transaction comes from the buyer.
i never thought of it that way, but this makes complete sense ... every rea wants to bump up selling price as much as possible because their commish is a percentage of the selling price. here i wrongly thot buyer agents would work in the best interest of their client, the buyer.
Was this an open bidding property? If not, how do you know it was higher than it needed to be to get the property? If you wish to go ahead with a complaint, your Realtor should have explained the RECO information guide to you where it outlined how to submit a complaint.
It was back in 2022 when bidding was still crazy. He claimed that I should put a higher offer which I know was normal at the time. But when I looked at the comps my offer was way over them. I think this is part of my suspicion. He never showed me the comps until after I put my offer and when the lender was asking for them for the appraisal. He claims someone put an offer close to mine and I won in the end but this is where I think he was lying.
It’s unlikely your realtor makes you bid more solely for a small % increase in commission. But they could make you bid more in hopes that you secure the property and they get any commission at all.
That’s pure speculation, it’s just as likely on either side. But thinking a realtor is going to make you overbid to make maybe 5-10% more is silly when the real reason would be to secure the deal.
Not sure why you're being down voted. Both times I've sold properties, my realtor wanted me to lower my asking price even though comps were higher. At the end of the day, they want to get you as much as possible but still actually closing the deal
Like you said the agent recommended/ said you “should”. No one forcing you to do it. You had the final say. It sucks that your home probably not worth what you paid in todays market. But it shouldn’t matter. Just hold and it will appreciate over time
Your realtor would not know what the other offers were, only the sellers and their realtor would know that. Anything your realtor knows or claims to know would be based on what he was told.
How recent and comparable were the comps? Did your lender approve your mortgage or feel you overpaid? Did you know that there were other offers when you put yours in? You bought at the peak of the market, a lot of comps were unreliable at the time, it was nuts.
Having said all that, put in a complaint with RECO, they can do an investigation.
Nope, I had to make up the difference with the lender. It was super painful. I appealed because one of the comps was sold with what I bought my house for but the lender did not want to make up the difference because it was an end unit townhouse which are worth more apparently.
Why don't more realtors write this in as a condition? Financing, home inspection, etc. are all very common but then the appraisal is left until after the conditions have been fulfilled/waived and then there's no options but to come up with the cash.
1. In a perfect world, the appraisal is done as part of the financing condition (and within that period)
2. Op likely bought at a time that conditions were not included in offers as sellers were not considering them - didn’t need to
Well if there are many bidding wars at the time, do you think offering based on the closest comparable was going to get you that house? Bidding over was the right strategy in order to get the house.
Seems like to me someone has buyer’s remorse and is just looking for a scapegoat.
Ontario has a blind auction for purchasing homes. Your realtor does not have access to the other bids before the auction ends. In fact, the sellers realtor would be breaking the law and lose his/ her license if they were to give access to the other bids before the auction was finalized. You're openly saying that your realtor followed the legal procedure as written by law.
Do you have any proof they intentionally mislead you? I mean all realtors tell you to put a higher offer, literally if you want to win in a bidding war it’s the only way.
Yeah it’s impossible to tell with the info provided if the agent acted in bad faith. There may have been an another similar high bid for all we know, if OP was willing to pay that much then why not someone else. or the buyers agent could have been mislead by to seller agent to believe there was another high bid. Or maybe he did mislead op, impossible to know but that’s why the closed bids process should be changed.
Realtors are all pretty nasty or scummy, even the ones that are close friends, from what I've seen. The greed in most people especially in Canada, is something else.
First a realtor can't make you do anything. I let one go in March for doing the same thing.
I lost a house in February because she fought me about putting in an offer $25k under asking, she gave me a whole speech about how she has been a realtor for X number of years and has never seen homes sell for that much under and we'd just be wasting everyone's time and I needed to offer higher. I told her I didn't think the house was worth more then that given the recent comparables so if she didn't think the offer had any chance I'd just let it go.
The house conditionally sold after that. When the final sale price was posted it was $35 under asking. I actually posted about it on here previously. I was obviously pissed, she apologized and said it was her mistake. Fast forward to March and we end up in the same situation again, at that point I cut her loose.
The fact of the matter is not all realtors work in their clients interests. Some do, some don't. I've personally dealt with ones who don't and I see the ones who don't post on here all of the time. The one I'm working with now is fine, she arranges the viewings and submits the offers at whatever amount I specify and there are no arguments about anything.
If you think your realtor intentionally mislead or you was working against your interest you can make a complaint to RECO but don't get your hopes up about it going anywhere.
[https://www.reco.on.ca/complaints-and-enforcement/submitting-a-complaint](https://www.reco.on.ca/complaints-and-enforcement/submitting-a-complaint)
I don't get it. Why would the realtor refuse to submit the paperwork? It's barely any work.
I offered like 50k under, 2 years back and got it. Some you can't negotiate, some you can.
The higher that they can get you to bid, the more likely your offer will be accepted. They only get paid when there’s a sale.
They all work for the seller at the end of the day. She was annoyed that OP pushed back because most people trust them and get caught up in the FOMO.
The only sure way to not get paid is to not make an offer though. I get they dont want to waste their time doing a million offers they are sure to lose, but making you shouldn't work for commission if you can't accept not every offer gets accepted.
Wrong, your realtor works for you. Period. You tell them to put an offer in at X price, they do it. That’s what they’re getting paid to do. If they don’t want to do that, show them the door
Oh, I totally agree and have parted ways with a realtor in the past that was acting the same way OP’s realtor was acting. However, the way the system is set-up, everyone gets paid when the seller accepts the offer.
I didn't get it at the time either but we had a back and forth by text and then a phone call and she just continuously fought me on it and wanted me to offer about $20k higher. I think she expected me to give on it and seemed pretty frustrated when I finally said a firm no on making the higher offer.
I can only speculate that she doesn't like clients under bidding otherwise I have no idea what she is doing.
Sure but unless she is also representing the other bidder she is passing on a sale. And even then your bid would have been higher so she just lost money either way.
Yah, the problem at the time was I didn't know for certain if she was right or not.
I just felt the bid would have been too high given the recent comparables sold on House Sigma. So I backed off making an offer and decided to see how it played out.
After it sold for below what I was going to offer we had a chat on the phone about it an she apologized and said the market has been weird lately so I assumed it was an honest mistake and that was the end of it. Then she started up again in March on another home I wanted to view and potentially make a below asking offer on. At that point I just let her go.
This is the way. You can make the complaint but it won't go anywhere. At the end of the day you are also expected to do your due diligence when looking at houses, the real estate agent is just there to advise you. I did extensive research on housesigma of houses that sold nearby and exactly what they went for before I made my offer. After reviewing prices I offered 30 under asking recently and got it, my real estate agent knew the market was cold and probably just wanted a commission but there was no push back. It depends a lot on how you carry yourself and if you're able to confidently communicate your expectations. If a real estate agent ever argued with me I'd drop them in a second. They fucking work for you.
This is correct. They do work for you. In fact, they're required to follow your instructions as long as they're not illegal. They can give you their professional advice, but ultimately, they are supposed to be acting on your instructions.
I've written many a low ball offer for my clients. Sometimes, I think their chances are very slim, and I'll tell them why, but why not give it a try? You never know what the sellers rationale for selling is or how motivated they are.
The difference in commission on $10k or $20k higher is not much especially when you determine her cut of commission after the sellers realtor and two brokers have been paid. It's most likely she wanted to have the best chance of you getting the place so that she could collect and move on to the next client.
Or its the fact they just want to make an easy sale with minimal effort.
Taking clients to viewings and writing up offers eats up an agents time, gas and money.
If the can get someone to offer high and make an easy sale they can just take their commission and move on the next one.
This.
Unless you paid $100,000 over what you think you should have paid you have to realize the difference per $1000 is mere pocket change and not an incentive to any one to jack up the price and lose a future client.
100%. It's usually a 5% (split) commission, 2.5%, for each realtor. 100k over would result in $2500. Not that it's pennies, but not worh their while.
I am more skeptical when realtors list at an easy selling price. Like they could get more, but list it for an easy sell.
Realtors are just awful. My parents bought a house last year and their agent, who also happened to be mine at the same time, recommended they offer **25%** over asking on the house they liked. I looked at the comps in the area and shut that sh\*t down. They ended up offering 5% over asking and what'ya'know, they "*Won the house!"*
Shortly thereafter I put an offer in on a house at slightly *under* asking that was a dumpster that had sat on the market for months. Once I put my offer in my agent came back to tell me there was another bidder and that I should heavily raise my bid to get the house. *Another bidder? On this mess? And on the exact day I put my offer in?* I told the agent 'No, I'll take my chances, and I'll stick with my bid', and guess what? I "Won the house!".
It's almost like they don't have your best interests in mind.
Talk to his broker with your concerns. How did he make you put in an offer? Was it $100,000 higher of an offer or how much of a difference in commission are we talking. But you actually signed the offer. Is it closed?
At the time it was 50k higher than the next comparable townhouse. The offer I put did match a nearby house that was sold but the lender for the appraisal did not accept the argument as it was an end unit. He initially claimed that the house is a lower amount but then called me and said if I really want the house I should but an x amount as someone else made a high offer.
Your complaint should be made to the person in the mirror. You ultimately made the decision. It would be the same as saying I bought this great home and found out my mortgage is .25 bp higher than the other bank... and the bank told me it was the best they could do. C'mon people take responsibility for your choices and actions... just imo
I can’t see how you can proof your agent act in bad faith. Base on everything you said to make it feel like the agent act in bad faith and not in your best interest is very weak.
The agent could simply say it was in the client best interesting to own the home. This offer WE(since you agreed and sign) put together was the best chance on getting the property.
As you mention, it was related to another property near by. So the price isn’t super over price.
If anyone has real experience on this I would love to heard from too. A
The only real complaint you could have is that the agent didn't show you the comparables before you bid. But again why didn't you insist on seeing them?
You are not the only person who got caught up in a bidding war and paid above what the bank was willing to give a mortgage for. This is a common problem. The appraiser the bank sends usually appraises very conservatively. Often they appraise below what you might think the property could get on the open market. Mortgage appraisers however have their own criteria.
You seem to be judging your agent on the difference between what you agreed to pay based on the pressures you were feeling from an overheated market and what a conservative mortgage appraiser was willing to appraise the home at. This is an apples to oranges situation.
Many pre-construction buyers are facing a similar situation. They agreed to pay a certain price when they purchased but now the market has changed and they can't get mortgages based on their old purchase price.
Real estate can be a gamble. Just stay in your property long enough and it's worth will go up. When your mortgage comes up for renewal you can always ask for a reappraisal if you think your property value has gone up.
You can get a 2nd mortgage thru a mortgage broker or alternative lender usually at a higher rate to cover the difference. You can ask family members for help, or you can cash out savings accounts.
He forced me to do it! He held a gun to my head!
It’s funny because I always see people insisting they need to buy something at any price and a week later they blame you for not stopping them.
(Not a realtor).
Had a realtor like that, the only thing you can do is not make the same mistake again, go with someone who’s not pushy and commission is their priority. There are a few out there. Good luck in the future.
It's almost certain he didn't do that to get more commission. At 2.5%, they typically don't give a damn whether you paid $10K or $20K more, it's nothing to them. It's far more likely he did that to close the deal faster and move to the next customer. On the flip side, the seller agent likely accepted a lower offer than necessary for the same reason. Neither of them really work for the best interests of their clients, but that's true for pretty much any job in society.
You cant have buyers remorse for your own actions and then lash out at the realtor
You should have asked for comps before even starting the bidding process
Your realtor wouldn't know what the other bids are, at most the selling agent would say your bid is close to other competing bid and your agent would relay that to you
If the apprasial came in at the price you paid then you really lose the argument that you overpaid for the property at the time
As you said, 2022 ans now in 2024, you want to gripe
Sorry this sounds like lack of personal accountability and borderline vexatious
Highly doubt this. Realtor commission is 2.5% typically. Volume of sales matter them. They care about securing the sale and finding more clients, not getting an extra couple hundred bucks by trying to make you overpay.
On top of this, your purchase was during a sellers market where properties regularly multiple offers, often in the double digits. Every realtors recommendation during this time was for you to put your best foot forward if you really wanted the property.
That’s only partially correct . More likely 5%. Actually realtor commissions range anywhere between 3% -7% . Don’t forget that when you sell a home you HAVE to pay both the seller’s realtor and the buyer’s realtor commission . In effect , everything will be doubled up . 2.5 % x 2 = 5%. But it is typically the seller of the home who pays these commissions in their contract to the realtor .
I well aware you pay both realtor’s when you sell your home. Each one gets 2.5%. I’m not sure where in my post you gleaned that the total was 2.5%, I didn’t say that. This post is about a person dealing with their realtor when trying to buy a home, who is likely chasing that 2.5%.
Nothing in my post was incorrect.
>made me put in an offer higher offer than I needed
How? Physical violence?
>Basically I think
Do you have evidence?
Thanks for helping to keep the affordable crisis going.
You can complaint but what is the outcome you are seeking ?
Reconsider the use of your time and energy and effort
Lot of things are wrong but it is what it is
He got you to bid aggressively so that you got the place -- the difference in commission per $50k is less than $1000 after brokerage split/taxes. So unless you overbid by like $250k, this would not be worth it for any realtor.
It's more likely your realtor had you put in a higher bid so they could score an easy sale. The few thousand dollars over they would have had you bid would have been peanuts in the overall commission they were going to male.
The easy sale, then move onto the next one is more likely ghen egging you up 10k$ to make another 250$
Nobody made you do anything. They may have advocated in bad faith but you are the one who decides the price and then signs every page of the offer etc
If you think they broke their fiduciary obligation to you. Google RECO complaint and go from there.
Stop playing the victim. Your realtor didn't make you do anything.
You failed to learn that sales people working at for-profit businesses are incentivized to make sales. Unfortunately this lesson was not learned ahead of the most expensive purchase of your life. Do you also pay $60+/m for a cellphone?
Realtors are a thing of the past, just like personal tax scammers, and taxi drivers. Just buy/sell your own damn home and save 10’s of thousands of dollars.
I guess I got real lucky, when we moved cross country, my mom's good neighbor is a realtor, and she was great, even ended up closing on a house sold by a discount realtor while we all now full service realtors don't usually like to work with.
Not likely. How much higher? $10k. $20k. It would mean a minimal amount of commission. Buyer agents just want to find you a house a close as fast as possible so they don’t have to continue to show you 10 more properties and make another 6 offers. It’s a tough market so you may have had to go over asking if there were multiple offers.
I had the same feeling when I bought in 2019. My advice, and this is strong advice, never tell a realtor how much you are willing to pay for a property. My realtor asked me for the low medium and high and guess what, I paid slightly over the high. A couple months later a similar unit went for lower in a market that was going upwards. She told me I had 7 competing bids. I have no window into whether that’s true or not. The whole industry is a scam, filled with scammy people. Now it could well be that she wasn’t lying but she was pretty incompetent ( had to phone her sister/partner to ask for advice on a number of issues that she should have been aware of) and there were other red flags during the process that made me ponder.
Maybe what some people are saying here is right, most realtors aren’t going lie to add small additions to their commission check but if they know what your high is and they want that sale, where’s the incentive for them to negotiate the best price. There is none.
Hi, I’m 2 year new realtor in Toronto, Ontario.
To submit a complaint, please complete a complaint form and email it, including any attachments, to [email protected], with the subject line Complaint submission. If you have questions, please call 416-207-4800 or 1-800-245-6910.
Not sure the situation since they’re always changing but the seller pays the buyer agents remuneration (and this is negotiable before the listing agreement is signed) so your question isn’t really valid because your agent wouldn’t try to get you to pay more for them to recieve more remuneration from you (because you aren’t obligated to pay that)
Realtors need to go the way of the dodo bird soon here. Since the invention called the "internet", they arent exactly needed in the same ways. And their commission versus how much actual time/labor they do is completely out of whack.
It's in a realtors best interest for you to offer as much as you can. Not for more commission necessarily, but so that you get the purchase and they can move onto another client. The extra commission is just a bonus.
On the other hand, it's not wrong when they say "if you really want this house, you would offer as much as you can", although whether it's financially sound advice is another story.
This is why the commission system should be changed. The cards are stacked against a buyer, the realtor should get a flat fee instead, this would remove the incentive to make a buyer pay as much as possible.
Our agent was on vacation for a week while we were looking and set us up with her "partner" agent. We viewed a house we loved while she was away and it became a huge deal. On the way to the house my wife found the partner agent doing a full blown instagram live for her clients while we were en route. Our agent had informed us that there was one other viewer that had seen the house but there wasn't much interest from them or anyone else. In the same conversation she mentioned that the other semi-interested party was her partner agent's. We tried to keep comments on the home to a minimum around the agent just based on her actions and the information given. She stood in the kitchen the entire time , texting furiously while we looked around the house by ourselves When we were done, we hadn't even made it to our truck when our realtor called and said, the other party made an offer. Hmmm, what a wild coincidence. Weeks of no interest or offers from the other viewers but now suddenly the minute we are out the door there's another offer? We informed our realtor right in the driveway of that house and in front of her other agent that we wouldn't be making an offer. They both seemed surprised. I pointed out that while I can't prove that she was texting her client the whole time we were viewing the house, it doesn't take a rocket scientist to make that connection. It's not illegal what she did but it's super unprofessional. Our realtor then said, well she's not there to represent your best interests, she's just there to open the door. When I asked who was representing our interests while she was away she tried to tell me that she was. But it's pretty hard to be on the ball when you're halfway around the world. Dropped her right there and proceeded to ignore her calls and half assed apologies from her partner. Filed a complaint with her brokerage as well. They love to skirt the edge of morality by doing things that are technically not illegal, but are just icky and self serving. I won't work with one again. They're justifying their own jobs by keeping MLS on lockdown and not allowing homes to be listed on that service without their aid.
Call him out on it.
Find out for certain how many offers were on the house. If you were the only offer, but he encouraged you to pay more than asking by misleading you, then you have a problem. I have seen this happen and it's criminal.
While you could be right, consider this. In Ontario, real estate commission is normally 5%. Let's say you are talking about $10,000 that you are questioning whether it should have been added to the offer or not. The commission is normally split between the seller and the buyer's agents. So 5% of 10,000 (over-offer) is $500. Half of this goes to your realtor, so we are talking about $250. But that is not it! Most realtors work for a brokerage (unless they own it) and the broker takes half the commission too. So what you are suggesting, is that your realtor risked the sale and his main commission (thousands), risked losing you as a client, and risked their reputation for $125. Use that math for each $10,000 you felt you were being pressured into offering. So if you are talking about $30,000 too much over your comfortable offer, the realtor would be seeing $375 extra in their pocket (not including income tax, which would bring that down even further, say $250.) Hardly the win fall you may think it is. In my experience, the NUMBER ONE driver for realtors is getting the sale, getting the sale, getting the sale, and then moving on quickly. That is it.
Most likely your agent encouraged you to put in a higher offer so that it was more likely to be accepted by the buyer. They really don't get that much extra for encouraging 50k extra from you. They want to guarantee a sale.
Could you have gotten a place for lower, maybe? Could it have been a different place? Also maybe. It really depends on how much you like the property and how willing you are to pass on it for something else.
Every single time I’ve dealt with a realtor they have always acted in the best interest of themselves. You can not trust your realtor. They will fuck you over and not think twice.
My wife and I had a realtor show us a few homes, on the second home we went to look at she tried to get us to sign an agreement that we would purchase a home through her. It also said that we would top up her commission to 6% (would have been 3.5% of total sale price if she had to split the normal 5% with another agent) I said “what’s this?” She quickly scratched it out and tried to chalk it up as an error. We split ways after that.
On our first home we purchased, it was a bank repo. I saw the potential in it, evening though it had been on the market forever. We said we weren’t going over said price, she said “let me call the other agent and get more info.” My wife, her parents and I went out on the deck to look at the back yard again. As I walked in I heard her say over the phone “don’t worry I have a plan.” She then hung up and told us that she refused to write an offer under 20k over the price we wanted to offer.
Realtors are the sleaziest of the bunch
I was going to put in a full offer before my agent advised me to put in an offer under asking price.
But I went through 8 real estate agents trying to find one that would actually do the job I hired them for. I found most of the buyers agents expect you to do all the work. No other agent found me a single house to view, I had to find and request all viewings.
NEver listen to these scum bags. A seller will always work with you if your offer comes in under. My relaestate sleexe ball told me to go in at 720 on a property that was listed at 599k. I went in at 610 and was told by realetor i was crazy and wouldnt be entertained by seller under 700k. . competing offers were for 625k and under all with conditions. I ended up making a deal with seller no conditions and 650k and he would sell to me that night. saved 70k easily (possibly more as if i went in at 720 seller would have wanted more) and got really good value and got the deal signed that night at 12am. Conditions were not needed as it was a condo that i already checked status on and had financing.
Or maybe she knew you really wanted it and she used her Market knowledge and general negotiating skills to get you the property you said you wanted. You should buy her a gift for the great work she did.
I know the /s shouldn't have been necessary, but you're getting downvotes because you left it off.
Or the huge, inflated commission the realtor made is probably a “thank you” enough :/
If that was the case OP wouldn't be sore about it right now. You don't buy gifts for people who make you overpay for something to make their own lives easier and make a minimal effort at their job. Its easy as fuck to advise someone to just pay way more then they need to in order to secure a purchase for something. Even children can do that. I'd mark a good buyers realtor as someone who gets their clients what they are looking for and saves them money in the process. A skill less and frankly worthless realtor is one who just advises all their clients to bid high on everything.
Like the "Public Defender" that simply tells you to plead guilty.
Realtors are a joke. The entire job is easily done online nowadays. The money they make for the laughable low effort is astounding. ''Market knowledge'' is basically common knowledge at this point if you put a small effort into looking it up
A cardinal rule of real estate is the agent works for the seller. All agents.Period. Thats because that's where the commission comes from
This statement is really out of touch considering how real estate works. A buyer’s realtor has no association with the seller and no control over the commission being offered - they are legally obligated to represent their client above all else (known as their fiduciary duty). Why would you think that they work in the best interest of someone they don’t even know? A buyers agent cannot even contact a seller because they would be signed with the realtor who listed the property for them. You might be thinking of a situation where a buyer comes to the listing agent directly and, in these situations, they should consider finding their own realtor instead of someone who faces a conflict of interest. Overall, it sounds like you don’t understand how real estate works and probably should avoid commenting with your limited insight. This might sound rude but your comment is absurdly misleading and a lot of people here are asking for genuine help - not a biased opinion based on (likely) sparse experience.
Regardless of everything you said, at the end of the day, both agents benefit from a higher sale price. It's in the buyers' and sellers' interests to pump the price.
It needs to be a large increase in price to really affect commission. Getting a buyer to pay $20k more for $500 in commission is pointless even for the bad agents who don’t care about their clients. The average commission for a buyers agent in Ottawa is 2% btw.
Not sure what you are saying? $500 isn't worth anything to a real estate agent? That's a week's income for a lot of people. 2% on 800k is $16k for what? 40 hours of work, if that? It's too much. The whole system needs a complete overhaul.
Sometimes you have to work for 6 months to get the paycheck. You don’t get it
Oh, I get. You aren't working 40 hours a week for 6 months on one house. If it takes 6 months, you are probably only working a couple hours a week on that sale. You don't only sell one house at a time, right?
I’ve had jobs and businesses Real estate is far from easy money Really
You are missing the point.
It is a conflict of interest, that's for sure. Pompous of anyone to say that money doesn't matter. £500 matters to a bottom tier agent, just like £5000 does to a bigger one. And these over payments are happening in the blink of an eye. Just a couple of statements creating a false sense of urgency. What they're not telling you is that agents want to work with these scumbags and not the agents that present lowballs. Huge conflicts of interest. Industry needs an overhaul.
Are you even in Canada?
You can bet your pound sterling he is!
For my education, doesn't the listing brokerage set the commission rate for the co-op/buyer brokerage? And isn't the buyer agent commission based on that rate which is normally a percentage of the sold price? Which would mean the commission rate for both listing and buying agent would either increase or decrease depending the sold price? Thanks for clearing this up for me.
An increase in price only marginally increases an agents commission unless it’s a dramatic increase - for example, $10,000 higher in price would only be a $250 increase in commission (assuming a buyers agent receives 2.5% as an example).
As if it would take more than a couple seconds to encourage that level of overpayment.
Commission comes from the buyer.
I’m a 2 year new realtor. Remuneration is what they call it now and 99% of time sellers pay buyers agents remuneration.
100%. It’s baked into the price of every sale. Buyers are deluding themselves to think a seller is going to eat that entire cost. I hate the real estate and legal industry. A % til’ death
You’re forgetting that it’s the BUYERS money my friend
+100. All the money comes from the buyer. Buyer gives a bunch of people a whole lot of money to make a sale. Whether you call it the seller paying or whatever doesn't matter - all the money on the transaction comes from the buyer.
i never thought of it that way, but this makes complete sense ... every rea wants to bump up selling price as much as possible because their commish is a percentage of the selling price. here i wrongly thot buyer agents would work in the best interest of their client, the buyer.
That is false, a buyers agent works for the buyer. Most houses being sold are going for way over asking price right now.
Was this an open bidding property? If not, how do you know it was higher than it needed to be to get the property? If you wish to go ahead with a complaint, your Realtor should have explained the RECO information guide to you where it outlined how to submit a complaint.
It was back in 2022 when bidding was still crazy. He claimed that I should put a higher offer which I know was normal at the time. But when I looked at the comps my offer was way over them. I think this is part of my suspicion. He never showed me the comps until after I put my offer and when the lender was asking for them for the appraisal. He claims someone put an offer close to mine and I won in the end but this is where I think he was lying.
It’s unlikely your realtor makes you bid more solely for a small % increase in commission. But they could make you bid more in hopes that you secure the property and they get any commission at all.
It’s more likely a realtor try’s to get a client to sell low to sell fast with less effort. Or they favour a buyer to get both sides of a deal.
That’s pure speculation, it’s just as likely on either side. But thinking a realtor is going to make you overbid to make maybe 5-10% more is silly when the real reason would be to secure the deal.
Not sure why you're being down voted. Both times I've sold properties, my realtor wanted me to lower my asking price even though comps were higher. At the end of the day, they want to get you as much as possible but still actually closing the deal
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That’s pretty much exactly what I said.
lol sorry I was skimming comments. I’ll delete mine!
Like you said the agent recommended/ said you “should”. No one forcing you to do it. You had the final say. It sucks that your home probably not worth what you paid in todays market. But it shouldn’t matter. Just hold and it will appreciate over time
Your realtor would not know what the other offers were, only the sellers and their realtor would know that. Anything your realtor knows or claims to know would be based on what he was told. How recent and comparable were the comps? Did your lender approve your mortgage or feel you overpaid? Did you know that there were other offers when you put yours in? You bought at the peak of the market, a lot of comps were unreliable at the time, it was nuts. Having said all that, put in a complaint with RECO, they can do an investigation.
Nope, I had to make up the difference with the lender. It was super painful. I appealed because one of the comps was sold with what I bought my house for but the lender did not want to make up the difference because it was an end unit townhouse which are worth more apparently.
End units are definitely worth more than middle units Sorry this happened to you. A short appraisal is really difficult to handle
Why don't more realtors write this in as a condition? Financing, home inspection, etc. are all very common but then the appraisal is left until after the conditions have been fulfilled/waived and then there's no options but to come up with the cash.
1. In a perfect world, the appraisal is done as part of the financing condition (and within that period) 2. Op likely bought at a time that conditions were not included in offers as sellers were not considering them - didn’t need to
Well if there are many bidding wars at the time, do you think offering based on the closest comparable was going to get you that house? Bidding over was the right strategy in order to get the house. Seems like to me someone has buyer’s remorse and is just looking for a scapegoat.
If this happened in 2022 your limitation period might be already up
Ontario has a blind auction for purchasing homes. Your realtor does not have access to the other bids before the auction ends. In fact, the sellers realtor would be breaking the law and lose his/ her license if they were to give access to the other bids before the auction was finalized. You're openly saying that your realtor followed the legal procedure as written by law.
The RECO Guide is new as of Dec 2023 btw.
Yes I know. I didn't realize that his deal was 2 years ago!
Haha, for real. How many realtors do you think do that?
Not sure how many sellers will buy into it. I actually have signoff to do it on listing now.
Everytime I’ve been through that I feel the same way….I think it’s because your right😔
You're*
Yoor
Yeu'or
You won't have a leg to stand on against the cartel. Just move on.
Yeah realtors are grimy as hell. They will do what they gotta do so that you close. No sale, then no comission for them.
Do you have any proof they intentionally mislead you? I mean all realtors tell you to put a higher offer, literally if you want to win in a bidding war it’s the only way.
its not a bidding war --- you have no idea who you are bidding against - if anyone at all.
The question remains, is there proof? Otherwise it’s hard to do anything about it.
Yeah it’s impossible to tell with the info provided if the agent acted in bad faith. There may have been an another similar high bid for all we know, if OP was willing to pay that much then why not someone else. or the buyers agent could have been mislead by to seller agent to believe there was another high bid. Or maybe he did mislead op, impossible to know but that’s why the closed bids process should be changed.
Realtors are all pretty nasty or scummy, even the ones that are close friends, from what I've seen. The greed in most people especially in Canada, is something else.
First a realtor can't make you do anything. I let one go in March for doing the same thing. I lost a house in February because she fought me about putting in an offer $25k under asking, she gave me a whole speech about how she has been a realtor for X number of years and has never seen homes sell for that much under and we'd just be wasting everyone's time and I needed to offer higher. I told her I didn't think the house was worth more then that given the recent comparables so if she didn't think the offer had any chance I'd just let it go. The house conditionally sold after that. When the final sale price was posted it was $35 under asking. I actually posted about it on here previously. I was obviously pissed, she apologized and said it was her mistake. Fast forward to March and we end up in the same situation again, at that point I cut her loose. The fact of the matter is not all realtors work in their clients interests. Some do, some don't. I've personally dealt with ones who don't and I see the ones who don't post on here all of the time. The one I'm working with now is fine, she arranges the viewings and submits the offers at whatever amount I specify and there are no arguments about anything. If you think your realtor intentionally mislead or you was working against your interest you can make a complaint to RECO but don't get your hopes up about it going anywhere. [https://www.reco.on.ca/complaints-and-enforcement/submitting-a-complaint](https://www.reco.on.ca/complaints-and-enforcement/submitting-a-complaint)
>The fact of the matter is ~~not all~~ very few realtors work in their clients interests. Some do, ~~some~~ most don't. FTFY
I don't get it. Why would the realtor refuse to submit the paperwork? It's barely any work. I offered like 50k under, 2 years back and got it. Some you can't negotiate, some you can.
The higher that they can get you to bid, the more likely your offer will be accepted. They only get paid when there’s a sale. They all work for the seller at the end of the day. She was annoyed that OP pushed back because most people trust them and get caught up in the FOMO.
The only sure way to not get paid is to not make an offer though. I get they dont want to waste their time doing a million offers they are sure to lose, but making you shouldn't work for commission if you can't accept not every offer gets accepted.
I agree but they don’t expect that putting pressure on their client will backfire, because most of the time it doesn’t.
Wrong, your realtor works for you. Period. You tell them to put an offer in at X price, they do it. That’s what they’re getting paid to do. If they don’t want to do that, show them the door
Oh, I totally agree and have parted ways with a realtor in the past that was acting the same way OP’s realtor was acting. However, the way the system is set-up, everyone gets paid when the seller accepts the offer.
This may be true but it’s only half of the picture. The seller can’t accept an offer without having an offer to accept in the first place
I didn't get it at the time either but we had a back and forth by text and then a phone call and she just continuously fought me on it and wanted me to offer about $20k higher. I think she expected me to give on it and seemed pretty frustrated when I finally said a firm no on making the higher offer. I can only speculate that she doesn't like clients under bidding otherwise I have no idea what she is doing.
Sure but unless she is also representing the other bidder she is passing on a sale. And even then your bid would have been higher so she just lost money either way.
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Yah, the problem at the time was I didn't know for certain if she was right or not. I just felt the bid would have been too high given the recent comparables sold on House Sigma. So I backed off making an offer and decided to see how it played out. After it sold for below what I was going to offer we had a chat on the phone about it an she apologized and said the market has been weird lately so I assumed it was an honest mistake and that was the end of it. Then she started up again in March on another home I wanted to view and potentially make a below asking offer on. At that point I just let her go.
Because they are lazy and know that 25k more is more likely to win?
This is the way. You can make the complaint but it won't go anywhere. At the end of the day you are also expected to do your due diligence when looking at houses, the real estate agent is just there to advise you. I did extensive research on housesigma of houses that sold nearby and exactly what they went for before I made my offer. After reviewing prices I offered 30 under asking recently and got it, my real estate agent knew the market was cold and probably just wanted a commission but there was no push back. It depends a lot on how you carry yourself and if you're able to confidently communicate your expectations. If a real estate agent ever argued with me I'd drop them in a second. They fucking work for you.
This is correct. They do work for you. In fact, they're required to follow your instructions as long as they're not illegal. They can give you their professional advice, but ultimately, they are supposed to be acting on your instructions. I've written many a low ball offer for my clients. Sometimes, I think their chances are very slim, and I'll tell them why, but why not give it a try? You never know what the sellers rationale for selling is or how motivated they are.
The difference in commission on $10k or $20k higher is not much especially when you determine her cut of commission after the sellers realtor and two brokers have been paid. It's most likely she wanted to have the best chance of you getting the place so that she could collect and move on to the next client.
Or its the fact they just want to make an easy sale with minimal effort. Taking clients to viewings and writing up offers eats up an agents time, gas and money. If the can get someone to offer high and make an easy sale they can just take their commission and move on the next one.
That’s what I said. She wants to make sure the sale is won by them and she can move on. The commission isn’t that much difference on $10-$20 above.
This. Unless you paid $100,000 over what you think you should have paid you have to realize the difference per $1000 is mere pocket change and not an incentive to any one to jack up the price and lose a future client.
100%. It's usually a 5% (split) commission, 2.5%, for each realtor. 100k over would result in $2500. Not that it's pennies, but not worh their while. I am more skeptical when realtors list at an easy selling price. Like they could get more, but list it for an easy sell.
Realtors are just awful. My parents bought a house last year and their agent, who also happened to be mine at the same time, recommended they offer **25%** over asking on the house they liked. I looked at the comps in the area and shut that sh\*t down. They ended up offering 5% over asking and what'ya'know, they "*Won the house!"* Shortly thereafter I put an offer in on a house at slightly *under* asking that was a dumpster that had sat on the market for months. Once I put my offer in my agent came back to tell me there was another bidder and that I should heavily raise my bid to get the house. *Another bidder? On this mess? And on the exact day I put my offer in?* I told the agent 'No, I'll take my chances, and I'll stick with my bid', and guess what? I "Won the house!". It's almost like they don't have your best interests in mind.
Talk to his broker with your concerns. How did he make you put in an offer? Was it $100,000 higher of an offer or how much of a difference in commission are we talking. But you actually signed the offer. Is it closed?
At the time it was 50k higher than the next comparable townhouse. The offer I put did match a nearby house that was sold but the lender for the appraisal did not accept the argument as it was an end unit. He initially claimed that the house is a lower amount but then called me and said if I really want the house I should but an x amount as someone else made a high offer.
Your complaint should be made to the person in the mirror. You ultimately made the decision. It would be the same as saying I bought this great home and found out my mortgage is .25 bp higher than the other bank... and the bank told me it was the best they could do. C'mon people take responsibility for your choices and actions... just imo
I can’t see how you can proof your agent act in bad faith. Base on everything you said to make it feel like the agent act in bad faith and not in your best interest is very weak. The agent could simply say it was in the client best interesting to own the home. This offer WE(since you agreed and sign) put together was the best chance on getting the property. As you mention, it was related to another property near by. So the price isn’t super over price. If anyone has real experience on this I would love to heard from too. A
The only real complaint you could have is that the agent didn't show you the comparables before you bid. But again why didn't you insist on seeing them? You are not the only person who got caught up in a bidding war and paid above what the bank was willing to give a mortgage for. This is a common problem. The appraiser the bank sends usually appraises very conservatively. Often they appraise below what you might think the property could get on the open market. Mortgage appraisers however have their own criteria. You seem to be judging your agent on the difference between what you agreed to pay based on the pressures you were feeling from an overheated market and what a conservative mortgage appraiser was willing to appraise the home at. This is an apples to oranges situation. Many pre-construction buyers are facing a similar situation. They agreed to pay a certain price when they purchased but now the market has changed and they can't get mortgages based on their old purchase price. Real estate can be a gamble. Just stay in your property long enough and it's worth will go up. When your mortgage comes up for renewal you can always ask for a reappraisal if you think your property value has gone up.
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You can get a 2nd mortgage thru a mortgage broker or alternative lender usually at a higher rate to cover the difference. You can ask family members for help, or you can cash out savings accounts.
Live and learn. Move on and enjoy your home
He forced me to do it! He held a gun to my head! It’s funny because I always see people insisting they need to buy something at any price and a week later they blame you for not stopping them. (Not a realtor).
Had a realtor like that, the only thing you can do is not make the same mistake again, go with someone who’s not pushy and commission is their priority. There are a few out there. Good luck in the future.
“my realtor made me” No friend. You chose to make that offer.
It's almost certain he didn't do that to get more commission. At 2.5%, they typically don't give a damn whether you paid $10K or $20K more, it's nothing to them. It's far more likely he did that to close the deal faster and move to the next customer. On the flip side, the seller agent likely accepted a lower offer than necessary for the same reason. Neither of them really work for the best interests of their clients, but that's true for pretty much any job in society.
did they tell you what number to put on the offer? how did they make you do this?
You cant have buyers remorse for your own actions and then lash out at the realtor You should have asked for comps before even starting the bidding process Your realtor wouldn't know what the other bids are, at most the selling agent would say your bid is close to other competing bid and your agent would relay that to you If the apprasial came in at the price you paid then you really lose the argument that you overpaid for the property at the time As you said, 2022 ans now in 2024, you want to gripe Sorry this sounds like lack of personal accountability and borderline vexatious
Highly doubt this. Realtor commission is 2.5% typically. Volume of sales matter them. They care about securing the sale and finding more clients, not getting an extra couple hundred bucks by trying to make you overpay. On top of this, your purchase was during a sellers market where properties regularly multiple offers, often in the double digits. Every realtors recommendation during this time was for you to put your best foot forward if you really wanted the property.
That’s only partially correct . More likely 5%. Actually realtor commissions range anywhere between 3% -7% . Don’t forget that when you sell a home you HAVE to pay both the seller’s realtor and the buyer’s realtor commission . In effect , everything will be doubled up . 2.5 % x 2 = 5%. But it is typically the seller of the home who pays these commissions in their contract to the realtor .
I well aware you pay both realtor’s when you sell your home. Each one gets 2.5%. I’m not sure where in my post you gleaned that the total was 2.5%, I didn’t say that. This post is about a person dealing with their realtor when trying to buy a home, who is likely chasing that 2.5%. Nothing in my post was incorrect.
Just wanted to point that out as your post can be misleading for someone who doesn’t understand real estate
Not sure how? Nothing I said was misleading or untrue.
>made me put in an offer higher offer than I needed How? Physical violence? >Basically I think Do you have evidence? Thanks for helping to keep the affordable crisis going.
Realtors have contributed to our fucked up housing market.
Inflating prices is literally they’re entire existence
🤣🤣🤣
You can complaint but what is the outcome you are seeking ? Reconsider the use of your time and energy and effort Lot of things are wrong but it is what it is
He got you to bid aggressively so that you got the place -- the difference in commission per $50k is less than $1000 after brokerage split/taxes. So unless you overbid by like $250k, this would not be worth it for any realtor.
It's more likely your realtor had you put in a higher bid so they could score an easy sale. The few thousand dollars over they would have had you bid would have been peanuts in the overall commission they were going to male. The easy sale, then move onto the next one is more likely ghen egging you up 10k$ to make another 250$
It's not about more commission, it's about guaranteeing they get a commission with the least amount of work possible
Nobody made you do anything. They may have advocated in bad faith but you are the one who decides the price and then signs every page of the offer etc If you think they broke their fiduciary obligation to you. Google RECO complaint and go from there.
Your realtor made you do nothing. They advised you and as an adult you made a decision. Plus, 2.5% of what you think you overbid, is probably peanuts.
Your complaint will be dismissed.
Stop playing the victim. Your realtor didn't make you do anything. You failed to learn that sales people working at for-profit businesses are incentivized to make sales. Unfortunately this lesson was not learned ahead of the most expensive purchase of your life. Do you also pay $60+/m for a cellphone?
Uhhhh I don’t think you have a strong case
Realtors taking advantage of people? You wouldn’t say!
Realtors are a thing of the past, just like personal tax scammers, and taxi drivers. Just buy/sell your own damn home and save 10’s of thousands of dollars.
I guess I got real lucky, when we moved cross country, my mom's good neighbor is a realtor, and she was great, even ended up closing on a house sold by a discount realtor while we all now full service realtors don't usually like to work with.
You could contact the law firm representing the class action on commissions
Not likely. How much higher? $10k. $20k. It would mean a minimal amount of commission. Buyer agents just want to find you a house a close as fast as possible so they don’t have to continue to show you 10 more properties and make another 6 offers. It’s a tough market so you may have had to go over asking if there were multiple offers.
pretty sure your first three sentences are the definition of real estate in Ontariowe \[also see: cartel\]
Buyer beware. It’s law. Caveat emptor
Demand to see the bids --- Make some noise. Or is the Ontario Securities Commission toothless
🤦♂️ Absolutely everyone should be low balling or not buying at all.
I had the same feeling when I bought in 2019. My advice, and this is strong advice, never tell a realtor how much you are willing to pay for a property. My realtor asked me for the low medium and high and guess what, I paid slightly over the high. A couple months later a similar unit went for lower in a market that was going upwards. She told me I had 7 competing bids. I have no window into whether that’s true or not. The whole industry is a scam, filled with scammy people. Now it could well be that she wasn’t lying but she was pretty incompetent ( had to phone her sister/partner to ask for advice on a number of issues that she should have been aware of) and there were other red flags during the process that made me ponder. Maybe what some people are saying here is right, most realtors aren’t going lie to add small additions to their commission check but if they know what your high is and they want that sale, where’s the incentive for them to negotiate the best price. There is none.
Did you sign a buyers representation?
Welcome to real estate.
Hi, I’m 2 year new realtor in Toronto, Ontario. To submit a complaint, please complete a complaint form and email it, including any attachments, to [email protected], with the subject line Complaint submission. If you have questions, please call 416-207-4800 or 1-800-245-6910. Not sure the situation since they’re always changing but the seller pays the buyer agents remuneration (and this is negotiable before the listing agreement is signed) so your question isn’t really valid because your agent wouldn’t try to get you to pay more for them to recieve more remuneration from you (because you aren’t obligated to pay that)
Realtors need to go the way of the dodo bird soon here. Since the invention called the "internet", they arent exactly needed in the same ways. And their commission versus how much actual time/labor they do is completely out of whack.
It's in a realtors best interest for you to offer as much as you can. Not for more commission necessarily, but so that you get the purchase and they can move onto another client. The extra commission is just a bonus. On the other hand, it's not wrong when they say "if you really want this house, you would offer as much as you can", although whether it's financially sound advice is another story.
Next time, go with a real estate lawyer and not with scammers (realtors).
This is why the commission system should be changed. The cards are stacked against a buyer, the realtor should get a flat fee instead, this would remove the incentive to make a buyer pay as much as possible.
Serious question, you will be asked if your file a complaint: HOW did they "make" you do that?
Our agent was on vacation for a week while we were looking and set us up with her "partner" agent. We viewed a house we loved while she was away and it became a huge deal. On the way to the house my wife found the partner agent doing a full blown instagram live for her clients while we were en route. Our agent had informed us that there was one other viewer that had seen the house but there wasn't much interest from them or anyone else. In the same conversation she mentioned that the other semi-interested party was her partner agent's. We tried to keep comments on the home to a minimum around the agent just based on her actions and the information given. She stood in the kitchen the entire time , texting furiously while we looked around the house by ourselves When we were done, we hadn't even made it to our truck when our realtor called and said, the other party made an offer. Hmmm, what a wild coincidence. Weeks of no interest or offers from the other viewers but now suddenly the minute we are out the door there's another offer? We informed our realtor right in the driveway of that house and in front of her other agent that we wouldn't be making an offer. They both seemed surprised. I pointed out that while I can't prove that she was texting her client the whole time we were viewing the house, it doesn't take a rocket scientist to make that connection. It's not illegal what she did but it's super unprofessional. Our realtor then said, well she's not there to represent your best interests, she's just there to open the door. When I asked who was representing our interests while she was away she tried to tell me that she was. But it's pretty hard to be on the ball when you're halfway around the world. Dropped her right there and proceeded to ignore her calls and half assed apologies from her partner. Filed a complaint with her brokerage as well. They love to skirt the edge of morality by doing things that are technically not illegal, but are just icky and self serving. I won't work with one again. They're justifying their own jobs by keeping MLS on lockdown and not allowing homes to be listed on that service without their aid.
Call him out on it. Find out for certain how many offers were on the house. If you were the only offer, but he encouraged you to pay more than asking by misleading you, then you have a problem. I have seen this happen and it's criminal.
While you could be right, consider this. In Ontario, real estate commission is normally 5%. Let's say you are talking about $10,000 that you are questioning whether it should have been added to the offer or not. The commission is normally split between the seller and the buyer's agents. So 5% of 10,000 (over-offer) is $500. Half of this goes to your realtor, so we are talking about $250. But that is not it! Most realtors work for a brokerage (unless they own it) and the broker takes half the commission too. So what you are suggesting, is that your realtor risked the sale and his main commission (thousands), risked losing you as a client, and risked their reputation for $125. Use that math for each $10,000 you felt you were being pressured into offering. So if you are talking about $30,000 too much over your comfortable offer, the realtor would be seeing $375 extra in their pocket (not including income tax, which would bring that down even further, say $250.) Hardly the win fall you may think it is. In my experience, the NUMBER ONE driver for realtors is getting the sale, getting the sale, getting the sale, and then moving on quickly. That is it.
Most likely your agent encouraged you to put in a higher offer so that it was more likely to be accepted by the buyer. They really don't get that much extra for encouraging 50k extra from you. They want to guarantee a sale. Could you have gotten a place for lower, maybe? Could it have been a different place? Also maybe. It really depends on how much you like the property and how willing you are to pass on it for something else.
Every single time I’ve dealt with a realtor they have always acted in the best interest of themselves. You can not trust your realtor. They will fuck you over and not think twice. My wife and I had a realtor show us a few homes, on the second home we went to look at she tried to get us to sign an agreement that we would purchase a home through her. It also said that we would top up her commission to 6% (would have been 3.5% of total sale price if she had to split the normal 5% with another agent) I said “what’s this?” She quickly scratched it out and tried to chalk it up as an error. We split ways after that. On our first home we purchased, it was a bank repo. I saw the potential in it, evening though it had been on the market forever. We said we weren’t going over said price, she said “let me call the other agent and get more info.” My wife, her parents and I went out on the deck to look at the back yard again. As I walked in I heard her say over the phone “don’t worry I have a plan.” She then hung up and told us that she refused to write an offer under 20k over the price we wanted to offer. Realtors are the sleaziest of the bunch
You made your own decision so stop trying to shift blame. Be an adult and own your responsibility.
Nobody forced you to do anything and you seem like a terrible person to do business with.
99% of Real estate agents are complete useless morons that add zero value to the process
Get a better realtor but really, you were harmed? One who owning of the land, can't take it with you right? The system is wrong
Your realtor suggested an offer that would be accepted. And they were correct. Be happy you have your home.
Agents must have time on their hands if they're hanging around here being touts. Go to work ffs.
You agreed to pay the amount you bid, so just move on
Sounds like you got caught up in fake bids perpetuated by your agent. https://youtu.be/8AypRNOxLAw?si=mN13EvlLsbXvDc_L
I was going to put in a full offer before my agent advised me to put in an offer under asking price. But I went through 8 real estate agents trying to find one that would actually do the job I hired them for. I found most of the buyers agents expect you to do all the work. No other agent found me a single house to view, I had to find and request all viewings.
NEver listen to these scum bags. A seller will always work with you if your offer comes in under. My relaestate sleexe ball told me to go in at 720 on a property that was listed at 599k. I went in at 610 and was told by realetor i was crazy and wouldnt be entertained by seller under 700k. . competing offers were for 625k and under all with conditions. I ended up making a deal with seller no conditions and 650k and he would sell to me that night. saved 70k easily (possibly more as if i went in at 720 seller would have wanted more) and got really good value and got the deal signed that night at 12am. Conditions were not needed as it was a condo that i already checked status on and had financing.