Change to a new buyer's agent

[buyer2b]

I have an offer out to a property and I found my buyer's agent is incompetent in negotiation besides other issues. I am quite disappointed. Can I change for a new agent to make an offer on the same property? If I can, when?

Other than the offer I signed, there is no exclusive agreement signed.

Thanks.

[flipper]

Maybe if you explain their incompetence we can offer opinions.

It kinda sounds like (based on your other thread) that you found a buyer's agent who will rebate you part of their commission, and would rather work with them.

If that's not the case, sorry.

flipper

[buyer2b]

Thanks for the response.

This agent is willing to offer rebate. There is just no contract about it, which I don't feel comfortable. That is why I posted the other question. Actually she did agree to come up with an agreement if I insist. The issue I have in the negotiation process is that it appears to me that she is rushing the deal through while I have world of time (which she knows) and want to get the best price I can get( no brainer here).

[buyer2b]

To elaborate a little more regarding the negotiation, I feel like that there is not enough information exchanged. There are many reasons sellers don't want to lower their selling price and buyers don't want to offer more than what they have offered. Let's hear that. I don't like simply throw offer and counter offer back and forth.

[BryanS]

To elaborate a little more regarding the negotiation, I feel like that there is not enough information exchanged. There are many reasons sellers don't want to lower their selling price and buyers don't want to offer more than what they have offered. Let's hear that. I don't like simply throw offer and counter offer back and forth.

At the end of the day... It really all comes down to A.) comps for the area and B.) the area. For example, if you're buying a piece of property in a neighborhood, or a townhouse, condo, etc... and there are other similar units/homes, sold over the past 90 days between .97 and 1.03 of asking... guess what you're going to pay, if you want it? Between .97 and 1.03. Why would the seller, settle for anything less? So if you want to get a "deal" at .97... Offer in the .92 range... the counter at .94, .95, back and forth, back and forth, and hope you land near the lower end of the range (around .95, .97 - whatever the low end is for the comps.) You also have to have a no-kidding stopping price. You should have in your mind what the most reasonable price is that you will pay, keeping mind of what the comps say, and stick with it. That said too... don't lose the deal over $1,000 or $2,000 - because that is peanuts, in the long haul.

The scenario that I present is what it's like buying a house down here in Clear Lake. That's the way it works (here). If you're in a transitional area, have a wide mix of new/old construction, or run-down places, sketchy neighborhood - then all bets are off. That's when you need a really good realtor or advice from someone who has done something similar to know whether or not you are getting ripped off.

EDIT: One other bit of info... the endless back and forth will end... when you agree to their price. All you have to do is get them down to where you are comfortable and then say "yes." And then it's over. At the end of day, trying to find rhyme or reason in negotiating a price doesn't help much. They have a price that they will not go lower on, you have a price that you will not pay above... and both of you need to be within each other's threshold of pain so that you accept the offer and end the game.

Edited May 14, 2008 by BryanS

[buyer2b]

I wish you are not a real estate agent. Everything has a right price, including real estate. When that price is reached, it should be a win-win situation, not pain-pain. When there is a difference between the selling price and the offering price and both sides insist on them, it indicates that there is the difference in the ways which both sides value the item. Good negotiation can help understand that. At least the value suggested by the CMA done by the buyer should be close to that of the seller's. Without talking, how do we even know that. The seller may think the market being better than it really is and the buyer may think the market being worse than it is. Both are harmful. If buyer and seller can't agree at that right price and there are many legit reasons for it, either no deal or one side give up a little. The side which gives up should still have their reason to give up. I am not here to rip someone off. If the seller can convice me I am getting what it worths, I will be gald to buy it at that price.

There may be a lot of agents who do not like to see the rebate thing spread too much. I apologize for that but I think they need to look forward and prepare for it.

[RCH99]

I wish you are not a real estate agent. Everything has a right price, including real estate. When that price is reached, it should be a win-win situation, not pain-pain. When there is a difference between the selling price and the offering price and both sides insist on them, it indicates that there is the difference in the ways which both sides value the item. Good negotiation can help understand that. At least the value suggested by the CMA done by the buyer should be close to that of the seller's. Without talking, how do we even know that. The seller may think the market being better than it really is and the buyer may think the market being worse than it is. Both are harmful. If buyer and seller can't agree at that right price and there are many legit reasons for it, either no deal or one side give up a little. The side which gives up should still have their reason to give up. I am not here to rip someone off. If the seller can convice me I am getting what it worths, I will be gald to buy it at that price.

There may be a lot of agents who do not like to see the rebate thing spread too much. I apologize for that but I think they need to look forward and prepare for it.

What you are saying is theoretically correct, however, it's not very realistic. I think what you will find is that the vast majority of sellers will have no interest at all in mustering up the patience necessary for you to proceed with your " come on, friend, make me feel good about your price" approach. If both parties have agents, I would speculate that the majority of transactions go to closing without any direct buyer / seller interface.

[mpbro]

If you are a buyer, why are you trying to get a kickback from the buyer's agent? You're not even paying realtor fees.

Such a strategy doesn't give your agent any incentive at all to get a good price for you. An agent who would enter into such an agreement with a client would simply want to close as many deals as possible.

The desire to get a kickback and the desire to find a skilled negotiator are at cross-purposes. Either find an agent who gives a kickback (because they probably aren't very good), or find a skilled negotiator. I suspect you'll save more money with the skilled negotiator.

Edited May 15, 2008 by mpbro

[gwilson]

I've never been a fan of using a buyers agent. I've had better luck on my own because there isn't a middle man. There also isn't someone involved who is going to steer me in the wrong direction because they want to make sure they get their commission rather than do what is best for me and risk it.