making an offer

[probability]

I'm buying my first home, and my realtor says that since I'll be asking the seller to pay closing that I can't negotiate for anything else. I finally agreed to offer the asking price, but I wanted to ask the seller to pay for some repairs (less than $1500). My realtor thinks I'm demanding far too much. She keeps bringing up the figure "six percent," but the closing plus repairs comes far short of six percent. Is she crazy or am I just stupid?

[kylejack]

I'm buying my first home, and my realtor says that since I'll be asking the seller to pay closing that I can't negotiate for anything else. I finally agreed to offer the asking price, but I wanted to ask the seller to pay for some repairs (less than $1500). My realtor thinks I'm demanding far too much. She keeps bringing up the figure "six percent," but the closing plus repairs comes far short of six percent. Is she crazy or am I just stupid?

Hm, she's trying to pad her commission, maybe. I mean she may be right, maybe they won't accept, but she's supposed to be your advocate, and if that's what you want to offer then she needs to make the offer. If they decline there's nothing lost.

[sowanome]

Never pay asking price. (unless there are other bids or the property is undervalued) Sellers usually pay closing costs, so don't worry too much about that.

[kylejack]

There's an interesting chapter in the book Freakonomics about how the buyer's agent and the seller's agent are colluding to make a deal go through by any means necessary. Its definitely worth a read.

[probability]

There's an interesting chapter in the book Freakonomics about how the buyer's agent and the seller's agent are colluding to make a deal go through by any means necessary. Its definitely worth a read.

Damnit, and I've read that book too! Ugh, I'm pissed now.

[Yankee_in_TX]

I'm buying my first home, and my realtor says that since I'll be asking the seller to pay closing that I can't negotiate for anything else. I finally agreed to offer the asking price, but I wanted to ask the seller to pay for some repairs (less than $1500). My realtor thinks I'm demanding far too much. She keeps bringing up the figure "six percent," but the closing plus repairs comes far short of six percent. Is she crazy or am I just stupid?

My buddy just bought a place and used a buyers agent. She made the offers he told her to. She gave her $.02 to him, but made the offers. The seller in 2 cases came back with very close to asking price and she said forget them, you can do much better.

That's how, IMHO, a buyer's agent should act (unless you tell him or her you HAVE to have a certain property).

[EMME]

My buddy just bought a place and used a buyers agent. She made the offers he told her to. She gave her $.02 to him, but made the offers. The seller in 2 cases came back with very close to asking price and she said forget them, you can do much better.

That's how, IMHO, a buyer's agent should act (unless you tell him or her you HAVE to have a certain property).

I used buyers' agents everytime I have bought a home. Real Estate agents are required by law to represent the seller's best interests even if they are the agent the buyer chose unless you get them as a "buyer's agent", at which time they are to represent your best interests. And further, it sounds like your realtor sucks and I would get a new one. They need to remember who their client is.

Edited May 11, 2009 by EMME

[diggity]

Sellers usually pay closing costs, so don't worry too much about that.

This is completely incorrect. Seller's will pay closing costs if the offer is right, but in the end it's all about the net offer amount.

As far as the OP's question, without knowing the particular property and area it's impossible to say. Your agent should put whatever offer in that you request though.

Edited May 11, 2009 by diggity

[probability]

This is completely incorrect. Seller's will pay closing costs if the offer is right, but in the end it's all about the net offer amount.

As far as the OP's question, without knowing the particular property and area it's impossible to say. Your agent should put whatever offer in that you request though.

Without knowing the property or the area my realtor, in our first phone conversation, stated that if you're asking for closing cost you can't negotiate for less than the asking price.

[Yankee_in_TX]

Without knowing the property or the area my realtor, in our first phone conversation, stated that if you're asking for closing cost you can't negotiate for less than the asking price.

Time for a new realtor, IMHO. I can see a realtor saying 'I have dealt with x builder and he won't sell x properties for less than $x.' But think there are very few sweeping generalizations to be made in real estate.

[TheNiche]

I'm buying my first home, and my realtor says that since I'll be asking the seller to pay closing that I can't negotiate for anything else. I finally agreed to offer the asking price, but I wanted to ask the seller to pay for some repairs (less than $1500). My realtor thinks I'm demanding far too much. She keeps bringing up the figure "six percent," but the closing plus repairs comes far short of six percent. Is she crazy or am I just stupid?

As a buyer, Realtors are best utilized as providers of information, and once you have a good deal under contract, only then as someone whose interests in closing that deal are aligned with yours whose expertise can protect the deal by following through on the process of the transaction.

Find one that'll give you all the MLS data you could ever want, become an expert, and arrive at your own conceptions of value. Don't let them make decisions for you, and always remember that their interest is a completed transaction, not a good or fair transaction.

[TJones]

Without knowing the property or the area my realtor, in our first phone conversation, stated that if you're asking for closing cost you can't negotiate for less than the asking price.

Kick that Greed "BW"itch to the curb. Time for a new agent.

In this market, you hold all the cards. Closing costs PLUS repairs PLUS $5k off the price, or tell the "realtor" to give you 2% back at closing off HER end, if she demands you make a full price bid. Since it seems that she thinks she is getting the full 6% commish ?!