My Agent Refuses To Present My Counteroffer
I made a 180k offer on a house that is listed for 199k. The hose was originally listed 2 months ago for 209k, but the owners dropped it to 199k. The sellers agent very sternly told my agent that the owner would not accept any less than 195k (he went so far as to say that he would not accept less than 195k even over his dead body). I am not sure if the sellers agent and his buyer are playing a game, and would really accept less than 195k. I want to meet them in the middle and offer 187.5k, but my agent refuses to present my counteroffer since he said there is now way the buyer will accept anything less than 195k. I still would like to try my offer of 187.5k and see what happens. Perhaps the seller would go down to 193k; who knows. What should I do about my agents refusal to present my counter offer? He said that he also asked his manager and a senior agent, and that they agreed with him not to present my counteroffer to the seller since the sellers agent was adamant that the seller, over his dead body, would not accept less than195k. Has anyone ever encountered this situation, and what did you do, and what would you recommend I do? By the way, according to state law, the agent is required to present each and every offer, but since I have been working with this agent for a while and he is a really nice and hard working agent, I really don't feel like threatening him with the state law, although maybe I should? I also signed an agreement that my agent is exclusively representing me for this particular house.
Doesn't sound like he's representing you and your interests at all. There are better deals out there. Walk and find a new agent.
If it were me (I'm a RE broker), I would let my agent know that I intended to contact the listing agent myself to communicate the counter. In other words, let your agent know that one way or the other, the counter will be communicated to the listing agent. If your agent refuses to contact the listing agent, then you contact the listing agent. Check out the agent rep agreement you signed to see what you'd have to do about terminating it.
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I also signed an agreement that my agent is exclusively representing me for this particular house.
If you signed an exclusively buyer agent form for this property I would remind he needs to present the offer and you don't need to go to the state the loc county should have a realtor that is the next step and I would tell the agent I'll go to this level if he don't perform. You can also ask the realtor that he is in breach of contract since he isn't performing and you could have a case against him. An exclusively buyer agent is a contract. The other choice you have to for the agent to let you out of the exclusively buyer agent and go to an agent who will perform, But be sure to get out of this agreement first.
Terry
I agree with some of the others about putting an armlock on your agent to present the offer. You did not say what you intend to do with the property, but if you are going to hold it for a time, keep in mind that the difference in loan payments on a 7% ,30 year loan is only $50 per month to you while it is $7,500 in cash difference for the seller. Over time you will more than make this up. I believe that RI is currently leading the nation or close in HPI (Housing Price Index). This assumes your target property is local.
Just a thought...