Realtor...Does he have our best interest?

ruestergMarch 7, 2010

Hello everyone, hope everyone is well.

Here is the situation. In September, we are moving into a newly built home and have already signed the paperwork; however, we need to sell our existing interior townhouse which is approximately 3600 sq feet, three bedroom, finished basement/loft, one car garage. We need to sell it before we move into the new home. Two of our neighbors are selling their homes as well: one end unit, with approximately 3900 sq, two car garage, finished basement/loft selling for 485K. The other one is an interior unit with approximately 3200 sq feet, finished basement/loft, one car garage and is selling for 470K.

Our soon to be realtor is representing the individual selling their home at 485K and related he believes the home is overpriced; however, is sticking with it. He indicated he would like to see us sell our home at 445K which is about what other comps are going for, although the our neighbor is selling hers for 470K.

Yesterday, our realtor said he just picked up another property (end unit, two car, loft, no finished basement) and will be selling it for 458K.

What i'd like to know is should we go with this guy when he is representing two other properties (end units 485K/458K), wanting to sell ours at 445K? Are we going to get the attention we need etc?

Or should we go with the builder we purchased our new home from because they have a vested interest in seeing us sell our home because they want us in our new property in September?

Your thoughts please....

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larke

I think your last paragraph says a lot, but even if it doesn't, I'd look for someone else, local and knowledgable.

    Bookmark   March 7, 2010 at 5:08PM
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berniek

"What i'd like to know is should we go with this guy when he is representing two other properties (end units 485K/458K), wanting to sell ours at 445K? Are we going to get the attention we need etc?"

What attention are you looking for? Get a good marketing plan from the agent and hold him to it, including regular communication and updates. He probably will sell your unit first and hold it up as an example to the others for being overpriced.

Your builders motivation could also be a conflict of interest (no agency or dual agency) since they probably can't represent you, but the other agent can.

    Bookmark   March 7, 2010 at 5:22PM
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terriks

Your neighbors are not necessarily selling their homes for the prices you mentioned. They are asking for those prices. Two completely different things.

    Bookmark   March 7, 2010 at 6:18PM
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sylviatexas1

I wouldn't list with a builder affiliate, too much possibility for conflict of interest.

A Realtor who has several listings in the same area, in the same price range, will likely get more activity &, assuming the houses are priced for the market, more real buyers.

I wish you the best.

    Bookmark   March 7, 2010 at 7:01PM
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live_wire_oak

None of those homes are selling if they are still on the market. The correct selling price for any of them may be thousands less than they are asking. Only a realtor who does a competent market analysis using sold homes can help you to price your home. But, if the one realtor is suggesting that you price your home the lowest of the bunch that are for sale in your unit, then that realtor probably understands the urgency that you will need to have in actually selling. If you want to sell, price it lower than any of the comps and sell it, not at around what other people are asking and NOT selling. Otherwise, you're likely to be on the market for months chasing it down one price reduction at a time. Price it aggressively from the beginning if you actually want to be in that new home.

    Bookmark   March 7, 2010 at 7:07PM
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emilynewhome

What are the comps? Have you gotten your own appraisal? These will help you price your home correctly!
Your soon-to-be Realtor would more than likely, show potential buyers all available listings in the asking price range!
What buyers are willing to pay is another story.

    Bookmark   March 7, 2010 at 8:06PM
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linda117117

Our soon to be realtor is representing the individual selling their home at 485K and related he believes the home is overpriced;

Telling you that he believes one of his sellers has their house overpriced is not representing their best interest. I sure hope he's not telling potential buyers that he believes its overpriced. He obviously doesnt have his other sellers best interest at heart, why would he have yours?

    Bookmark   March 7, 2010 at 10:01PM
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