Does working with an experienced buyer’s agent pay off? For us it did. Our agent’s experience and knowledge steered us away from buying a home that was not at a good value.
We also saw the negative impact that the seller’s agent may have had on the seller.
Timely responses are critical.
We had made an offer on a home that was listed for $220,000 of $205,000. The seller’s agent did not respond to our offer until after the deadline set in our contract had passed. At this point, we became wary of working with them. Would they allow other deadlines to come and go? Can we trust them to uphold their end of the contract? Missing the first deadline is like being late to an interview, it doesn’t instill confidence.
Experience and knowledge of the market is crucial to making a good decision.
When we received a counter offer of $210,000, our agent advised us that this would be a “fair” deal, rather than a “good” deal. He had a better understanding than we did about what our money could buy in this market. He also had the experience to know that there “will always be another house.” We did not accept the counter offer.
Now, several months later that home is still on the market and listed for $199,000.
Can you imagine being the owner of a home that is still on the market, for $6,000 less than an offer you received?
Poor representation is expensive.
From an outsider’s point of view it seems that the seller’s agent did them a disservice. First, by not responding promptly to our offer the agent made us feel concerned about how the rest of the process would go. Second, by passing up a solid offer, the home owner’s are still trying to sell in a tough market, and forced to list at a lower price.
Good representation is a good investment.
As a buyer, we were informed about our transaction. We had a good understanding of the home’s market value because our agent was direct and thorough. We walked away. It was the right decision to make. It gives me satisfaction (with a hint of compassion for the seller’s) to know that we did not buy that home at a bloated price. It also proved to me, yet again, that our agent was right. The counter offer was not a good deal.