Question about Real Estate Brokers

For those who used a broker, was he or she good at counseling you on the bidding situation? I feel like our broker is very wishy-washy on giving advice, and unfortuantely, this caused us to be outbid on our dream house. (She suggested a lower bid than what we felt the house was worth, and we ended up losing it).

So, I'm wondering, is a good broker supposed to really help with strategy or am I expecting to much from them? I'm basically trying to figure out if I need to find a new broker.

Question about Real Estate Brokers

Our broker was very involved and knowledgeable in negotiating on our behalf. You need someone who will act on your behalf to get you the best house at the best price and not steer you wrong.

Re: Question about Real Estate Brokers

Yes. She was able to counsel us on strategy.

Question about Real Estate Brokers

I don't think they can give that much advice. Well, they can but..,

Maybe what I'm trying to say is ... A house is only worth what YOU are willing to pay.

If something is your dream home, you love it, it's the one.. You can't live with the idea of anyone else having it ... You offer asking, if not more.

Simple as that.

Now, anyone else - friend, broker, etc - they may not see the value. In fact, maybe the house isn't truly worth that price (based on comps). It can be hard to see someone make the biggest purchase of their life and overpay, you know? But again it goes back to what you think it's worth.

So just based on what you said ..I'm not sure I would put blame on the broker. Not saying you are though.

How much less did she suggest?
And what was the reasoning ?

Message edited 11/4/2015 9:43:40 PM.

Question about Real Estate Brokers

A broker should look at comps for the area and based on that give their opinion. Our broker showed us the comps so we knew where her advice was coming from.

Our house went over asking. Our broker recommended one price and we went over her suggestion by 5k. We ultimately did what was in our best interest. Could we have gotten the house for price our broker recommended. Maybe. We went in with our best and highest offer and we said no regrets. We got the house and have no regrets.
There is little on the market so you need to be aggressive if you want the house. You also want to make sure the house will appraise for the loan amount which the comps would also show.

Message edited 11/4/2015 10:01:52 PM.

Re: Question about Real Estate Brokers

A broker should give you the comps, give you insight into what she thinks the house is worth and guide you on strategy. But only you can come up with *the number* you actually offer.

If you felt the house was worth more, and you could have afforded more, then why not offer it? This is especially true when you get to the "best and final offer stage." In all fairness, your broker has no insight into how much the other offers would be. And it's possible it wasn't just a numbers thing, when you lost the house. You never know why another offer was accepted, so just keep looking and you'll find your house!

Question about Real Estate Brokers

Our brother was there for us 100% and walked us through what was a fair first offer and from there we negotiated. Our sellers wouldn't budge on a 4K difference but we weren't willing to loose the house over that so we agreed to split the difference and we did. Turns out when we got our appraisal it came in at only 3k above what we paid- the house was over priced and sat for 5 months before we came along. I'm glad he was there and we did get the house we want. The sellers were very set on their number and that was the most difficult component of everything

Re: Question about Real Estate Brokers

Thanks for all the replies. The issue for me was this was the first time we've ever made an offer on a house (have been renting in NYC for over 10 years) so are very inexperienced. I just didn't feel our broker provided much guidance, especially with us being such rookies, so I was wondering if this is typical, or if I should be expecting more from the RA.

Re: Question about Real Estate Brokers

Re: Question about Real Estate Brokers

I always provide comparable sales and insight to buyers when they are making an offer.

Is the agent you are working with working with you as a buyers agent? If not they are technically working for the seller and as such supposed to be getting the seller the best offer.