Need realtor advice (really long)

There is a co-op that was recently listed for by century 21. Basically, there are 2 realtors involved & they both work out of the same century 21 office.
FH & I were the first bidders on the co-op and our agent was also from century 21 but he wasn't the actual selling agent. A week later the actual selling agent found a another couple that was interested in the apt. So now FH & I are in a bidding war with this couple over the apt.

Our bid is up to $12k over the asking price & our century 21 agent is saying that the other century 21 agent will not give him any info regarding the sellers & what they think of the offeres we've made. Meanwhile, I know that she is most likely helping her clients & giving them info. Obviously, she wants the apt to be sold to the other couple b/c she found them & they will then need her help in selling their home & she will then get a double commission.

FH & I have suspicions that their agent is not presenting our offers to the sellers & is just continuing to tell our agent that our offers aren not high enough in hopes that we will back off the apt. Also, our agent is an inexperienced dumb-*** who has no clue how to close a deal (he lost us another apt 2 months ago)

So my mom suggested for us to go to their century 21 office & speak with their mgr & let them know that we are suspicious that our offers are not being presented to the sellers. I'm not sure what to do. Will this make us seem like tattle-tallers?

I don't think so.. I think that you guys have a right to bid on anything and its not right that the realtor is selling you short.. Its a waste of your time to sit and wait for them to bid behind your back.. Take care of the problem and in the end when you get the place you'll be much happier that you stood up and did it.
Sorry didn't mean to sound so harsh..i just think its unfair..
Good luck!

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Posted by Dreams do come true

I don't think so.. I think that you guys have a right to bid on anything and its not right that the realtor is selling you short.. Its a waste of your time to sit and wait for them to bid behind your back.. Take care of the problem and in the end when you get the place you'll be much happier that you stood up and did it.
Sorry didn't mean to sound so harsh..i just think its unfair..
Good luck!

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I should just do it, right?

Yeah, I need to show them that I'm on to them!!
Now, I just need to convince FH that we should do this.

Yeah, Go Bridal on them!! Pretend ike it relates to your wedding and then you'll really have the courage to do it!

If you REALLLY REALLY LOVE the place then I would consider going to a supervisor. Having jsut bought a house 10 days ago, I have to be honest with you that this is not the market for bidding wars. I would not consider buying a house for more than the asking price given teh current market. If you feel that the house is worth $12K over the asking price or more and you have looked at A LOT of other places like more than 50 in person and you feel that you won't find anything else, then go for it.

If not, I would probably back away. I would be very hesitant to work with a realtor or company that is going to play games with you and not represent you. The games don't stop after your offer is accepted. It gets more chaotic and crazy until the minute you sign your mortgage. You need to find someone you trust and will represent you appropriately.

HTH

FM me if you want more info

I would go speak with a manager.

And if I don't get what I want, I'd be looking for a new agent.

you want me to call the selling agent and make an offer for you???? this is insane! seriously! you're supposed to be working for the buyer when you are the buyer's agent. She probably wants to sell it for more money to get more commission. that's B.S. she should be looking to save you money!

Thank you all for your advice.
I can't post any updates yet.
But hopefully soon, I will have some good news to share.

Here are my thoughts:

1. In this market, you shouldn't be paying the asking price, let alone MORE than the asking price. Where is this co-op located and why is it so hot right now? Unless it's in Manhattan, I cannot see paying more than the asking price in this market.

2. I'm a licensed real estate broker (I work as an attorney, but hold a broker's license). The real estate agent representing to sellers MUST present the sellers with ALL offers until the sellers are in contract (or unless the sellers have expressly authorized the agent to refuse all offers below a certain amount - in this case, the agent would have to tell you the offer is rejected). If you don't believe the offers are getting to the seller, talk to the manager - who should be the broker.

3. The seller's agent (even though she works at the same company as your buyer's agent) does NOT have to give ANY information regarding the other bids. Period. That's the way it works. They should tell you as a professional courtesy when there is another bid, but they don't have to disclose any details on the bid -- and they shouldn't. Their job is to represent the seller and their loyalty rests with the seller.

If you think there is something fishy with the other agent, by all means approach the firm's manager or owner... just make sure you have a firm case that the other agent is doing something that is actually unethical.

Also, I'd consider walking away at this point. I've been looking for houses for a LONG time. We had one deal fall through already and we are in negotiations rapidly heading toward contract on a home purchase now. Both times, the accepted offer was around 10% less than the asking price (or even lower). The house that we ended up not buying b/c the deal fell through is now ASKING less than our accepted offer. Remember that this is a slow market AND this co-op will have to appraise for the selling price for your financing to work out. Also, unless you're planning to spend 10 years there, I wouldn't consider spending mor than the asking price -- the market could be headed for a correction and you will need to be able to wait out any decreases in value... Factor in real estate commission when you sell and closing costs, you want to still be able to make a profit when you sell the place.

Just things to keep in mind... If it's a particularly hot area (and not many markets are hot right now - if any), that might be one thing... but this is not a time for real estate to be going for more than the asking price. If there really IS a bidding war going on, let the other couple pay through the nose. If you suspect there is NOT a bidding war going on or that the realtor is doing something unethical -- DEFINITELY bring it to the attention of the broker of the deal - likely the company / company's owner or manager.

Good luck! Sorry to be so long-winded and to veer off topic... just thought that info might be helpful to know as you position yourself to negotiate.

Good luck and it hope it all works out for the best!