Buyer's agent "fishing" for information from listing agent (contract, sellers)
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On my first home that I was interested in making a written offer: My buyer's agent shared that he had called the listing agent, made small talk, and fished for information about the sellers. He asked for the price it would take to sell. He told me that this was customary. Yet, he came out of the conversation with nothing. We proceeded to work on the offer the next morning. He had called the listing agent to tell an offer was on the way later in the day. Then we completed the contract in the afternoon, and it was sent. He called the listing agent to tell it was sent, but the listing agent said it wouldn't get reviewed with the seller until the next day or so.
In those communications, I believe he made me look too eager. Also, somewhere along the way, the listing agent may have fished about my price range. (The seller countered back on the high side.)
Is it customary for real estate agents to fish for information from one another before and during the written offer negotiations?
Is it customary for real estate agents to fish for information from one another before and during the written offer negotiations?
Yes, this is customary, or how else do we work in your best interest? We need to get as much information about the other side as possible to get potential motivation. However, with that said, agents should never give information about their client or their client's situation without permission. Hence, the reason why your agent received no information from the listing agent.
Just because the sellers countered high doesn't mean your agent gave them any information. You haven't given us the full story about how long the house was on the market and how the inventory in that area sells. If things sell fast and for top dollar, did you think the sellers were going to give the house away?
Did you go into the situation with realistic expectations?
Just because the sellers countered high doesn't mean your agent gave them any information. You haven't given us the full story about how long the house was on the market and how the inventory in that area sells.
I declined their counter offer. My offer was at/above comps and was cash-in-hand with a fast close. (This standard sale property is vacant and has been on the market for almost four months. No change in status ever. Two weeks after declining, this home still sits "For Sale" today at same price). I have moved onto other properties.
Quote:
Originally Posted by FalconheadWest
However, with that said, agents should never give information about their client or their client's situation without permission. Hence, the reason why your agent received no information from the listing agent.
The listing agent has a duty to get the best deal for their client. Therefore, the listing agent probably shouldn't say much or anything about the seller's position to compromise it. That's the part that confused me about why my buyer's agent even tried to fish.
Another reason I'm asking the question in the OP: My buyer's agent should have my best interests also, but there is a little pressure to close a sale... My exclusive rep deal ends in six weeks. Just trying to figure out if my agent is doing the best job for me.
In todays fast market I do call to make sure the house has not just gone under contract. Smart agents choose their words wisely and I never solicit or give information that might hurt my clients position.
Many agents have worked with other local agents in the past and calling to just talk about the house hurts neither party.
I have had inexperienced agents say things they should not say. Hope you have chosen an agent wisely.
The listing agent has a duty to get the best deal for their client. Therefore, the listing agent probably shouldn't say much or anything about the seller's position to compromise it. That's the part that confused me about why my buyer's agent even tried to fish.
Because in my experience agents dish. Some of the long time agents don't get fiduciary duties as well as the newer trained licensees. At least in my state. They are a wealth of information!
The listing agent has a duty to get the best deal for their client. Therefore, the listing agent probably shouldn't say much or anything about the seller's position to compromise it. That's the part that confused me about why my buyer's agent even tried to fish.
Yes, they have a duty to their client, but you would be amazed at how much information some agents give up on their client which is the very reason why questions are asked and why we fish for information. I have a deal right now where I know they're moving on Wednesday, so that was easier to leverage some of our requests because who wants to put a house back on the market when they're moving? Other agents will say things like the sellers have already bought a new house, or they found a house they love but can't jump on it without selling this one, etc... all that information helps, and agents shouldn't say these things, but some slip up and do. I'm able to get information from many agents, and other agents are very tight-lipped.
Because in my experience agents dish. Some of the long time agents don't get fiduciary duties as well as the newer trained licensees. At least in my state. They are a wealth of information!
Right, although many newer agents are a bit clueless too.
I owe it to my client to get whatever a Chatty Cathy wants to dish out.
The flip side to this is the listing agent that calls the loan officer with hopes of getting information protected by the Privacy Act. I have the fine art of selling my buyer without saying squat down. What I will do is arm my buyers and their agents with documents and information, that if they choose to release, it's up to them. Although, I never know what direction the listing agent is going to come from.....this past weekend, one agent did not believe I had the specified financing. So, I had to track down a senior VP, traveling on the road, and have them email the agents that the financing, did indeed, exist.
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