[quote=Confused]Somebody please help me understand this: I watched an episode of Property Virgins and was shocked at the process. The For sale price was $549k. The buyers agent proceeded to tell the prospective buyers that the MULTIPLE bids would be over $600k and then urged them to submit their VERY best and highest offer. The couple offered their very maximum of $639k and waited while the agent went across the street to present the offer. She came back 1 hour later and told them there were 3 offers but this couple won. ?????? Really? That’s how a willing buyer and willing seller meet in the middle at a price that satisfies both parties? A buyer and a seller with black box reps in between them urging people to offer their top dollar into a vaccuum?
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I agree that the process is seriously flawed, and the realtor compensation system completely unfair, but that said, Sandra Rinomato (the host) is a pretty sharp cookie and isn’t likely to pull numbers out of her butt. A lot goes on behind the scenes, and she bases her advice on data, like comps and buyer activity in the area. You’ll see her tell buyers to lowball just as often as she tells them to overbid.
The listing agent for the property I just bought was incredibly unethical and unprofessional, bullying and harrassing our agent and our lender. He held all the cards in the deal, and we are convinced that he was lying about the other offers, but have no way of knowing for sure. Unfortunately, we were at his mercy. Sometimes life isn’t fair.
