Newsflash: [IL]. Should we fire our buyer’s agent?

We just recently started looking for a house. We are first time buyers, so we aren’t in the know on what is part and parcel in the Real Estate business.We’ve been looking for about a week. We started with an agent off of a referral from a friend. The agent typically works in an area about 20 miles away from the municipalities we’re looking at, but did indicate that they dabble in the municipalities we are interested in.We’ve looked at a few houses, and saw one that we thought we could like well enough, for the right price. Its location was similar to what we had in mind, but the house needed some updating. The asking price was 300k. Given the cost of updating the place and fixing up some stuff, in our gut we had thought 260k might have been a reasonable price, but realized we don’t know what the going rate would be. But we wanted to look at it again before making any kind of final determination. She mentions that there are other people who have been looking at the house who are going to put in an offer on the house, so we will want to do our second visit ASAP.We see it again, and we ask the agent about where we would price for an offer, mention that we think 260k would be where we think we would want to go based on our budget, and the agent tells us to do an initial offer at 270k. The agent indicated that they felt that if you go higher in your initial offer you’re more likely to get a better counter-offer, and that at the end of the day it would amount to such a small amount different per month that it doesn’t really matter.The Agent did not show us any sold properties with which we could compare prices.Again, the Agent re-iterated that the property had other people who were interested, and if we wanted it, we needed to put in an offer THAT NIGHT. We want to sleep on it first, because this is the single biggest purchase we’re going to make in our lives. They ask us to prepare offer paperwork that night, but will hold off on submitting it until we sleep on it. They say that we need to be first on an offer. We agree, because we are fools, and we are kind of tired at that point.We wake up the next day with a feeling of “what did we just do?!” and decide against submitting the offer. We think about one of the other houses we looked at and thought, “Well, maybe.” We ask the agent what price we should go in at. From our gut alone, with an asking price of 300k, we thought 270k might be a good starting point. But again, we were making that number out of a vacuum. We talk to our agent, and they recommend we start at 275k.Again, no comparables. Again, they urged us to get an offer in that day.At this point, we’re tired and decide we are going way. too. fast. So we ask for a few days to think about things.In this time, we look at this other property, realize it’s been on the market since last year, and they haven’t touched the price in over a month. It’s not on the Redfin hot list. There’s really no need to put in an offer this second.After resting on it for a few days and talking it over with family and friends, we realized that realtors regularly prepare houses that are comparable to the house in consideration for purposes of getting the right offer out there.Our question is – is this a warning sign? Are these red flags for which we should run away? Here’s a list of our concerns that we have realized in the past few days. Are these part and parcel for the home buying process, or are we potentially getting taken advantage of due to our naiveté?No comparables were presented to us of houses that actually sold. For two houses. Agent not super familiar with the market in the areas.Both houses had the agent trying to push us to increase our initial offers. In a vacuum.They literally used every line in this blog post on us to encourage us to put in an offer NOW, and to increase our initial offer because it just doesn’t matter.They tried to change our mind on bidding wars (we won’t do them.) using the lines in point 3.They wanted all offers NOW NOW NOW. Even for houses that had no objective need.So my question is; given the issues we’re seeing – are they par for the course when buying a home with a buyer’s agent? Or are the warning signs that maybe this agent isn’t so much on our side as much as they’re on their side?It is worth mentioning that they did steer us clear of a few really problematic houses like houses in a flood zone or houses with a cracked basement that was not professionally sealed.TL;DR: Agent tried to push us into making an offer, push our price up, and didn’t provide any sort of comparables for the basis of making an offer. Is this normal? Should we find another agent?

Read more at https://www.reddit.com/r/RealEstate/comments/6dbmsd/il_should_we_fire_our_buyers_agent/?utm_source=ifttt

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