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Are Realtors® Prodding Buyers To Overpay For A House?
This week on my blog in the Washington Post- “Should you make that low ball offer?  a commenter suggested “many agents will try to prod you into offering more than necessary in the hopes that the seller accepts and the agent can collect his/her commission that much sooner.”
The comment made me think about how consumers get the impression that Realtors® are only driven by a quick commission.   In today’s Northern Virginia real estate market getting a deal from offer to closing gets harder and harder.  There are no deals that are a slam dunk unless it is a cash buyer with verified funds, a large earnest money deposit and no contract contingencies.  Quick commissions were left behind in 2005.
Will an agent prod a buyer to make a higher offer than they should?  Most agents will likely prod a buyer to make an offer that has a chance of being accepted or at least generate a counter-offer for consideration.  An agent who had done their homework and provided the neighborhood comps to a buyer will know close to what a home is likely to sell for.  The chances of a buyer paying to much for a house in Northern ... more

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