The DC Real estate market has been hot for quite some time now. Multiple offers for properties in the right location and condition - and of course priced correctly to start - receive multiple offers. Average list price to sales price ratio in the zip code is at 100.9%
So our new listing (5 days on the market) has multiple offers. All agents writing offers knew this. The property is properly priced; in fact perhaps slightly under priced.
So our 1st offer we receive - 91% of list price. HUH? Way below comparable sales; way below list price - silly.
Now I understand that as buyer's agents we must do as our buyers instruct us. However, in this case I only blame the agent. This is so far off base that it is insulting. This buyers agent should have done a better job of educating the buyer on current market conditions, showing them the comps (there are several right in the same condo building); and still if the buyer wanted to be so adamant perhaps the agent should have not wasted anyone's time.
It the agents responsibility to work in the best interest of their client. It is my argument that this was not doing so. Even if this was the only offer - the seller would have told the buyer to take a leap. Allowing your buyer to put themselves in this position is not in their best interest.
What do you do other agents do when a buyer is SO far off base?
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