Buyers Beware of Sellers' Agents Testing the Market

Real Estate Agent with Independent Real Estate Agent FCNB LICENCE # 190089546

You are a first time buyer and plan to purchase in 2021. Currently your local real estate market favors sellers; low inventory and strong sales.

How can you protect yourself from Sellers' (and their agents) overpriced listings?

First, never reveal information to the Sellers (or their representative agents) that could put you at any disadvantage in negotiating an agreement to purchase. If you are not sure about what information you could reveal, your starting point should be: NOTHING. 

I'm serious. Reveal no information unless you can be guaranteed it will be kept confidential. It would be wise to speak with a real estate licensee about single agency buyer representation and if they offer that type of representation. If anyone attempts to convince you that dual (double) agency is acceptable, keep looking for someone who can deliver the undivided loyalty of single agency representation.

If you are still not sure about the above, ask your lawyer / solicitor about agency representation. 


Comments (2)

Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!

Actually in this frenzy talking to the listing agent is a good idea.  The listing agent is going to get so many offers that you need to stand out.  Especially if you need a loan.

Feb 17, 2021 06:22 AM
Larry Estabrooks

Debbie, of course the agent for the a buyer would talk to the listing agent before and after a showing. Are you saying to prospective buyers that the listing agent would be the best choice to prepare a buyer's offer that would "stand out" from any other offers from other agents?

Feb 17, 2021 07:50 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Larry, it is wise to not reveal everything, but when the LA is getting 10-20 offers on a home, some info needs to be shared.  (of course with the buyer's approval)

Feb 17, 2021 08:59 AM