Suspect listing agent blocks offers

[Weng L.]

I found a listing that is lower than market price so I called listing agent (I am a buyer, not an agent). He was enthusiastic and described details about the property, asked me a few questions including if I work with a buyer agent. I said I prefer not to bring a buyer agent. I asked what the best price the owner will take given that I am financially strong and willing to buy the property even if appraised value comes lower than contract price. He said he would ask owner and call me back next day.

He called me the next day and said the owner will take $10K less. $10K is than 3% of listing price which made me believe that the listing agent did not tell seller that I don't bring a buyer agent. So I asked if there is any further discount because of no having a buyer agent. The listing agent said no because all of 6% is what he is supposed to make because he is doing all the work for me (lol we only talked twice on the phone and I told him I don't need him to prepare offer for me as I will send offer via DocuSign). He kept saying that if I have a buyer agent, he didn't have to spend time talking to me thus he deserved to earn the 3% buyer agent commission and would not give up any of the buyer agent commission. I said if I bring a buyer agent he would spend same or even more time to talk to my agent and lose the 3% completely so why not contribute part of the buyer agent commission to my closing cost. Then he said he had appointment and had to hang off the phone and never call me back.

To me this property should be in a multi-offer-bid situation based on the photos and tour video on the listing, so I am surprised that the owner will accept $10k less on a property that is already listed at lower than market value. Is it possible that the listing agent is unethical to block offers until there is an offer that he gets 6% commission? If this is real, what would you do?


  

[Karl McGarvey]

The post is a little all over the place. You are saying someone is blocking offers, but you have not made one yet? You asked what they would take and the agent, on behalf of their client, responded to your request.

You're expecting an agent to give up commission to your closing costs? Not quite how it works. If you do not bring an agent to the table that does not entitle you to the commission, you are not an agent. 

Long story short, if you want to make an offer on the property, then make one, and let them counter. But arguing over commissions that are not yours is just wasting your time and delaying the process if you are serious about the property.