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Updated almost 2 years ago on . Most recent reply
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Feel like my agent is representing the seller not me as a buyer
Hello BiggerPockets, I needed to just let this out and ask for an advise. I am a first home buyer. I am under Due Dilligence currently on a renovated townhome. My realtor suggested I should offer 10k on top of appraisal and give $1000 option money cash which I did and just paid the option money and earnest money. According to my realtor, the listing agent said that the seller didn't want to go with a VA loan and had multiple offer so i followed what my realtor suggested. Now im feeling like i am overpaying for what its worth.
-First question : my realtor said option money cannot be refunded if I terminate the contract. Is that true?
I feel like my agent is representing the seller and giving me this vibe that he/she doesn't want to negotiate the price. I say that because inspection came back with some minor issues like caulking, minor cracks, old water heater at 8years, 20 years old roof. So i wanted to get a quote on the cost of repairs since I will be buying this property and 11k on top of appraisal.
My realtor keeps saying everything is brand new, there are no immediate issues with water heater, roof, and etc. by the way water pressure is weak too. My realtor really sounded like a seller’s agent. Told me i can finance the roof later and home warranty will cover if i need anything fixed.
i’m thinking if i am paying 11k over the appraisal why would i want to spend a single penny in the next 5years when I already know future risk and ask seller to contribute the cost.
There were multiple conversations between my realtor that I just felt like I am alone in the process and no one is interested in truly helping me buying good secure home. I really needed to just rant and let my emotion out because my anxiety is going over the roof. If anyone has similar experiences and advice I would love to hear it.
Most Popular Reply
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The question is ultimately...do you want to buy the house. You are using a loan a lot of sellers do not want to take. There are multiple offers. So guess what the seller is going to do when you make a bunch of requests on the inspection...theyre going to take your list and inspection report, send it to the agents of those other buyers who are kicking themselves they didnt bid higher the first time around, and say do you want the house after this buyer opts out of the contract.
The fact is your agent can not change market conditions or the realities of the market. They can only help you navigate the market.
So back to the question. Do you want the house? If yes, then buy it. If no, then dont buy it. It really is that simple. No need to get anxious, just break it down to those 2 simple answers and choose one.
In states that use option money, Texas, North Carolina...it is not refundable.
- Russell Brazil
- [email protected]
- (301) 893-4635
- Podcast Guest on Show #192
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