Hi BP,
Long Story Short:
I saw a property that was listed for $230,000. It already was under contract, and then the deal fell through, so I went and checked it out. I liked it. The listing agent is also the one that showed me the property,
Because I'm a newbie, under pressure, I offered $200,000 for it. After a brief back and forth, the offer is at (surprise) $215,000.
After that, I went home and did some more research and it seems that from a comp point of view, the fair market value is around $200,000. I don't believe that this area will appreciate greatly.
I asked the dual agent how the listing price came to be, if an appraiser did it, and they said that they listed it themselves with comps. I had seen comps they sent me and disagree with the list. After my own research, that's how I reached the FMV of $200,000.
My question is:
How bad form is it going back to the dual agent and offering lower than my original offer? (I feel very dumb)
I disagree with they assessment and as dual agent their only role is to be a communication channel they said, though they did hint that the original offer was close to the asking price (which I seriously doubt and that's totally not impartial).
Thanks,
