# Lied to by realtor?



## dave4374 (Jul 20, 2019)

We bought our current home in a bidding war And were told by our realtor that we won the house by 2500k..an amount she suggested we bid over and above the already above asking bid. At the time we were super excited however now we think we 1. Over paid? 2. Were lied to by our realtor. We are second guessing the truth truthfullnesss of our realtors advice and were wondering everyone thoughts? We also thought we might ask the owners of the previous house who we loosely know to check on the accuracy of the news our realtor told us, thoughts? And if our realtor did lie what action could we take against her?


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## Just a Guy (Mar 27, 2012)

What makes you think you we’re lied to? It was a bidding war. 

Did you overpay? I always hate people who have buyers regret then try to find someone to blame. You were happy bought the place, you thought it was fair, now you have second thoughts. Go back to the feelings you had when you won, you we’re happy with the price you paid, that is the value of the house in your mind, otherwise why did you offer it?

Realtors generally don’t lie, there are a lot of downsides, but not a lot of upsides, the extra commission is nothing, there is no reason for them to lie.


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## dave4374 (Jul 20, 2019)

I should have added we were told that we won the house by the exact amount our realtor told us, which is what has us questioning..I’m hoping she is just that good of a realtor but a big part of us (and yes maybe it is buyers remorse) feels as though we got sucked in...


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## Just a Guy (Mar 27, 2012)

The realtor usually makes the best offer...if you agreed to pay $2500 more, they probably didn’t bother to negotiate $1000, then $1500, etc. They probably offered the full amount to close the deal. 

Unless, you really mean you paid 2500k more (I assumed the k was a typo), you’re talking peanuts in the price of the house.


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## jargey3000 (Jan 25, 2011)

I think all is fair in love and war...and real estate...
I've yet to meet a buyer who doesnt feel he paid too much...
Or a seller that feels he got more than he should have...


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## peterk (May 16, 2010)

Sooo you overbid the previous bid by $2500? and think this increment is too large?? By the fact the seller accepted instead of counter haggling a thousand dollars higher???


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## dave4374 (Jul 20, 2019)

We were in a bidding war for a popular area in Durham region..our realtor suggested what to offer based on what she thought..we were going to just offer 30,000 over asking and then she suggested we do 32500...we Won according to her by the 2500 she suggested...it just feels off to us. Just wondering the thoughts and opinions if others would feel the same way? We know it was our choice and no one was twisting our arms etc


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## STech (Jun 7, 2016)

dave4374 said:


> We were in a bidding war for a popular area in Durham region..our realtor suggested what to offer based on what she thought..we were going to just offer 30,000 over asking and then she suggested we do 32500...we Won according to her by the 2500 she suggested...it just feels off to us. Just wondering the thoughts and opinions if others would feel the same way? We know it was our choice and no one was twisting our arms etc


You realize the 2500 you're questioning only netted her an additional $62.50 in extra commission right?

Maybe the 2500 extra was spot on, or maybe she just said it to make her judgement sound even better. If the seller was willing to accept $32,000 above asking, and you paid an additional $500, were you willing to lose the deal over those $500? Do you really think it's smart to go to war with the realtor over $500 or a $1,000?


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## Beaver101 (Nov 14, 2011)

^ Maybe the OP is thinking that the extra $2500 was a kickback for the realtor since the overbid price was set at $30K but OP ended up paying $32.5K as suggested by the realtor. What was the final price "written" on the bidding offer?


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## dave4374 (Jul 20, 2019)

Great replies..I wasn’t suggesting we go to war with the realtor but I def would never use them again if I found out we were lied too...the point you raise on the 62ish dollars raises an excellent point...I don’t think someone would tarnish their reputation over that small amount of money...but if they lied about the 2500...what else did they lie about..like I said in my post I was interested in everyone’s thoughts ...thanks


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## Beaver101 (Nov 14, 2011)

^ Unfortunately, you can't accuse them of "lying" without the facts (proof). 

But the reality is there a miniscule number of "100%honest" , "100%truthful", and "100%nonspinning/beat around the bush" realtors, lawyers, etc. and sales-related occupations (worst of the lot) operating out there.


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## Just a Guy (Mar 27, 2012)

Usually, you need to hit some odd number to get the highest bid. I once lost a bidding war on a place for $500, it wasn’t because they didn’t come back to me and say, “hey they are $500 higher”. It was the fact that they accepted it $500 higher than we bid, without coming back for more. It happens all the time. The other guy outbid is by $500, he won, we lost. I would have gone higher, the seller settled. No conspiracy. Their realtor had a better handle on The price. 

You’re still squabbling over nothing in the big picture.


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## dave4374 (Jul 20, 2019)

Great input thanks...I think we are just experiencing a bit of buyers remorse..hopefully that goes away sooner than later..any tips??


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## fireseeker (Jul 24, 2017)

dave4374 said:


> Great input thanks...I think we are just experiencing a bit of buyers remorse..hopefully that goes away sooner than later..any tips??


Yes, read this recent thread:

home purchase mistake or just normal remorse?


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## Longtimeago (Aug 8, 2018)

dave4374 said:


> Great input thanks...I think we are just experiencing a bit of buyers remorse..hopefully that goes away sooner than later..any tips??


Your thinking makes absolutely no sense to me at all. Just what lie is it that you think the realtor told you? Are you trying to suggest that you wanted to bid $30k over asking and in fact the next nearest bid was say only $25k over asking, in which case you would have got it for a $30k over asking bid and didn't have to go to $32,500 over asking? Where is it you think a lie might have been?

Questioning the action of a realtor AFTER you have done business with them, is in fact questioning YOUR own ability to pick a realtor you trust. Whether the realtor told you a lie or not, responsibility for the outcome is on YOU and no one else. Buyer's remorse is in fact just another way of saying, 'was I stupid in what I did.' You don't get to put it ON the realtor.


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## jargey3000 (Jan 25, 2011)

dave....you got the house you wanted , right?
the flip side of this might've been: "geee, somebody else got the house for $31k over asking, we went in with $30. If only our stupid realtor had suggested $32500, WE would've gotten the house,"

FEIW.....a hundred years ago, when i was just young fella, there was a motorcycle up on auction to the highest bidder. 
seemed like about $2000 would prob. be a good winning bid. I think they got several $2000 bids.
I bid something like $2029..... guess who got the bike?:smiley_simmons:


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## dave4374 (Jul 20, 2019)

I’m not putting it on the realtor...we made the choice..we are usually very logical but got wrapped up a bit in the purchase...I was wondering if anyone else would question the way the deal went down that’s all


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## Plugging Along (Jan 3, 2011)

dave4374 said:


> I’m not putting it on the realtor...we made the choice..we are usually very logical but got wrapped up a bit in the purchase...I was wondering if anyone else would question the way the deal went down that’s all


No, I would not have questioned my realtor because I would have asked the questions before I agreed to the offer. If you didn't understand, that doesn't mean the realtor lied to you. 

On the flip side, I do get that on one of your largest life purchases you will question the whole process and yourself about the whole purchase. Makes sense, as most people don't make these large purchases that often. It really does help to have a realtor that you can trust. We have had a couple of realtors that we trust as we have know them for years, and they type of people they are, and my family as a whole have purchase few properties over the years. So I do realize that I have been in a fortunate position of trust.



dave4374 said:


> We were in a bidding war for a popular area in Durham region..our realtor suggested what to offer based on what she thought..we were going to just offer 30,000 over asking and then she suggested we do 32500...we Won according to her by the 2500 she suggested...it just feels off to us. Just wondering the thoughts and opinions if others would feel the same way? We know it was our choice and no one was twisting our arms etc


Here's away to look at it from a factual basis.

There is a bidding war going on indicating it's a Sellers market. Chance are if the seller has a decent realtor, they know this too.
You are already willing to offer $30K over, and the realtor suggest $2500 more because they know that someone else is making an offer.
You won the house by the amount of the $2500. This indicates that the other person you were bidding against offered $30K. Is this true or not? Who knows. 
The fact is you won the house. How would you feel if you offered the original $30K and the other person won? If you would be upset that you didn't get the house, then your realtor did the right thing. 

This isn't haggling on a beach somewhere, where you start at the lowest and keep moving up. The buying realtor writes up the offer what they believe is fair for their client and the other decides if they are going to accept or not. On the sellers side, they don't keep back and forth either especially when their are multiple offers. For such a small amount (relative to the over all house sale), no one wants to waste their time going back and forth. 

Honestly, when you buy the house, you base it on are you comfortable paying the price you offered. You can't determine how happy you are based on other bidders.


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## OptsyEagle (Nov 29, 2009)

dave4374 said:


> Great input thanks...I think we are just experiencing a bit of buyers remorse..hopefully that goes away sooner than later..any tips??


Don't worry. The seller is probably worrying right now that they might have been able to get more. Remorse is universal. Enjoy your home.


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## Just a Guy (Mar 27, 2012)

You realize that the selling agent doesn’t disclose the offers to the buying agents. They aren’t allowed to. So, in an offer situation, you don’t know what the other person offered until maybe you lose.


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## sags (May 15, 2010)

We have bought and sold 6 homes and the real estate agents always worked together to create a win/win situation for all concerned.

The buyers's agent knows the price they will accept and the seller's agent knows how much their client want to pay.

If there is a deal to be done, it will be the real estate agents who work it out to everyone's satisfaction.


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## dave4374 (Jul 20, 2019)

all great advice ..I’m sure some of it is buyers remorse but with such a large purchase ( that we are not in the habit of making) it felt after the fact we rushed things.made a mistake...made an emotional decision..etc etc..my realtor def made it seems as though the sellers agent was giving them an inside track..but I’m sure that’s normal..just feels off after the fact but that might just be the buyers remorse


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## Beaver101 (Nov 14, 2011)

sags said:


> We have bought and sold 6 homes and the real estate agents always worked together to create a win/win situation for all concerned.
> 
> The buyers's agent knows the price they will accept and the seller's agent knows how much their client want to pay.
> 
> If there is a deal to be done,* it will be the real estate agents who work it out to everyone's satisfaction*.


 ... only all RE agents were that honest.


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## twa2w (Mar 5, 2016)

So you wanted to offer 30,000 over list. Your agent suggested 32500, which you agreed to.
Assume you went with your initial offer of 30,000 over list and your agent, was right, then the other offer would have been 30,000 over list as well. Then what would have happened? You likely would have gone 5,000 more to beat out the tie.
Maybe your agent lied and said it to make herself sound smart. So what. Were you happy to get the house. You said you were. You knew you were in a bidding war so the other offer was over list by some amount. What if prices on houses had continued going up strongly.? Then you would be all happy that you got in at a good price.
BTW, what % of the purchase price was 2500. Likely less than 1/2 a percent.


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## Longtimeago (Aug 8, 2018)

dave4374 said:


> all great advice ..I’m sure some of it is buyers remorse but with such a large purchase ( that we are not in the habit of making) it felt after the fact we rushed things.made a mistake...made an emotional decision..etc etc..my realtor def made it seems as though the sellers agent was giving them an inside track..but I’m sure that’s normal..just feels off after the fact but that might just be the buyers remorse


Some years ago, someone I know came to me to talk about his feelings after separating from his wife. He was having second thoughts about what went wrong, who was at fault, etc. In other words, another case where people tend to look back and say 'what if' or 'if only' etc.

I told him about a movie I had seen many years ago called the 'Gumball Rally'. Let me set the scene. It is about an illegal road race from New York to Los Angeles with no rules. So various quirky characters enter the race and one of them is an Italian race car driver who is going to drive a millionaire's Ferrari for him. The millionaire figures he has hired a 'ringer' in other words. The morning of the race, the car owner is pacing nervously back and forth waiting for the Italian race car driver to show up. Finally, the driver walks in with a blonde bimbo on each arm and an obvious hangover. The car owner is practically pulling his hair out at this point. The Italian race car driver kisses the bimbos goodbye and ignores the car owner. Now here's the point.

The Italian race car driver gets into the Ferrari and immediately rips the rear view mirror off the dash (they mount them there in some Ferraris). The owner is yelling, 'what are you doing to my incredibly expensive car?' The Italian race car driver looks at him with a world weary gaze and says, 'Whatsa behind me, doesnta matter.'

That is a pretty good philosophy to adopt in life. What is done is done, what is past is past, move on and don't look back. Concentrate on what is in front of you because that is where your next decision is going to have to be made. Looking back is simply a distraction and waste of time.

The Italian race car driver knew he had the job already, so he ignored the owner, that decision was past. He kissed the bimbos goodbye because they too were now past. Ripping the mirror out was actually just the THIRD example of his philosophy.


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## Mukhang pera (Feb 26, 2016)

So who won the race?


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## sags (May 15, 2010)

We listed a home and had 4 realtors in our driveway waiting to make offers.

They each made their presentations to us and our realtor, one at a time.

3 offers were for less than asking. Some had conditions of financing or sale of a home. One offer was for full asking price and no conditions. We accepted that offer.

One of the realtors was really upset and wanted another series of offers. 

Apparently her client was willing to pay more but she recommended the less than asking price offer. Her client was pissed off at her.

We said........sorry but the deal is signed and done. You should have made your best offer.

She went to the real estate board and filed a complaint against our realtor, saying he didn't operate in our best interests. The board called us and we explained the situation.

We had no knowledge that her client was willing to pay more and weren't about to turn down a full asking price offer with no conditions.

The board dropped the inquiry.

There is an example of a real estate agent trying to save a few dollars for their client and it cost them the home purchase.

Home buyers and sellers have to decide the final price. Nobody else can do it for them.


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## sags (May 15, 2010)

More to the story...

The purchaser was an older single woman and our realtor said she was "over the moon" happy with finally getting a home of her own.

She said it was perfect for her, a smaller bungalow completely refinished. She had scrimped and saved for years to buy the home.

The only thing we had not completed in the home was replacing the carpet in the living and dining rooms.

The carpet was brand new when we purchased the home 3 years earlier, but hadn't gotten around to removing it yet.

The lady said she really wanted hardwood floors but it would take her a long time to save the money with her tight budget.

So I called a friend of mine who owned a flooring store and laid hardwood flooring. I gave him the room measurements and told him the story.

He said he would do it all for $1500. I told our agent to tell the woman to schedule the replacement and we would pay for it.

A little while later, she called us and asked us to stop by. She was beaming and near tears when she showed us her shiny new hardwood floors.

I think it was the best $1500 we ever spent and if the woman had not offered full asking price with no conditions, I probably wouldn't have done it.

You don't have to always be adversaries. Sometimes it can be a win/win for everyone involved.


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## Mortgage u/w (Feb 6, 2014)

Are you regretting bidding over-asking or just the extra $2500? 

If you regret the $2500, its too miniscule of an amount to be overthinking. Ask you realtor to pay your lawyer fees and call it a day.

The fact you overbid in the first place.....I have to assume you had some information that led you to consider the extra $30,000. I have to assume your realtor led you to believe that the highest bidder at the time was $30k over, so the extra $2500 would seal the deal. 

If my assumptions are correct and this is the property you really wanted, then you placed a good strategic bid which ultimately made you the winner.


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## jargey3000 (Jan 25, 2011)

sags said:


> More to the story...
> 
> The purchaser was an older single woman and our realtor said she was "over the moon" happy with finally getting a home of her own.
> 
> ...


nice story sags :subdued:


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## lonewolf :) (Sep 13, 2016)

Just a Guy said:


> Realtors generally don’t lie, there are a lot of downsides, but not a lot of upsides, the extra commission is nothing, there is no reason for them to lie.


 Guy you have no idea what you are talking about i.e., the recent mortgage credit head lines. The recent mortgage credit in June that is reported can not be calculated on July 29th it is impossible.

From 1969 through today if you attempt to measure mortgage credit @ the end of the following month you are making a mistake.

The mortgage credit numbers will be revised go back through the news papers & you will not find the revised numbers.


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## Just a Guy (Mar 27, 2012)

Not sure what you’re talking about. I was talking about all the ethics rules that realtors live under which can affect their license to practice. The “extra” commission on $2500 is almost nothing. Not sure where mortgage credit at the end of the month comes from.


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## lonewolf :) (Sep 13, 2016)

Just a Guy said:


> Not sure what you’re talking about. I was talking about all the ethics rules that realtors live under which can affect their license to practice. The “extra” commission on $2500 is almost nothing. Not sure where mortgage credit at the end of the month comes from.


 Realtors lie mostly @ the last 2 years of the market cycle they will say home prices are still rising when they are actually falling. The first time buyer will be priced out of the market & more expensive homes will be selling late in the cycle as realtors miss represent the data not comparing apples to apples though they will say prices are still rising. They always try to make the price trend as rising & not report how really weak the market is.

As for ethics major conflict of interest representing both the buyer & seller. There are a very very few realtors that only represent the buyer though even those realtors a lot of them are not telling the truth.

It is just human nature where money is involved for there to be some corruption not all of them are corrupt & a lot of them do not understand how the stats are calculated & are just ignorant of the market.


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## Just a Guy (Mar 27, 2012)

Actually the realtors aren’t lying, that’s what they are told by their brokers and the real estate board which produces monthly reports. I’m not saying the reports are accurate, but the realtors are just regurgitating what they are told, so not lying technically. 

As for representation or their putting pressure on the buyer, that’s also not lying. The conflict of interest has really been cracked down on in the past few years. Often the broker gets involved now. It I used to be a lot worse to be sure.


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