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Is That Real Estate Agent Buying Your Listing?

Here’s the scenario.

You’re ready to sell your house and, like a squared away home owner, you’ve done the research and have a pretty good idea what it is worth. Still, you’d like to get a few professional opinions to see if they match up, so you set meetings with three agents. the first two show up with a bundle of papers called (in the biz) a competitive market analysis (CMA). The figures from both agents are very similar, though lower than what you estimate the value of your home. Disgruntled, you sit back to await the arrival of the third agent. Wonder of wonders, his opinion of what your house should be listed for exceeds even your own rosy predictions.

Sold to the highest bidder. Real estate agent number three just got your business in the form of a listing contract and a fat commission when your house eventually does sell, no matter what the final price is. Maybe agent three is simply an optimistic sort of fellow. Maybe he’s privy to special information like the hog farm next door is closing down and a Tiger Woods designed PGA golf course is going in.

Or maybe he just bought your listing by inventing a price well above what standard analysis said it should be. Hmm, buying a listing seems like it should be unethical. It is! You should be suspicious if CMA’s from different agents vary markedly. They’re all working from the same information, with a small amount of deviation expected for professional opinion, but when the difference is tens of thousands of dollars to the high side – stop and think about it.

Some agents would never even consider buying a listing. It wouldn’t be worth the damage to their professional image, but some make a it a matter of practice. How can you avoid getting snookered? Use Open Door Auctions to sell your house. It only takes two weeks and you set the price. We’re doing our best to make the old fashioned real estate industry obsolete. A sure way to keep a real estate agent from messing with you is to not use one.

The Open Door Auctions Team

Flickr / ToastyKen

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