REALTORS® are there to assist and advise a Buyer on making their offer - a REALTORS®' job is not to determine your price. Most experienced Buyer's REALTORS® will provide market information, a suggested price range, and a recommended offer strategy but the actual value of the offer is up to the Buyer. Most REALTORS® will refuse to determine your price because:
- If an offer was too low
If a REALTOR® encouraged you to make a bottom line offer, and you lost the chance to buy that home because another offer came in higher or because the Seller refused to respond to the offer because he was insulted, a buyer could blame the REALTOR®.
- If an offer was too high
Should an offer be accepted without a counteroffer, Buyers may often wonder if they should have made a lower initial offer. If the REALTOR® had insisted on a price, and the Seller accepts immediately, Buyers may question whether their REALTOR® was working in their best interest or focusing instead on the REALTORS®' own commission.
- The REALTOR® isn't buying this home
The Buyer must make this decision because it will be the Buyer's home and not the REALTORS®' home. Once the sale closes, the Buyer must make the mortgage payments and be responsible for maintaining the home - not the REALTOR®. Most Buyers are smarter and more knowledgeable than they give themselves credit for and are fully capable of setting an offer price.
- A REALTOR® can be sued
You may be talking with a new REALTOR® or those friends & family not licensed as a REALTOR® who will suggest a different approach. These people may mean well but don't know any better. An experienced REALTOR® has his reputation to consider and the knowledge that he can be sued if he is not looking after his client's best interest.
Experienced REALTORS® provide guidance and assistance, however, to lead a buyer to choose the right offer pricing. Because ultimately it is always the Buyers' decision - not the REALTORS®'.