My realtor is trying to get me a property that she is also the selling agent. It's listed at 1.05mm in NYC, and she can get me around 9.9k. She wants my monthly income/budget, but I have a preapproval of 950k, and that's my max. I like the property, and zillow estimate value is 850k. She wants to put an offer to the seller quickly as other offers were received by investors for more. What are your thoughts? What other questions I can asked to make sure it's worth it?

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If she’s the selling agent, she has a fiduciary responsibility to the seller and should pursue the higher offers. Unless this is your dream property and you have extra cash in the bank, it seems to me that this isn’t the right property for you.

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She’s playing you. If there are truly higher offers then those will win. But there might not be any other offers, she could be lying to you - that’s her job. She might personally want your offer to win because she will make an extra $30k but the buyer will pick the highest good offer. What happens if you offer $950 and it appraises at $850?

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If offers come in higher then you likely won’t win. If you are willing to go higher, one option might be an offer with an escalation clause. Offer 950 up to $5k more than any other valid offer up to a total of 990. But don’t do that if you aren’t willing to pay $990.

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If 950k is your max then don't make an offer for 990k. Don't use zillow estimate. You realtor typically will pull that info for you based on recent sales. You can also do that yourself looking at recent sales. What is the property worth is the real question. It doesn't matter if there are other investors making offers.

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A good realtor would give you that before making an offer.

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Properties come with their own costs after you purchase if $950K is the max you’ve been approved for buying something at $990K is out of range and also there are “hidden or phantom costs” to home ownership that Ramit talks about in his book I will teach you to be rich which you’ll need additional dollars to address if something comes up once you are in possession of the property.

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asking for the comparison analysis before you make the offer. Or get another buyer agent to help you.

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My advice as an NYC real estate agent is that you should be careful if an agent is telling you “information that she’s not allowed to disclose”. If she’s disclosing this to you, I would question what other unethical behavior is happening. Also, the fiduciary responsible we have as agents goes out the door if you are acting as a dual agent. My personal advice is stick within your budget. Don’t be pressured to go over your bank approved price. I also think banks are still fairly liberal with lending in certain situations so I wouldn’t overdo it

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Also, you should have received a list of comps from your agent. Direct comparisons showing similar units and their selling price, ideally within the last 6 months. Don’t be tricked by listing price as that isn’t always accurate

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