bid question...

I saw an open house 2 weeks ago and DH later came with me to see the house. We didn't go with an agent of our own but we really liked the house and put in a bid with the sellers agent.
It was 50K below their asking and the owner countered with 20K below his asking. Initially we only went up 5k on what we initially offered and then the sellers agent called us and told us that another "much higher" offer came in but because the homeowner "really likes us" what can we come up to. So we went up another 6k. She comes back and tells me that they have a higher offer and can we come up another 8k....I like the house but not enough to pay 18K over what our initial offer was.
Here is my question:
Is there a way to know if the sellers agent is truthful about another offer? I feel like she just trying to get the most out of us because we like the house and since we didn't come in with an agent she thinks she can take advantage of that...KWIM??

Second...do we need to work with a buyers agent?? We aren't in a rush to buy and I don't want to waste an REA's time since in looking on our own we werent really finding anything we love.

THANKS!!!

Re: bid question...

Usually you dont have to work with the buyers agent. IDK about now b/c you already put an offer in with them, but if you didnt sign anything I think you could bring in your own sellers agent? Im not sure theres really any way to find out if theyre being truthful but IMO it sounds fishy. The way the market is - I would sit on it. The story that someone else bid more but they like you better doesnt sit right with me. IDK. Good luck!

Re: bid question...

There's absolutely no way for you to know if the listing agent is being truthful or if there really is another offer. Whether your not you are working with your own agent, people use various negotiating tactics. The listing agent's job is to get the house sold for the seller AND to get the seller the most money. I personally am not dishonest when negotiating -- a big part of being a successful realtor is maintaining your credibility. But many people will "spin" the truth when engaging in negotiations.

As for this house, you really need to put the issue of whether the listing agent is being truthful about the other offer or not aside. You and your dh ought to figure out what you want to pay -- how much is the house worth to you? If they are asking you to come up beyond your comfort zone, then don't come up. If you back off, you might find that the seller suddenly becomes more reasonable and takes your offer. Or you might not; you may lose the house. There are just no guarantees. But what would you regret more -- paying more than you wanted for the house, or not getting the house at all? Just try to stay focused on what you want and need and not on all of the extraneous issues, you know?

As far as working with your own agent, I think that would be to your benefit. As long as you are honest with the agent about your current motivation/desire to buy, you are not wasting his or her time. You can choose to have an agent work with you as a buyer's agent (meaning they represent you, and you sign a contract to be loyal to them), or as a broker's agent (meaning they work with you to help you find a house and guide you through the process, but they still ultimately represent the seller's interests). But either way, having an agent to do the research on houses for you, set up showings (so you don't need to wait for open houses or talk to a zillion listing agents), present offers for you, and generally guide you through the process.

It doesn't cost you anything, so why not have someone working with you?

Let me know if I can help at all, or if you have any questions!