We don't use buyer agreements. I can't say that we never will, but we haven't felt the need for them yet. That said, here's the situation:
A few years ago I had a set of buyers that was looking for a property in the country. They assured me that they knew exactly what they were looking for, and that they would be very easy to work with. Over the years I have learned that those who say they are going to be easy... usually aren't. :)
I showed them a home here and there for about six months. They really weren't in a big hurry. Then one day the perfect home came on the market. I called them and we saw it that afternoon.
They fell in love with it. We sat down at the dining room table to write the offer. I showed them comparables and recommended offering $180,000 on this $200,000 property. I figured we would come together around $190,000 or so, which would have been a great price.
The husband smiled at me. He leaned forward, winked at me, and said "Let's offer $100,000 and see what they say."
I laughed until I realized he was serious. Then I REALLY laughed. I reviewed the comparables again, reminded him the home JUST came on the market, showed him that most homes like that go for 96-100% of list price, and told him that writing an offer like this is a total waste of time for them, me, listing agent, and the sellers.
Then he dropped this bomb: "You are my agent so you HAVE to submit the offer I tell you to offer. Let's write it up! I'm not paying more than $100,000 for it."
Realtors®: What would you do at this point?
General Public: What are your thoughts here? Have you heard this rule before?