No. of Recommendations: 0
Joe said:
"First of all, we decided not to make an offer yet on the house, as in the realtor's opinion it was at least 10,000 overpriced (about 7% or so.) We will look around at comparables for sure."

That's a good sign. He/she just saved you $5,000 off from the bid you were considering. And he/she demonstrated that they aren't obsessed with you paying as much as possible.

"FYI Here in Frosty Minnesota it seems to be standard for the buyer to have one realtor and the seller another and have them split the commission. So in this instance I wouldn't have to worry about the realtor representing the seller."

Yes you do, although their behavior on the first house gives them some credibility. Unless you have a signed agreement with your Realtor that they represent you and you are paying them, they in fact are paid representatives of the seller (the seller pays the commission, which you said would be split between the Realtors). You may be providing the money to the seller to pay the Realtors' commissions, but that's built into the price of the home. And you're not signing the Realtor's check, the seller is. But as everyone has said, your Realtor won't want to rip you off, because they live on word of mouth referrals.

"More FYI, last summer houses here were selling within days for list price, or even for more than list(!) We hoped to buy our house before next summer's frenzy so we woulndn't have to bid so much against other buyers - but don't worry, we won't rush it!"

Our strategy exactly. And as in Minnesota and Oregon, it's important to see houses on typical grey days, to make sure they're warm and inviting and comfortable 300 days a year.

Good Luck
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