It’s one of those hush-hush practices that homeowners rarely hear about but real estate agents know only too well: It’s called “buying the listing.”
What it means is that some agents want the listing to sell your house so badly that they’ll go along with whatever price you ask, even if it’s outlandishly above what comparable houses are commanding.
They know that there’s only a minuscule chance the house will sell at the inflated price you’re proposing but they take the listing anyway. They fully expect that after a few weeks with no takers, you’ll sober up and agree to what may have to be a series of price reductions.
Read more here: Miami Herald – Beware of agents who’ll ‘buy’ your listing