Realtor advice please! (Austin: days on market, lawyer, homes) - Texas (TX) - Page 2 - City-Data Forum

southdown · 12-09-2007, 10:12 AM

Thank you Steve

I think we did everything by the book and covered all your points, with the clean offer etc, but didn't know about adding the "Buyer is flexible on closing date and will consider a seller lease-back" provision.

As first time buyers here we just took our agent's advice and just put in a date. But I did ask her to communicate that although we'd love to close early, we could be flexible. She says she found it hard to get hold of the sellers' agent. Who knows?

I think both agents have failed to communicate, firstly with each other and secondly with us.

So we have lost the home and the sellers have lost a higher offer.

Who wins? O yes, the realtor. Well, one of them. Our realtor is really going to lose out as we are now going to lease as we can't bear going through this pantomime again.

Mike78613 · 12-09-2007, 10:45 AM

Steve - I didn't know you are a realitor. So no pun attended

I just know there are soooo many homes on the market that the new buyer will find something. I just don't think its worth a bidding war right now since it's still a buyers market.

I remember also in the day that people quoted: You can throw a rock in a crowd and hit a DELL employee. Now-- you can throw a rock in the crowd and hit about 10 realitors.
Its always about the money. Realitors are based of commission, just like car sales men (they can rip you off sweeter then the sweetest candy) I know it from both my home purchases and car purchases

. Some of these realitors are pretty sly when it comes to the closing table. I can tell you that! But you I am sure is a excellent realitor and honest on at that, but there are those that are not. In this case, I just would not start a bid war due to the market. Just my honest, humble opinion.

austin-steve · 12-09-2007, 03:55 PM

Quote:

Originally Posted by southdown

Thank you Steve

I think we did everything by the book and covered all your points, with the clean offer etc, but didn't know about adding the "Buyer is flexible on closing date and will consider a seller lease-back" provision.

As first time buyers here we just took our agent's advice and just put in a date. But I did ask her to communicate that although we'd love to close early, we could be flexible. She says she found it hard to get hold of the sellers' agent. Who knows?

I think both agents have failed to communicate, firstly with each other and secondly with us.

So we have lost the home and the sellers have lost a higher offer.

Who wins? O yes, the realtor. Well, one of them. Our realtor is really going to lose out as we are now going to lease as we can't bear going through this pantomime again.

Sometimes you do everything right and still it doesn't work out. Don't get discouraged. It also doesn't suprise me what your agent said - that the listing agent was hard to reach. That's not uncommon and it's frustrating because before writing an offer you always want to find out if the Seller has any special needs that might make the offer more attractive.

Steve

ITChick · 12-09-2007, 04:25 PM

Quote:

Originally Posted by austin-steve

5) Agent to agent communication.
Buyer's agent should ALWAYS make phone contact with a listing agent prior to and during the offer process. The other agent needs to know that the buyer side of the deal is being handled by experienced and competent representation. I can't tell you how many "better" offers our sellers have passed up on because the offer was written sloppy and the other agent was a bozo. A common one is the bozo agent blind faxing a sloppy offer with no communication, cover letter, or anything else included.
Steve

Having a bozo for an agent doing exactly what Steve wrote above is how I lost out on the purchase of a really great property.

Steve, you really know your (Real Estate) stuff!

ResidentialAustin · 12-09-2007, 06:36 PM

First Thanks to Steve for defending those of us in the profession who are truly in it to help others...For the record before I became a realtor I worked for a number of area non-profit organizations including one whose focus is on poverty, hunger and homelessness. One reason I made the career change was so I could DIRECTLY help others.

Secondly, as Steve said there can be ANY number of reasons why one offer gets chosen over others...for goodness sake a friends brothers uncles roommate may have known the owner in high school....I had a deal where the owners chose my clients because they both have twins...But I whole-heartedly agree that what is supposed to happen will and if it doesn't there is something better in-store.

I am so sorry about your experience...Don't give up! There is a great one out there for you...

Megan1967 · 12-10-2007, 03:16 PM

Steve,

It was all I could do not to break out laughing when I read your response. I'm not questioning your integrity, but unless realtors are of an entirely different species up here, you are very unique in your attitude. I know about a dozen realtors and only one who is as you described. Sorry to be such a cynic, but I think you are making broad generalizations through rose colored glasses.

Quote:

Originally Posted by austin-steve

This is so untrue. Those of us who have been around and survived in the real estate business for a long time understand that it is never about the commission, ever. It's about creating good outcomes for the people we help. The money takes care of itself when the job is done right.

Trainwreck20 · 12-10-2007, 03:31 PM

I would like to add my own observation about one of my neighbors (and a friend) who is realtor. He has been a realtor for a long time, and is quite aware that your income is not significantly affected by a few thousand (or even a few ten thousand) dollars on a sale. His real livlihood is based on repeat business. He really does try to get his buyers a low price and his sellers the best possible price....both the buyer and seller will know, either at the time of sale or somewhere down the road, whether the transaction was what it should have been. If they are happy, they WILL come back to you for the next time, or they WILL recommend you to a friend. If a realtor is thinking about his commission on a particular sale, they are going to have a long, hard career as a realtor.....

austifornian · 12-10-2007, 04:40 PM

As harsh as it sounds, you should fire your Realtor. Their job is to help you craft a good offer, and to sell the listing agent on why it would be in the interest of their client to accept your offer. There is no excuse for them not contacting the listing agent and gathering as much information as possible to make your offer the strongest. Not once, but twice.

It's no big deal to go through the process, give it your best shot and lose the contract. It happens and when it happens you should walk away feeling that you really wanted the house but you can understand why they accepted the other offer (even if you disagree with their reasoning).

Your post doesn't reflect this experience. If you were being well represented you wouldn't have post this. I would get new representation.

HappyTexan · 12-10-2007, 05:36 PM

I agree with the above poster to find another realtor, one who will work with you and for you. They are out there.

When I first started looking at some rural properties I made the mistake of going to one of the national chain realty companies in the city. Boy did I make a mistake. I had a realtor take me to 4 properties that day and she complained about how dusty it was or how muddy it was or that her shoes would be ruined and wouldn't I rather live in a nice subdivision in town...ROFL

southdown · 12-10-2007, 06:13 PM

Quote:

Originally Posted by austifornian

As harsh as it sounds, you should fire your Realtor. Their job is to help you craft a good offer, and to sell the listing agent on why it would be in the interest of their client to accept your offer. There is no excuse for them not contacting the listing agent and gathering as much information as possible to make your offer the strongest. Not once, but twice.

It's no big deal to go through the process, give it your best shot and lose the contract. It happens and when it happens you should walk away feeling that you really wanted the house but you can understand why they accepted the other offer (even if you disagree with their reasoning).

Your post doesn't reflect this experience. If you were being well represented you wouldn't have post this. I would get new representation.

I think you are completely right. Our realtor failed to assess the situation and give us intelligent advice. We simply threw an offer at the house and hoped it would stick. In retrospect I really don't think the offer 'package' looked as good as it could have done.

Our realtor professes to want the best for us but is now trying to talk us out of renting! Now, why could that be....?