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Buyer Beware-Listing Agents Should Become Familiar With Their Inventory!

I remember early in my career I had the title company pull title on a unit...supposedly my listing. As we got closer to closing...it was revealed the title company pulled title on the wrong unit! Guess what I paid...and paid heavily. It was my mistake and I admit it...we closed on the correct unit. No harm done...just me being out a couple of hundred dollars..it wouldn't have been so bad but the condo sold for under $20,000.

It was my mistake...I paid..why wouldn't I?

Ever call an agent who is so busy getting new listings that they are not aware of their inventory? Here is what I am talking about...all I have to say....is

Buyer Beware!

Watch the video here!

About The Author: Midori Miller is a Real Estate Trainer and writes and develops Daytona Beach Real Estate Training. Midori Miller is a licensed Florida Real Estate Broker, License # BK645709 and an active member of the Daytona Area Association of REALTORS. CENTURY 21 Sundance Realty has 2 office locations to serve the public, Ormond Beach, Florida and Daytona Beach Florida. Contact midorimiller@yahoo.com or (386)453-3236. Buying, Selling or Real Estate Training. All calls and emails are confidential as I respect your privacy!

Posted by Florida Real Estate Trainer | Daytona Beach After School Training | Midori on 04/14/2009 06:50 AM

Comments (23)

Listings Agents in the Training Channel

reo listings, agents getting sued, buyer beware, denver, fox 31, midori miller, daytona beach real estate training, real estate trainer

Originally posted at: Daytona Real Estate Training: Buyer Beware-Listing Agents Should Become Familiar With Their Inventory!

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23 Comments on Buyer Beware-Listing Agents Should Become Familiar With Their Inventory!

APR

Midori,

Just when I was getting into the story... I had to leave and go somewhere else. Well, I'll go back and click the link to see "the rrrest of the story." (I guess there must be some google reason for a lot of Rainers doing this, but from a readers point of view, it's a distraction.)

Mike in Tucson

Last year I had an REO listing and when this title company that was required to be used pulled the tax records on the property..they pulled lan instead of st. The rest of the numbers to the address were the same...but I figured it out when they told me the REO owed 6,500 in taxes when I verified they already payed it. Sometimes you'll see the right address wih the wrong tax ID written in the contract.

Mike its a bigger distraction to me when it starts on its own...I'm sorry I had it in the post but it started auto and you can't change it! Flash

This is one of the worst nightmares ever. It gave me chills watching this. We have this happen here every once in a while

Interesting video. So the buyer wasn't represented (not ever by dual agency, BTW I don't like dual agency)? Probably used the listing agent title company too. Nothing good about this one.

Midori, It will be interesting to see how this is resolved, but very scary!

That is scary. Attorneys do title searches here, however, since they have never step foot into the homes, we can screw up big time anyway. I know of an REO where the buyers attorney caught the banks tltle company doing this. They foreclosed on the wrong home, buyer bought the home and it took months to straighten out the mess.

Thank you Midori, just another example of how careful we need to be. I wonder if he is suing the realtor.

Reminds me of the agents up here that are doing work with REO'S. Everyone of them that I have dealt with seems like they have never even seen the hoem. They all want to work from their office and not bother to do the things that are necessary for a successful transaction. The lack of responsibility is amazing.

Whew, there is liability all the way around on this one. The listing agent gave him the keys to the wrong unit, that is supcious to start with. Then the fact that no one caught it until he had spent 30K on rennovations? Hmmmm. I'm sure there will be some lawyers involved before this is all over.

Yikes! There are so many folks involved in a real estate transaction. It only takes one weak link in a chain....

Midori, Wow! Where do you begin with something like this? The only resolution will be in the courts. I wouldn't want to be the listing agent/brokerage on this one. Rich

Midori: Thank you for sharing. . we all should learn from it.

Mistakes and failure to tend to the business can ruin a transaction from closing and stir up the legal system. Unfortunately there is no relaxation when it comes to the business and staying on top. I've been accused more than once for being over organized. Let's just say in 29 years I've never been sued. Caught a many error and got it taken care of on the front end. Also partnering with good companies like the title company, people who do their job and you trust speaks volumes as well. Great reminders.

Midori, this is a valuable to lesson to learn from. Even an innocent mistake could become costly. Thanks for bringing this to our attention.

Midori great info.

I feel bad for John, and whats really sad is that with all of the peopel involve in the transaction, and all off the organizations, his attorney, and state laws, no one can help him, it seems shocking...

PS: John, rip off and take your tile, I would eventake the paint off the walls, good luck John.

Neal-well similiar scenerio..I looked at the title and compared to the contract..folio and the numbers were off! It was my mistake...lucky I caught it or even thought to catch it..being very new!

Charlie-thats why we really have to look at tax rolls I like former closing docs myself!

Mark-I don't have a problem with transaction brokerage..I'm really hoping that it was a huge mistake on the REALTOR and investor..

Barb-I agree

Andrea-thats where old closing documents come in handy!

Bill-I personally think many service too big of an area. If the banks would take a look at how many sell monthly..they might consider splitting up some of these areas with several agents.

Cindy-and if I were the buyer I would without a doubt!

Frank and Jodi-yes it only takes one weak link!

Rich-me either!

Fernando :) yes..a great lesson

Connie-I don't think people really believe just how important their job is! We only change lives thats all! :)

Michael-my pleasure!

Louie- LOL that would be my first reaction...just start removing everything down to the knobs but then I would breath and think....and call a lawyer!

Yes i believe we need to know our inventory. I called an agent the other day and she had no idea what house I was talking about!

Big mistake, big wake up call. Hope the agent had paid up EO insurance.

The Coldwell Banker broker needs to buy this client THAT condo from the Dr. and that's that! OMG, what a horror story for this guy!

APR

Yoou betcha...just ran into one that couldn't count to 3 bedrooms among other things...and turns out when we showed it...he was showing it and had never been in it....grrrrr ! How can you describe and list what you have never seen...some kinda ethics hmmm ?

Midori....No comment..who signed the deed??? too scary...

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