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

By
Services for Real Estate Pros with Talk 2 Midori, LLC BK645709

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!

Comments (23)

Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

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

Apr 13, 2009 11:57 PM
Mark Watterson
Salt Lake City, UT
Utah Real Estate

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.

Apr 14, 2009 12:01 AM
Barb Szabo, CRS
RE/MAX Above & Beyond - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes
Midori, It will be interesting to see how this is resolved, but very scary!
Apr 14, 2009 12:05 AM
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

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.

Apr 14, 2009 12:08 AM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

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.

Apr 14, 2009 12:15 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

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.

Apr 14, 2009 12:18 AM
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

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

Apr 14, 2009 12:34 AM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

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

Apr 14, 2009 12:45 AM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

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

Apr 14, 2009 12:51 AM
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

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. 

Apr 14, 2009 01:09 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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

Apr 14, 2009 01:17 AM
Luis Rivera
Daytona Beach, FL

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.

Apr 14, 2009 02:43 AM
Midori Miller
Talk 2 Midori, LLC - Daytona Beach, FL
Online Marketing For Real Estate Professionals

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

 

 

Apr 14, 2009 08:07 AM
Midori Miller
Talk 2 Midori, LLC - Daytona Beach, FL
Online Marketing For Real Estate Professionals

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!

Apr 14, 2009 08:13 AM
Midori Miller
Talk 2 Midori, LLC - Daytona Beach, FL
Online Marketing For Real Estate Professionals

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!

Apr 14, 2009 08:16 AM
Jeannette Neerpat
CondoDomain.com - Coral Springs, FL
e-Pro Coral Springs/Parkland Real Estate

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!

Apr 14, 2009 09:31 AM
Bridget Cella
Re/Max Connection - Sewell, NJ
e-Pro, Realtor

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

Apr 14, 2009 02:09 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

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!

Debe in Charlotte

Apr 14, 2009 03:26 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

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 ?

Apr 15, 2009 12:42 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

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

Apr 15, 2009 11:06 AM