Sacramento Home Buyers: Your Agent's Mistakes May Cost You That Home

I used to think that all Realtors should do things the way the rest of us would like them to.  And I used to think that those who did things badly would surely fail and leave the business.  But I find that I was wrong.  Many of whom I think of as the worst of the worst seem to do very well, thank you. They have found ways to leverage their time and effort -- possible by taking advantage of the Realtor on the other side of the transaction who is willing to go the extra mile. And there is always another client/customer to replace the current one if this deal does not work out.

Complaining to your Board of Realtors is unlike to bring any relief. So what's a conscientious Realtor to do? It seems that we must grit our teeth and keep on keeping on. No one said this was easy.

Yeah, I don't this I would recommend my seller entertaining such a weak deal.

I started my career in Sacramento. I am not that far away now. I have seen the mortgage broker who is a real estate agent but I expected these guys would be going away. With FHA being so big these days, and needing to be a W2 employee of the lender to do them, I would think this practice would be dying. So this mortgage guy has taken financing options away from the buyer as well. The way that he/she handled the offer, the financing is probably not in great hands. I thought most of the bad appleschad left the business, hopefully this person will be gone soon.

Elizabeth, I have a buyer right now using a city backed assistance program.  They've been known to close in 30 days, but it's risky to say so. I've been using a 45 term.  In your opinion, would I be better off to use 30 days and prepare my buyer to pay closing penalties should we go over 30?  We've written two offers since she was approved for this loan, and both times we were beat out on price although we offered over asking and had no credits back.

 

Elizabeth, great post!!  The problem with these agents after getting their RE licenses they don't take a day of extended education... Reading the MLS is a problem to some too. In the mean time i guess we must grit our teeth . grrrrrrr

Elizabeth--The frustration!  And it's not just this market.  Reminds me of a few years ago when I had 4 offers on a property.  One we countered the time frames, one the time frame and one detail, one the price and timeframe and then the fourth one, we filled up the counter offer form and attached an addendum to clean up all the issues the buyers agent missed or points she contradicted in the offer.  I kept hearing her telling her clients how "picky" my office was about all our forms and that we didn't really want to sell the property anyway!  I felt sorry for the buyers who probably never understood what happened and probably never found a property!

Your post just demonstrates the fact that passing the exam and buying a real estate license does not make a person a Realtor.

Why are we so shocked? Real estate sales attracts a lot of folks who think it's an easy way to make money. They have no compehension of what they need to do to actually help buyers and sellers, nor do they have a desire to learn.

We keep thinking they'll fall away when no work equals no pay, and some do. But then others come along to take their places.

Your husband sounds like mine - "It's not your problem." But the fact that you do care is what makes you an agent that your buyers and sellers can count on.

Too bad you can't tell the buyers what's wrong with their offer instead of telling their agent. First time buyers especially need help from someone like you. Sometimes the Code of Ethics works against the consumer.

I agree with most of your points, however, I will take exception with one. 

The deposit check is two months old.  In this market first time FHA buyers are having trouble getting offers accepted.  I do not want to run out and have them write a new check each time we make an offer.  When you quit taking multiple offers we will quit making them.

So much to be said about this.  There are so many agents that are either stupid, ignorant, don't care, inexperienced, part time , have full time jobs, or just do not pay attention.  Most agents need to get out of the business or get some on job training. This can be on either side of the transaction and how often have we had to do the work for the other agent as well.  I do not even mind that so much if they ask for help because they are unexperienced, but for other reasons it drives me nuts.

Hi Elizabeth,

That's just unbeliveable. And yes, as a fellow Sacramento agent, I do know how hot our market is right now. I've been writing offers well over asking price...in some cases up to 11,000 over asking....and in many cases, REO agents aren't returning or acknowledging calls....so glad to hear you think like I do. Note to self: try and sell Elizabeth's listings so I can work with her :-)

 

Happy Monday,

Tamara

I agree that you were presented a weak offer, but it is possible that is what the other agent's client requested the offer to be written-up as presented.  I agree that the agent should have recommended against it, but they have a duty to their client to write it up and present it.  (Much like your duty to present all offers to the seller.)

Several days ago I would have been shocked about the other agents lack of use of email, but just two days ago I received a request for feedback on a property by fax and it was requested that I fax it back.  (I can only assume that this agent might not use email; and I have to say that hand writing feedback and faxing it back was in many ways easier than sitting down at a computer and typing.)

I disagree with the statement about the deposit check;  It is much safer to take a cashier's check than a personal check, since the money is guaranteed there according to the bank.  (And, the buyer probably does have a checking account, using a cashier's does not mean they don't.)

The part that concerns me most is that the buyers agent is also their mortgage broker, since the potential for "fudged" numbers and other dishonesty is more easily possible by a agent who serves both roles.

Pretty crazy stuff about what they are doing.  I feel sorry for those first time buyers.

Does not sound like your off to a good start with this offer...grin. thanks for sharing!

Wow Elizabeth. People do not realize how important a savvy and knowledgeable Realtor is. They will when they go 6 months without a home.

It's especially important in a competitive market (and some are right now - Orange County is too in many places) to make sure to put your very best foot forward when making an offer and to have an agent who understands how to do this.

A two month old check could also mean that they've been overbid at every opportunity as well...doesn't sound like they have the right agent for the job though, based on other factors you've stated in your blog!

Wow, I can not imagine not even calling the listing agent before submitting an offer.

I have luckily been lucky in that I have been able to attract good buyers agents to my listings (knock on wood).

When working as a Buyers agent myself, I have run into more problems of trying to submit an offer and not being able to get the listing agent to call me back.  Sellers also really need to check on their agent- it is crazy to me how many people just go with an agent out of obligation instead of really researching how the agent works.

As with any profession there are some amazing individuals and some not so good ones and why people continue to put up with some of them is a mystery to me.