When buyer's are anxious they don't always wait for their "Buyer's Agent". One of my agent's called this morning with a concern over a seller's agent.
The buyer's went to an open house, already under exclusive contract with my buyer agent. The Seller's agent hosting the open house never asked if the buyer was under contract, however the buyer's shared they had an agent and would bring their agent if this was a home they were interested in submitting an offer. Good for them, they did what they should have done.
The buyer's agent proceeded to ask the buyer's questions:
- Are you happy with your buyer's agent?
- How much are you pre-qualified to spend?
- Where will you be submitting an offer?
- Can I have a copy of your pre-qualification letter?
My agent wasn't happy over the third degree by this agent.
The buyer's liked the home and shared way to much
personal information not realizing the "Seller's" agent was not bound by any confidentiality to them over financial discussions.
The buyer's asked my agent to submit an offer, which they did. The seller agent knows the amount of money the buyer is approved to spend. The agent was not thrilled with the offer but forwarded the signature page on to his sellers. They signed and the seller agent sent the contract back but without the initials required on each page.
The buyer agent also missed some very key points by using his cell phone to review the contract. He looked at the purchase price, close date and possession date and zipped off the last page for signatures and talked via cell phone to his clients about the purchase agreement.
This is not unusual for technology to be used in today's market. The problem is there was 3.5% concessions on the contract lowering the actual purchase price. The seller's agent missed it. The seller's never seen the full contract because of how the agent handled the document transfer for signatures. The next day after the contract has been signed he calls my buyer agent and says, "we have a problem".
The truth is, he, the seller agent, has a problem! My buyer agent represents the buyer's not the seller's interest. Seller Agents represent "SELLER'S". We have contract laws that encompass specific performance. You sign, you agree to perform specific tasks or procedures under the contract. The seller's will have recourse with the seller's agent but the buyer's purchased a home in good faith and the offer was accepted.
Buyer's need to remember, if they are going to view or be shown a property by someone other than their buyer's agent, anything they say is like saying it to the seller directly!
The seller's agent has become unresponsive to my agents calls, emails and communications. I am now dealing with the agents broker.
What would you do?