Special offer

Watching an agent drown in a glass of water

By
Real Estate Broker/Owner CalBRE# 01433049

help me, I'm drowningToday, I'm watching an agent drown in a glass of water. The ball is in his court, his voice mailbox is full, he hasn't answered my e-mails and the asset manager is getting impatient. The situation isn't difficult ... when a counter offer is presented there are only three possible answers. Accept, reject or counter back.

The asset manager is asking the buyer to waive their inspection contingency. Since their offer is all cash with no loan or appraisal contingency, this would put the buyers substantial earnest money deposit at risk from the moment the ink dries.

So what does the buyers agent do? Complain and tell me how ridiculous the asset manager is being. Yes, the request is unreasonable, the house is over 100 years old and nobody in their right mind would go along with the counter as-is.

I've given the buyers agent some ideas on how to deal with this situation, but he is too busy expending every ounce of energy he has in telling ME to do something about it. I've had to hear about every flaw the house has, how generous his buyer has been, how experienced an agent he is and how there must be some kind of law that prohibits the bank from making such a request.

Instead of getting all wet, the agent needs to help the buyer make a stand and counter back with what they think is fair and reasonable.

There is no reason to drown in a glass of water. In real estate, everything is negotiable ... so negotiate.

 

Posted by

 

Cynthia Larsen (707-332-2560) is an independent real estate referral broker in Sonoma County, California as well as a Certified Probate Real Estate Specialist.

CA Broker License #01433049

Comments(40)

Donald Reich
Madison Specs - New Rochelle, NY
Cost Segregation Specialist

Cynthia, it sounds like these buyers need another agent. It's a good thing you know how to do YOUR job!

Jun 21, 2012 12:06 PM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Cynthia, this trend of buyers and sellers asking us to pass their voluminous virtues on to the other side must be a trend.  I just had one of sellers request that I give a list of their virtues to the buyers.  Who cares?  Not the buyers.  

Jun 21, 2012 12:10 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Cynthia, what a great analogy! Sure, just put your head in the sand, Mr. Buyer's agent, and tell us how you like it when your deal falls apart and you're under financial duress next month! Wow.

Sharon

Jun 21, 2012 02:21 PM
Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

You know Cynthia, voicemails are like problems, if you ignore them, they go away.

Jun 21, 2012 08:54 PM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Evasion, delusion, etc. are all examples of agents who simply do not know what they are doing.

Even with an all cash offer, that inspection contingency is important, although most have a "self executing" process whereby, if no action is taken by XX days, the contingency will be satisfied, or die a natural death.

When an agent doesn't understand terms and conditions of a contract of sale, they may become paralyzed with inaction.  Sad, sad.

Jun 21, 2012 09:20 PM
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Geesh.  Sounds like quite a mess.  Hope it works out!                                                                                                                              

Jun 21, 2012 10:16 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

There's another choice, making it four choices. Ignore.

Believe it or not, I have run into asset managers who demand non-refundable EMDs and no inspection contingency. Since it generally takes the banks anywhere from a few days to half a month to issue and sign their own contract addendums, I have, in one such case, slipped in a home inspection in advance of offer acceptance, just to protect the buyer. I called it my 24-hour emergency home inspection.

Jun 21, 2012 10:51 PM
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

It sounds like the agent on the other side wastes a lot of time doing non-productive things like complaining...having a voice mail box that is full is a strong indication of being out of control.

Jun 21, 2012 11:05 PM
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Ounds like he is hiding behind some emails and some voice mails.  A modern agent...  Not a good modern agent though.

Jun 22, 2012 12:30 AM
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

I seem to notice over the years that it feels that we have lost as Americans is the ability to negotiate. Some people feel that negotiating in an 'insult' - I think we are read many blogs about this on AR - other don't know how to do it, many don't like it, and in the attempts to negotiate, people get 'personal' because they don't know how to negotiate.

My two cents worth.

Jun 22, 2012 01:34 AM
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Cynthia

Why do so many agents inject so much of their selves into a deal. It seems to happen way too much. They need to understand with an asset manager and REOs, it is very impersonal and they are trying to get as much as they can in most cases. Good luck and there is always earplugs. cheers cvc

Jun 22, 2012 03:34 AM
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

Robert - I agree, time is of the essence.

Nevin - LOL, sometimes I think the jobs are interchangable! Nice to see you!

Charlie - a good agent leaves their emotions at the door, not in an e-mail.

Joan - IT's THAT SIMPLE!! Care to make an offer on my listing? Pretty please?

Donald - I'm surprised that an agent in the business for 30 years is having such a tantrum.

Mike - believe me, asset managers don't care either!

Sharon - it seems pretty hard to drown in a glass of water, but this agent is demonstrating it pretty well.

Malcolm - this deal is going to go away if I don't get an answer TODAY.

Lenn - why is it so hard? Yes, No, Counter. Yes, No, Counter. And yes, this bank has a passive contingencies in their contract. No action means approval/acceptance.

TCT - it will, I'm just annoyed ... frustrated ... ready to chew on my desk.

Elizabeth - that was one of my suggestions to the buyers agent ... do an inspection between now and when the contract is ratified, then bail if you need to. He could have accomplished a lot in the two days he spent whining.

Kathryn - you are being too nice :)

Gary - I've never known an agent convince a bank by whining. What a waste of energy.

Richard - negotiating is what I like best about real estate ... I don't understand the difficulty in it.

Curtis - "Why do so many agents inject so much of their selves into a deal". I don't know, but I wish they would stop it.

Jun 22, 2012 04:07 AM
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Cynthia, so true. It is not rocket science,,,, accept, reject or counter, and then your client will do the same. What's the problem with that?

Jun 22, 2012 04:08 AM
Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

Cynthia, what a great metaphor for the situations so many agents put themselves in. 

Jun 22, 2012 05:16 AM
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

Sandy - They are afraid if they stand their ground they will lose the deal. That's what negotiation is all about though.

Patricia - Every deal has decisions involved, some get past these easier than others. It's frustrating to watch though.

Jun 22, 2012 05:43 AM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Cynthia - Drama doesn't help much in our business.  The agent needs to pull it together.

Jun 22, 2012 04:43 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Cynthia. Your title is fantastic and the piece does not disappoint. Funny, but sad really. Very nice.

Jun 22, 2012 09:02 PM
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

Christine - you are right, so right.

Sheila - thank you!

Jun 23, 2012 07:18 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

It's really so simple, isn't it Cynthia? You told it like it is. Time to negotiate.

Jun 23, 2012 02:22 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

drowning in a glass of water, I haven't heard this one before, I hope that you can get him to act on the offer and start serving his clients.

Jun 24, 2012 08:56 AM