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Is Your Real Estate Agent Honest About What They Really Know?

Someone who called me today at the law firm I work at, was asking for legal advice before pursuing a short sale with a real estate agent. After asking some questions, she stated the following:

The Agent she wanted to represent her interests told her that he is very successful with short sales and very experienced.

He is working some short sales right now that are going well.

That he closed on some short sales and were very successful.

That if the short sale doesn’t work, then you can give the home back to the mortgage company.

After a little research, we found out that the agent has not performed one short sale yet and had no experience at all. When confronted, he told them that they may need someone with even more experience to handle their situation as they withdrew their listing with him.

Please get PROFESSIONAL advice with all questions you have pertaining to your financial hardships. Legal consultation is cheaper than some of these retainers being charged for short sales.

By the way I forgot to tell you this agent charges a non-refundable retainer of $1500 since he is so experienced.

Posted by Stella Barbour - Real Estate Agent - Serving Northern Virginia on 02/06/2008 09:07 PM

Comments (18)

foreclosures, bankruptcy, shortsale, advice, legal, virginia, northern virginia, loudoun county, professional, experienced real estate agent

18 Comments on Is Your Real Estate Agent Honest About What They Really Know?

Wow. That agent must want a listing pretty bad to want to take on a short sale. And to ask for a $1500 retainer is quite...interesting indeed.

02/06/2008 09:14 PM

by Burien, WA Real Estate - Lisa Bosques, Assoc. Broker/Mktg Specialist (Prudential Northwest Realty Associates LLC)

Lisa - You are right. I checked the MLS and he did have other listings but no short sales so it wasn't like he did not have any business. I can see if he was trying to pick up new type of business, but honesty is the best policy.

02/06/2008 09:16 PM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

THAT is funny... I have never heard of an agent asking for a retainer!

Jonelle Simons
Windermere Real Estate - Park City
http://www.jparkcity.com

02/06/2008 09:20 PM

by Jonelle Simons (Windermere Real Estate)

Jonelle- some agents ask for a retainer to cover their costs anywhere from $200-$500 but not $1500. Thanks for commenting.

02/06/2008 09:22 PM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

I'm sure he must have attended a seminar! Good for you helping them out!

02/06/2008 09:23 PM

by Gregory D. Maley - Metropolitan Washington, DC REALTOR (Coldwell Banker Residential Brokerage - Chevy Chase)

In California if you try that they'll yank your license! No upfront fees allowed when homeowner's are in default.

02/06/2008 09:23 PM

by Jason Grams (GreatWest GMAC Real Estate)

Gregory - I never thought about that. Maybe he did. That is a good point. Thanks for your comment.

02/06/2008 09:24 PM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

Wow that is a good one. Thanks for the post and Good luck! Takes all kinds in this market lol

02/06/2008 09:30 PM

by RICHARD PERKINS (Big Trees Realty)

Richard - Thanks for commenting. It does take all kinds in this market.

02/06/2008 09:33 PM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

Agents should work what they specialize in and always be honest with the public!

your friend in Charlottesville

02/07/2008 07:42 AM

by Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Properties)

Hi Charles. You are right. I would have hated to see someone pay $1500 and possibly get nothing in return but a foreclosed home.

02/07/2008 08:09 AM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

Stella - that is horrible! I know newish agents hate to admit they have no experience, but you can "partner" with another more experienced agents and say your "team" has experience, and that does not harm the transaction.

02/08/2008 10:39 AM

by Carol Zingone, Broker Associate, GRI, SRES (Vanguard GMAC)

Carol - I know that was horrible. Thanks for commenting.

02/08/2008 10:52 AM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

Stella how can he possibly charge a fee? Does he have no conscious?

02/08/2008 08:34 PM

by Lynn Pineda - Realtor in and around Coral Springs Real Estate (Keller Williams Realty)

Stella,

Talk with the managing broker in that office about this situation. If you are not satisified, consider filing a complaint with the local board/association of Realtors.

02/09/2008 12:46 AM

by Bill Schwent - Santa Fe broker (RE/MAX Capital)

Lynn - a lot of people charge a fee to cover some of the costs but when I heard $1500, I was shocked.

Bill - The Managing Broker is now aware of it but I think he is the one who put it all together for his agents.

02/09/2008 04:24 PM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

Stella, It's scary.... I am seeing some unethical behavior in my market from those claiming short sale experience, too. Thanks for calling them out. Wendy

02/09/2008 05:32 PM

by Wendy Rulnick "Its Wendy!" Destin, FL (Rulnick Realty, Inc.)

Wendy - Thanks for stopping by and commenting.

02/09/2008 08:14 PM

by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)

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