Home : Blogs : "Antoinette" Scognamiglio, GRI 201.240.8699 ~ Morris County, NJ Homes : Morris County Perspectives

The Price of Eggs

What...you must be asking yourself...does the price of eggs have to do with real estate?

I have the answer. NOTHING. Absolutely nothing!

Which brings me to another question.

What does the seller's personal situation have to do with market value?

Again, I have the answer (this must be a banner day for me).

NOTHING! But does it? Read on with patience as I want to relay an experience I recently had.

I received a call on one of my listings. The customers were interested in seeing this home as they were in the immediate area at the time of the call. Fortunately, I was approaching the area and could be there within a half hour, so the appointment was set.

Nice couple...unmarried. The fiance holds a real estate license, which of course means he knows not much about REAL estate. While enjoying the view, the gentleman engages me in some conversation.

Him: "This home has been on the market for a long time."

Me: "Yes, I listed it at the end of the lakefront season, so the holidays haven't been kind with DOM."

Now he leans in conspiratorially, cocks his head and asks...

"So, what's the homeowner's personal situation."

Huh?

I lean in, bat my lashes and reply...

"And what does the homeowner's personal situation have to do with the market value of the home?"

His fiancee snorted in disgust and said, "Absolutely nothing! ....OMG Ken!"

At this point in time, I know of many a real estate agent in my marketplace who would start singing like a fat Robin on a sunny spring day! Spewing personal data on the homeowners finances, personal life, preferred deodorant...you name it.

But I am not that agent.

Homeowners: When you list your home with a REALTOR, almost inevitably, details about your personal life will become known to us. THOSE DETAILS ARE CONFIDENTIAL AND MUST BE HELD IN THE STRICTEST CONFIDENCE BY THE REALTOR REPRESENTING YOU! We should NOT be discussing your impending divorce, your finances, the fact that you're carrying two mortgages, or have found the house of your dreams. These are all details that can be exploited to your disadvantage!

Confidentiality is one of the duties owed to you by your REALTOR. Hire a REALTOR who will protect your interests more than they will their commission check! Call me to discuss how I conduct my business and let's get acquainted.

And, by the way, the above incident really did happen, and probably does happen every single day...with different results of course!

© 2008, All Rights Reserved. "Antoinette" Scognamiglio, REALTOR® Associate, Prudential New Jersey Properties. Reproduction in any way, shape or form is prohibited. Information is deemed reliable but not guaranteed. The author is not to be held responsible for any conclusions drawn by the audience. Due diligence in all transactions is strongly advised and encouraged.

Are you considering purchasing a home in Morris County? I specialize in the Morris County, New Jersey marketplace, with expertise in Lakefront property (especially Lake Hopatcong). Certified by Prudential New Jersey Properties as a relocation specialist, I take exceptional care in assisting my clients in finding their new home and community.

Please visit my website to learn more about my philosophy in conducting real estate business, and also to access the resources I offer to the public at large. My credo is..."The title of REALTOR® should be held with great care or not held at all." Put your real estate transaction in careful hands. Contact me directly on my cell at 201-240-8699 or my Denville office at 973-625-1250, ext. 105.

Posted by "Antoinette" Scognamiglio, GRI 201.240.8699 ~ Morris County, NJ Homes on 03/02/2008 08:15 AM

Comments (23)

client confidentiality, realtors duty to clients, morris county realtor with ethics, ethical realtors, wwwantoinetteshomescom

Post is included in group: Christianity and Real Estate
Post is included in group: What NOT to do in REAL ESTATE - BAD BUSINESS

23 Comments on The Price of Eggs

MAR

2008

Wow! You can write. What a gift. And I bet you are a GREAT agent. If I were looking in your area, I would certainly call you. BTW, I'm adding you to my associate list. See you around, you're not that far away from me. Good luck to you.

I agree. We have a fiduciary responsibilty not to discuss the seller or buyer's personal life to anybody.

So true, sorry to say. Honesty and Integrity is our way of doing business. A sellers personal circumstances should never be reviled to a potential buyer, or anyone else for that matter. I would hope that every Agent subscribed to this ethic, however, I know there are some out there that only see the "Paycheck" Thankfully they are of the minority.

Thanks for the post, a good topic for sure.

Hal

I get this type of question frequently. All I can think is 'How Rude' !! I'm sometimes tongue tied when trying to respond but never spill the beans.

Right on Sister! I had one agent spill their guts: "It's expiring next week. Bring me a contract. They'll take $X. We passed on $Y offer." Just throwing her clients under the bus. If the conversation lasted another three minutes, I'd know her sellers' shoe sizes.

I was calling for availability -- to see if I could show the home.

Antoinette, the old adage of "Loose lips sink ships." still applies.

Antoinette,

Here in Georgia, the default is that we may disclose all information about the seller's situation except that which the seller specifically asks us NOT to disclose.

Good for you .... I would expect nothing less from you! Miss ya!

Well written, sis..... we need to keep our mouths SHUT about our clients personal affairs.....

IT is NOT in their best interest to talk to other buyers about what is going on in their lives...

ESP. if they are in a distressed situation.....

GREAT post!!

=-)

Ken, thanks for the huge compliment. If it weren't for ActiveRain, I'd just be writing ad copy! I do my best to protect my client's interests. I've added you to my associates list too. Have a fantastic week!

Deanna, if I were a homeowner, I'd be completely pissed if my personal business was being spread around! Not only is it not ethical from our business standpoint, it's downright RUDE!

Harold, thanks for your comment. Funny, that this seller has no "circumstances" in any case. I did mention to the buyer that, of course I understand he's trying to get some background, and if I were a buyer I might do the same...but I don't talk about anything but comps, comps, comps and lifestyle.

Hi Nancy, I never gave my response a thought, which surprises me. It could've been a "why didn't I say" situation, but it worked out well! Feel free to use it! Kinda puts people back in their place. Say it with a smile and they have to agree you're right. Thanks for your comment!

Andrew, that's extremely funny and sad at the same time.

Kevin, you're correct!

Richard, I hope every agent in Georgia respects that!

Des, thanks! Give a call sometime when you have a minute!

Alexander, thanks for your comment. The chatter I see on real estate boards by buyers is horrific on how they want to exploit another's distress to their benefit. That's fine; they want to get a great deal on their house. Or whatever. But why give your client's edge (if they have one) over without even thinking about it?

Antoinette, excellent reminder on seller agency to keep the personal information to yourself.

Antoinette,

One thing that I have noticed over the past winter is that with all of the bad press a good portion of the buyers that have been calling are what are sometimes lovingly referred to as bottom feeders. The first thing they want to know is if you have any foreclosures in such and such area. And there are far too many realtors willing to answer any question you ask them, at which point telling my clients is taking care of their interest. On the other side of the coin, if a home is worth X and the comps prove it, it's irrelevant to hear from the agent that the have to sell it for Y because of what they owe on it. Another case where the clients interest is not being served. I,m still a somewhat new agent but my integrity is worth more to me than money. All of my current listings have expired with someone else and my last 4 buyers had started with someone else. I truly belive that consumers are just looking for someone to be honest with them.

That is so true, The golden rule of real estate. For 2 reasons I always remember. 1. This is confidential and is our duty to our client and 2. What will your client think about how you will respect their confidentiality , if you are disclosing personal information about another client. You got it, mums the word. It is a very fine tight rope to walk and one of the great challenges of our business.

Gary, I believe it's supposed to die with us.

Hugh, ah yes, the bottom feeder. I can't blame anyone for wanting a great deal on a home, but like you said referencing a different scenario, if the comps prove X, why are you offering X - (minus) $85,000? Of course, what the seller "needs" to get from a house sale has nothing to do with market value. As harsh as it is, that's just the deal. My buyer is not funding your pipe dream. And you're right, because if the agent would just do their job and illustrate why the homeowner will lose more in the end not listing the house at market value, as much as it may pain the homeowner, they could do quite well $$$ in the end after all. Yes, buyers (and sellers) just want an honest REALTOR who will do their best to represent them, and in the case of homeowners, do what the agent SAID THEY WOULD WHEN THEY LISTED THE HOUSE! Thank you very much for stopping by!

MAR

2008

Antoinette - great post! You handled that situation very honorable. I am featuring in this group.

Antoinette,

Mr. Miller remembered you he had your card in his desk. He really is a sweet man

Melissa, many thanks for your high praise. And I'm doubly honored by the Feature! GBY!

Hugh, that's lovely. I really liked him when I met him. You will sell that house for him, no doubt. If you have a broker's open, I'll be there...unless you sell it first! :)

Very Good Post! We just need to keep in mind to who the benefit it is to if we open or keep our mouth shut. It is hard not to talk casually with some people, but it shouldn't be hard to keep private things private.