I used to wonder why listing agents thanked me for presenting "such a well-written offer" and making sure "all t's are crossed and i's dotted". I used to wonder, until one day I received an offer on one of my listings that tempted me to take out my red pen, mark everything that was wrong in the offer, write a big, fat "F" on it and send it back.
And we are not talking about the terms his buyers offered. The offer was so poorly written that I was sure he must have been a brand-new agent with no supervision or mentoring. I immediately looked up his sales activity in the MLS and, much to my surprise, I discovered that he's a very busy agent. How is that possible? I am still scratching my head about this one.
So what was it exactly that tempted me to grade his offer with an "F"?:
missing buyers' initials, missing buyers' signatures, unchecked boxes that should have been checked, blanks that shouldn't have been blank, contradictory information in the sales contract and county addenda, wrong information concerning the property, different information on the loan prequalification letter [yeah.. I know but the value of a prequal letter is a different blog post] and the financing addendum, no proof of the earnest money deposit that, per offer, had already been submitted to the the title company ...
The agent didn't only have poor offer-writing skills but also poor communication skills... the combination is a deadly one when it comes to Real Estate transactions. We didn't ratify the contract. His buyers didn't get the house. I felt bad for them but my loyalty was with my sellers and there was no way I would or could have made up for all his mistakes.
How can a buyer avoid such a scenario, especially First Time Maryland Home Buyers who are entering their first rodeo? Perhaps asking yourself the following questions may be helpful:
- How is the agent communicating with you?
- Does he/she know the paperwork he/she is asking you to sign?
- Are you getting all your questions answered?
- Can your agent explain why a paragraph does not apply to you or why you shouldn't sign in a spot that clearly calls for the buyer's signature?
As my friend Margaret Rome - Baltimore Real Estate Agent says: houses sell houses but agents kill deals. Make sure your agent isn't one of them!
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