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I Thought I Might Get Rocks in My Pay Envelope

Some days being a Real Estate agent can really take it's toll on a person's patience. In late March I wrote an offer for a cash buyer for a great lot. There were a few contingencies but nothing out of the ordinary. As buyers we did ask for the corners to be marked, and the building envelope to be marked. These stakes had apparently disappeared with the melting snow.

No big deal, we did not ask for the property to be resurveyed just simply remarked and the cost is generally around $150 - The day came that the listing agent called to say he would have the corners marked. Buyer, myself and the listing agent (who is part owner of the land) met at the property - there were no markings.

This was the first sign of an issue - but we got through it. The prelim was a nightmare - both buyer and seller had common names almost as common as Smith. We could get through this too, not a problem.

We were a week away from the closing day and I received a new prelim, the seller had sold the trust deed changed ownership and LLCs- we had a new owner - they had changed the names of the seller.... the listing agent was not concerned and thought "we could just wing it." Winging it could mean all of my hard work was for nothing - there was no guarantee I would get anything more than a rock in my pay envelope.

Not sure if he realized that at this point the listing was no longer valid, the contract for the sale was no longer valid and no one other than my buyer knew who was representing who.

The title company then informed me that my company does not put in a demand of commission when representing a buyer... I had no clue if a pay check would be coming or not... the new seller had not signed the listing contract - seemed to be avoiding signing the closing documents... and my buyer was anxious to close.

Finally 3 weeks late - without a new listing agreement we closed, the seller never did sign the addendum adding them to the contract until closing - and yes I did get a paycheck - whew - think I will be suggesting a demand of commission to the owner and Principal Broker.

To Buyers - having an agent that protects you is important - having an agent that understands our contracts is important.

Posted by Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon on 05/18/2008 12:14 AM

Comments (18)

Originally posted at: Central Oregon Real Estate Info: I Thought I Might Get Rocks in My Pay Envelope

18 Comments on I Thought I Might Get Rocks in My Pay Envelope

MAY

2008

Wow! What a nail biter. I'm glad you got paid, but I am sure you are equally as pleased.Thanks for posting.

Thesa: It sounds like you made the absolute very best out of what surely was a very stressful situation. Congratulations on handling it so well, and congratulations on getting paid ! :)

That sounds like a fun transaction, Thesa. haha. Thank heavens we don't have too many of those... and that you didn't get rocks! :)

Thesa... Just one more of the little annoyances that is part of life as a real estate agent... Although we make it look easy and minimize the stress for our clients we work hard for our occasional paychecks!

Some folks like to make everything so complicated. In our purchase contract it specifically prohibits the seller from doing what they did.

Thesa, and this is why we love real estate, you never know what you will encounter. That is definately a nail bitter, was an attorney involved? I can imagine them going bonkers at such an ordeal. And why did the seller do all of this before closing?

That's a mighty pretty rock there, but like you, I'd rather have a check!

I talked to an agent yesterday who has 19 escrows going, and she was lamenting that every single one of them had problems. I've got a stack of files on my desk that I can't even put away into the filing cabinet because of all the fires I've recently put out. It seems regardless of how prepared you are, there are always little problems popping up, so I can empathize with you. Last year, I sold a parcel of land to a buyer. Said parcel was "listed" (and I use the term loosely) with a discount broker, and I had the seller sign a one-party show -- especially since all negotiation was to take place directly between the seller and myself.

And who said we needed to exercize to get our heart rates up???? :) Come home to Texas Thesa dear!!!

I too am glad that there were no rocks - I don't think that the bank will honor those "lava bombs". It was an interesting transaction. Real Estate Professional Dfn. Professor - Firefighter - ER Dr. (for the heartattacks) - the list goes on and on! It's never the "same old thing" :)

Since the rock pictured in your post seems to resemble something entirely different, I'm wondering if you were being clever about expressing just how you felt about this transaction or the agent on the other side. Hmmmm?

Thesa,

I agree with Fred, I thought the picture was a ______, well you know!!! Great job for sticking with it and sticking with you clients. And I'm glad for you that is was not rocks in your envelope.

Heidi

Thesa.... glad it worked out in the end. Nothing worse than busting your butt, and not to receive a check at the end of your hard earned efforts....

jeff belonger

Thesa -- I was holding my breath! Glad that everything did work out. I always believe that buyers (and sellers) should be represneted. Glad you ended up with more than a rock!