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Buying a Perfect House in a Market with Low Inventory

By
Real Estate Agent with HomeStarr Realty RS143922A

 

A beautiful house was sold in a market with low inventory. Everything was updated and staged beautifully but we all know that no house is perfect. The buyer had a home inspection and there were very minor repairs required which the buyer asked for only one and the seller agreed to do.

 

The Buyer and the seller had become friendly during the sale.  They exchanged phone numbers which they were very proud of. The seller would say oh the buyer stopped by and we had such a nice talk. I advised the seller against this. Saying he, not your friend he is purchasing your house. He brushed me off and did not listen.

 

The seller was leaving him furniture, tools, and other items. When they did the walk-through there were items there that the buyer said he did not want. The seller moved out of town. When we spoke to the seller he said the buyer and he had agreed he could leave these items. When we tried to put the buyer on the phone with the seller he refused and backed off from his objections 

 

It is now a month later and the buyer is still calling about repairs he needs to do that he was not aware of. The home inspector missed this he should have to pay for it. The dishwasher does not work right. The seller left the garage dirty,  I receive calls almost every other day. I really like the buyer but these calls are becoming annoying and no matter what or how these issues were approached the buyer insists that someone should pay for these repairs. Call that seller he bellowed earn that commission you were paid

 

  

Just so happened the seller called me. Talking to the seller I found out more information. The seller gave the buyer money to have these cosmetic repairs done.  The buyer was there with one of his buddies showing him around the place. The seller handed him cash.  Why on earth would you give him money?  He also said he would call the buyer and find out what the problem was. 

 

Magically the phone calls and text messages from the buyer stopped. 

 

In today's market buyers are so anxious to buy a home as the inventory is so low. Sometimes they overlook small details even when they have a Home Inspection. Many buyers may have been looking for months even years. Then when they realize no house is perfect they get upset. The perfectly staged house may have a few flaws the buyer may cry wolf. 

 

Most important be sure all repairs and monies are in writing it will save time and confusion. Buyers and sellers should have an agent present at meetings helps to avoid an uncomfortable situation that could and should  have been avoided 

 

  This is my 3rd entry October Challenge -To Think is to Create 

 

Posted by

Hannah Williams is known throughout Philadelphia as HelpfulHannah – and if you’ve spent more than five minutes with her, you know exactly why. She’s an expert at anticipating people’s needs, she has a real feel for real estate, and she’s an accomplished problem-solver.

Hannah has been helping people buy and sell homes all over Philadelphia since 1984. Many of her clients purchased their first, second and even third homes with her expert help, and Hannah wouldn’t have it any other way.

HelpfulHannah.com

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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Hannah... our repair agreement in NC is actually part of the contract of sale. Everything is codified and signed. I believe money passing from a seller to a buyer if a loan is involved can be considered loan fraud. Your story is a good lesson in why we need to keep buyers and sellers as separate as possible during the contract period.

Oct 22, 2020 04:58 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Hannah - as I read your post, it seemed to be another tale that underscores the importance of putting things in writing and then it took a far more dangerous turn with the exchange of money.  Yikes! 

Oct 22, 2020 06:02 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Hannah Williams - this is a fact of life.  Get it all in writing.  I would hate to have those calls.

Oct 22, 2020 06:34 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Debb Janes EcoBroker and Bernie Stea JD It is so important an agent be there when buyers and sellers meet so they may keep control of the situation. 

 

 

Oct 22, 2020 09:58 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Thank you for the Feature to your Group! I am very honored. You are right as agents we need to keep control I tell this story over and over hoping I can get through to sellers.

Oct 22, 2020 10:00 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Kathy Streib Most of them do but we know there are those few that think they know more 

Dorie Dillard CRS GRI ABR  We are dealing with people who as we know sometimes think they know more than we do 

Chris Ann Cleland  I agree with you, Then afterward they want to cry wolf. This is why I will not get involved in selling a house site unseen 

 

 

Oct 22, 2020 10:06 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Kris Collis, Associate Broker This was not a showing this was a knock at the door can I come in and show my friend un be known to either agent.  I agree it should have never been done.

Debe Maxwell, CRS This got way out of hand on both sides. We were not aware that the buyer and seller were having so many personal meetings. Now it certainly is a lecture I will give

  

Oct 22, 2020 10:12 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Nina Hollander What the seller and buyer did I would not say was a fraud as it was a cash transaction. The money exchanged was minimum it just should not have been done. 

Michael Jacobs In a market where there are multiple offers and the buyer wants the house especially when it shows beautifully it may not be perfect- There is no such thing as a perfect house. Once they move in they will find little defects. The exchange of money was a very small amount but there should not have any and the buyer should not have been making visits to the house. 

Oct 22, 2020 10:21 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Grant Schneider It was not pleasant and to find out about all the visits was upsetting as I thought there was only one  

Oct 22, 2020 10:23 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hey sista,
I'm pretty much speechless. Buyers and sellers have selective memory when it comes to those "private" conversations, don't they? 

Oct 22, 2020 02:14 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Oh no, no, no Hannah. Having the buyer and seller exchanging phone numbers can be so dangerous. One of our buyers did this without our knowledge and the two were inseparable...until the walk-through. Buyer was upset on how the seller left the place. It was filthy. Yes the seller had to make concessions at the closing...and the friendship ended!

Oct 23, 2020 05:31 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Hannah, exchanging phone numbers and cash is always dangerous, and glad the calls finally stopped.

Oct 23, 2020 06:12 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Carol Williams  Yes they sure do 

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400  Funny how quick friendships end isn't it 

Joan Cox  we cannot represent  our clients if they are not honest with us 

Oct 23, 2020 02:01 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Hannah:

That is quite the story, and a good example of why everything needs to be in writing in a contract, not a handshake agreement between the parties. And the buyer and seller need to let things flow between their agents!

Have a great weekend!

Jeff

Oct 23, 2020 04:52 PM
M.C. Dwyer
Melody Russell Team at eXp Realty of California, Inc. - Felton, CA
MC Dwyer-Santa Cruz Mountains Property Specialist

These off the record conversations very often lead to issues.    I recommend my clients not talk to the other party without their agent present!

Oct 24, 2020 11:06 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Jeff Dowler, CRS We all know sometimes we can talk and our sellers do not listen like the seller who follows the buyers and agents around the house 

M.C. Dwyer  Yes they do If only they would listen 

Oct 24, 2020 11:34 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Hannah Williams - What a crazy mess!!! Why is it that the one thing you emphasize the most to your client is exactly what they do when you're not there? Without anything in writing for non-realty items or written into an Amendment is very hard to do anything about after closing. UGH!!!

 

Oct 26, 2020 06:40 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Patricia Feager, MBA, CRS, GRI,MRP  Some people make their own problems and we do not find out until we speak to all parties involved 

Oct 26, 2020 09:45 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Sounds like this deal had a somewhat happen ending but with lots of stress in between. Agree--seller and buyer should not have a relationship when agents involved!

Oct 26, 2020 01:59 PM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

With Covid the inventory is way lower in the city. I am 60 miles out in almost Central San Benito County. Old farm houses on large acreage sold in 2-3 days full price. Amazing. They were about 40% of today's price a few years ago.

Nov 20, 2020 08:34 AM