Considering the fact that real estate agents generally represent sellers, it can get tricky when agents want to purchase homes at a discount from a seller. I heard a story of an agent who in the middle of a listing presentation low balled a seller, who got pretty upset and "let him go". The best course of action, I believe, would have been for the agent to contact the seller and just flat out discuss buying the property. If that fialed, perhaps then he could have offered his services to help the seller sell the property.
If a real estate agent is interested in buying a property listed by another agent, well that's a different story. As long as they disclose in writing (in the contract) in most states they have at least covered themselves. If the seller has an agent, then it shouldn't be an issue as the seller has some representation. If they are selling FSBO, then perhaps if the seller feels taken, they could try and make a deal about it with the agent's broker or licensing board.
Years ago when I was working as an agent, I was seeking to buy a house and had it under contract with an addendum allowing me to offer the home for sale while I was in my study period. The seller freaked out when he saw a sign in front of the house because he didn't want his neighbors to know he was selling it. I had every right to put the sign up because it was spelled out in the contract that I could offer the home for sale. I even pointed it out to him, but he just wouldn't listen. In the end, he threatened to make a big stink out of it if I didn't take the sign down, so I did. It was a learning experience and had I stuck to my guns, I may have made a hefty profit. Sometimes, it's just not about the money.
What are some of your experiences in similar situations?
Comments(3)