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Inexperienced Mississauga/Toronto Real Estate Agent Costs Home Owner Sale of House

By John Lavin

Real Estate Agent with Re/Max Ultimate Realty Inc. Brokerage

February 09, 2009 02:47 AM

It wasn't long ago that the Greater Toronto Area real estate market was humming along nicely. For the past 5-7 years prices were rising and when a "for sale" sign appeared it didn't take too long for it to be replaced with a "sold" sign.

New Agent or Experienced Agent

People from all walks of life flocked to get their real estate license and soon after proclaimed themselves to be the No 1 agent. These days, if you want or need to sell your Mississauga Real Estate, Toronto Real Estate or Oakville Ontario Real Estate, you'll find the market has changed and perhaps you will need to consider a truly experienced real estate agent to get your home sold.

Recently, I was showing homes to a young couple about to be married in the not too distant future. This was to be their first home. They were excited and eager to buy. After seeing a number of houses, they zeroed in on one they requested to see again. While trying to make the appointment with the listing office, I was informed that the property was sold conditionally upon the sale of the purchaser's property and there were no more showings. This surprised me and I further spoke with the listing agent, and after a couple of questions, it became clear there was no escape clause in the offer.

An escape clause would have given the seller the right to keep showing the property and the ability to negotiate and accept another offer suitable to them, conditional upon the first buyer either firming up his or her offer or walking away. The listing agent, I then learned, had only been in the real estate business for 1 year.

Lost Sale

After I explained an Escape Clause to him, to his credit, he had one added a few days later. Unfortunately for his seller, my buyers found another home and made an offer on it. The last time I checked, the listing was still sold conditional upon the sale of a purchasers' property and the condition had been extended. Because " conditional upon sale of purchasers' property" clauses have rarely been used or accepted in the past several years, this new inexperienced agent did not know about them. With a more experienced agent, his seller would likely have sold and been moving on with their lives.

The New Reality

You may not like it, but you are more than likely to see more conditional offers in this changed market. Wouldn't you rather list and sell your home with a real estate agent with experience in markets such as the one we are in? Someone with true experience to look after your best interests.

If you are thinking of selling Mississauga Real Estate, Toronto Real Estate or Oakville Ontario Real Estate why not put my 24 years of experience to work for you. Stop by my site at http://www.john-lavin.com/ and get to know me.

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Brad Andersohn

Retired Executive Director of Education at eXp - Boulder Creek, CA

ActiveBrad - 707.646.1876

John - this is a great first post. I would love to chat sometime soon. I have to head to WA. for a couple days but maybe we can hook up when I return. Give me a call next week and we can discuss a couple items per your email request. Have a great week. Thanks. :-)

Feb 09, 2009 02:29 PM

John Lavin

Re/Max Ultimate Realty Inc. Brokerage - Toronto, ON

Realtor - Mississauga - Toronto Real Estate

Thanks Brad for your encouragement. Look forward to speaking with next week.

Feb 09, 2009 02:43 PM

Anonymous

nathan crichton

Hi John,

thanks very much for creating your site. Im 28 years old and purchased my first home when i was 20. it was a 1 bedroom 1 bath in toronto, small detached house. i purchased it for $140 000k, renovated it and sold it a couple years later, i made a bit of cash and continued to buy and sell, i am now on my 4th house and payed just under 1million for it. being such a huge purchase and risky investment for me iam excited and scared at the same time. the house needs tons of work and lots of money to hopefully turn it around. Because i hadnt sold my current house i pushed for a long closing date and was granted it. what i wanted to ask you about.... when i looked at the house the property is what sold it for me, a huge yard and a view, however since i puchased the home the owner of the home has cancled the landscaoing company and the yard/gardens are growing and growing and growing. i have more than a month before i actually get possession and the house looks worse and worse every time i drive by! i have enough work ahead of me and dont need to worry about redoing all the landscape because the owner doesnt give a shit now that its sold. Along with the lack of maintence there seems to be 8 HUSKY dogs now living in the home with run of the property and the house! im told the owner owns a dog sledding company. what im wondering is if the house is let go and in much poorer condition by the time i take possession is there anything i can do? i purchased the property exclusive so is there anything i can say to the listing agent since the deal hasnt finished yet and i dont like what i see?

thanks very much for your time and help during this time.

May 31, 2011 01:29 PM

Hi Nathan, Thanks for visiting my blog. It is the owners responsibility to maintain the home in the same condition as when you first viewed it. Did the listing agent represent you as well as the seller, in other words was he a dual agent or did he just represent the seller in which case did he disclose that fact to you.

Do you have photos of the house when you originally viewed it?........usually appear on a feature sheet.

Would suggest you contact your lawyer and let him know what is happening and let him handle the situation.

Next time use your own Buyers Agent and they will utilize clause to protect you from these things .

Good luck and let me know how you make out.

May 31, 2011 02:39 PM

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