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When is Your Word Not Good?

By
Real Estate Agent with Century 21 Realty @ Home 0225076822

During the course of doing real estate do you ever tell something that may not be the truth?  Do you ever stretch the meaning of your words to imply something that may not be true?  And if you tell an agent that they have a deal, do you ever call and say, oh I am sorry we have got a better deal.  My word from an hour ago isn't good anymore?

handshakeRecently I had an opportunity to write a contract, I wrote and presented the contract to the listing agent.  The agent called with a verbal counter.  She explained that she was dealing with 2 siblings for the sale and we proceeded forward.  We went back and forth and all came to terms on the contract.  The agreement was that she would get the signatures soon~She was heading that way as we spoke.  And I would get my buyer's initials immediately there after. I was happy, the buyers were ecstatic! 

The next call was, they had a better offer.  Too bad, too sad for my clients.  Now, I KNOW that until its in writing that nothing is sealed and delivered.  We just didn't know that another offer was a possibility.  And quite frankly I couldn't speed her along in her signature gathering stage. I had no reason to believe that within a matter of a short period of time, I would have a ratified contract.

So, when I called my buyers to tell them just before bed that they didn't have a deal, they said that this wasn't fair.  Since when is your word not your word?  Why would the sellers change their mind?  They just didn't understand.

When I first became an agent I use to present my contracts to the sellers, face to face.  I would step out of the room while the owner and their agent would discuss.  I remember on occasion I would have the buyer in the car.  I would take the changes to the car and ratify a contract in the course of minutes.  They were part of my presentation.

Now, before you all lash out at me, I am not recommending that we do that now.  I am just reminiscing about the good ole days.

And today I learned that an agent saying we have a deal, isn't good if the seller gets a better offer.  That is just how the chips fall.

Comments (8)

Joe Kenny
Realty Executive Midwest - Darien, IL
Better Than Your Average Joe

You drop off the YouTube video I posted this week about doing the right thing on their door step somehow.

Mar 31, 2011 04:02 PM
Virginia Kail
Investments, starter houses, luxury homes,farms, acreage - Cookeville, TN
True Blue Realty, Homes and Land for Sale

That's a tough one Navona. I've learned to be very careful with what I say, because it often seems that if something can go wrong, it will.

I'm sorry that happened to you (and the buyers, because I'm sure they are really disappointed.)

Mar 31, 2011 04:04 PM
Rob D. Shepherd
RETIRED - Florence, OR
RETIRED

We have a couple agents in our office that kink every deal. No one wants to work with them and they wonder why?

Mar 31, 2011 05:15 PM
Navona Hart
Century 21 Realty @ Home - Farmville, VA
Selling the Best Properties in Central Virginia

JoeKenny, send along that video, are you coming to Atlantic City by any chance?

Virginia, one of the agents who did just this to me called today to ask my buyer to come back..their better deal didn't work...

Rob, I agree, run from those that can't be good for their word...just don't give it until you can be good for it!

Apr 01, 2011 03:09 PM
Keisha Hosea- KASIHomes.com
KASI Homes - Chino Hills, CA
Real Estate Solutions For Real People

I hat that this happened to you and your buyers, Navona. I had it happen to me once early on in my career and quickly learned NEVER to take an agent at their "WORD." If it's not in writing, it does not exist. It's why I memorialize everything in writing. Sadly enough, everyone in this business does not really know the value of their spken word or a handshake. Good luck on the next one :)

Apr 01, 2011 03:31 PM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Navona ~  Guess we've all been through this and it can be a real heartbreaker.  I, too, remember the days of presenting to the Sellers in-person and that had it's own set of issues.  That having been said, that old Fiduciary Responsibility kicks in and I would have expected the Listing Agent to let "everyone" know there were multiple offers.  Who knows, your folks may have stepped up to the plate and won the house of their dreams.

Apr 02, 2011 02:59 AM
Navona Hart
Century 21 Realty @ Home - Farmville, VA
Selling the Best Properties in Central Virginia

Keisha, I hate it too, especially since what I was expecting was a ratified contract. 

Tish, I often wonder why it isn't done.  Banks send out notice of multiple offers, please submit hightest and best...I usually do not agree with banks, but maybe this is one area where they have something correct.

Apr 02, 2011 07:30 AM
Melinda (Mel) Peterson
Grants Pass, OR - Bend, OR
The Savvy Broker - ABR, CRS

Navona ~ A colleague of mine just had this happen last week.  Seller's agent said it was a 'done' verbal deal... but when the signed paperwork never followed, my friend kept inquiring, calling, leaving messages, etc.  Finally, the Seller's agent called and said the seller (bank) accepted another offer.  My friend was never told their were multiple offers.  And she had already informed her client it was a 'done' deal... then she had to call them to tell them it was an 'undone' deal.  They were VERY disappointed.  It's sad that we cannot trust another agent's word.  I have made a practice of not communicating the Seller's response to the Buyer until I have it in writing and in my hands. 

Apr 02, 2011 05:11 PM