Just wanted to share with all of you
I got a call from an acquaintance that they have a referral for me and ofcourse like any other realtor, I was over joyed. I quickly called them to set a time to meet with them. I met with them that weekend and asked them questions to pre-qualify them. Their answers were great. I than proceeded to ask them if they were working with a lender and if they were pre-approved. They said that they were pre-approved a year ago. I explained to them that they needed to start their process of pre-approval all over again and once they are pre-approved and have a letter in their hand, we will start the home search. I than started the agency disclosure. At that time they said that the agent they were working with last year was giving them 2% back of their commission. I stopped and put m pen down and stared at them. I asked them why than did they not buy their house at that time? They said a year ago the prices of homes had still not dropped. I also asked them why did they not contact the same agent that had helped them last year, since they were getting the money back from Him /her.. they said the agent was not in business anymore( no wonder)
I explained to them that I would not be giving them my commission and told them at that time that I would not be the right agent for them. I than got up and told them that this interview is over and that if they chnage their mind and want to work with a professional who would not rebate them, than they can call me. They called me back two weeks later and told me that they would like me to represent them. so everything is signed off..( the agecy disclosures) and collected a pre-approval letter for 700K.
We started home searching.. one week..all house had negatives and no positives ( red flag) second week... 8 more homes... negatives again and this time comments that the price is still too high... ( re flag) , third week.. lets sit and write an offer on 3 of the properties they are considering..
1st house.... list price was $ 725K and they asked me to prepare an offer for $ 600K with 3 % closing cost paid b seller. I nearly fell off m chair, in shock... But have a buer broker agreement and so I thought I am supposed to do what is expected of me to represent the buyers. I told them since it is a very low offer, I don't think we should be wasting time in preparing all the 40 pages offer.. so we emailed the agent our terms and asked him if they would even consider this to respond.. Ofcourse it took the agent 15 minutes to respond with laughter in his voice.. Lavina, you are wasting your time ( I know that, I thought to myself). We tried again on the other two properties listed at 700K each and same terms as the first one and the two other agents also laughed and just dismissed us ( ofcourse with something nice to say to me) I asked my clients why are they offering too low? This is their answer:
They felt that Market conditons indicate that trend in Real Estate is rapidly declining, with no reasonable expectation of rebounding soon. A possible relisting in Spring 2008, would not necessarily guarantee a price greater than 600K given the market conditions and the ever increasing inventory in this area, due to current back log and an additional surplus due to foreclosures. if the house were to be on the market for an extended time.
I told them than that they should wait next year to buy or when the price of 700K homes drop to under 600K. I stopped total contact with them. I can sleep better at night .I used to hate for Saturdays to come for 3 consecutive weeks and now I look forward to Saturdays again.
It does feel good to be the one to not want to work with a client. Clients should not think that they are the only ones who can mistreat agents..
What do you guys think?