Ms. Realtor Who Do You Think You Are?

By
Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate
https://activerain.com/droplet/J8z

 Ms. Realtor Who Do You Think You Are?  Honestly, this is deja vu for a client I had that was so similar to an warning sign for buyers in ri real estateassociate's issue yesterday I needed to share it. When Mr. Realtor thinks he knows all - Who do you think you are?  Warning all Realtors who give advice to other Realtor's clients, it just is not an appreciated practice in Rhode Island real estate and you have no idea of the facts of these clients.

 
Yesterday an associate called me up right after an open house in a slight rage and needed to vent obviously.  His clients had come back from open houses and had found the 'perfect home'.  Yes it was overpriced he said but they loved it.  His sellers were totally excited.  The selling Realtor (notice i emphasize SELLING) told his clients (who are also buyers) that the house would be lower next week (just what Your clients want you to share today right?).   The listing agent's clients would do a hubbard on their house and my associate's clients could get a bridge loan until their home sold.  Well my associate was beyond upset he could not contain himself.
 
What was that Realtor who did not represent his clients get off telling them what to do without understanding their indebtedness!?  They own more than one house you see and need to sell both of them first.  Well good Realtors sell homes right?  Yes, but this listing agent was overstepping her bounds as a Realtor.  
 
His buyers were so excited that they could get a bridge loan which he had not shared with them because it did not seem like the right financial option for them.  They were all eager to make a higher offer on this home than he suggested because they wanted it and could lose it to another buyer.  Perhaps...
 
Not so fast my associate says to them.  You are house poor, retired and one of you went through bankruptcy in the last two years.  Who is going to give you a bridge loan at a reasonable mortgage rate do you think?  They stayed still and said well the other Realtor said it would probably not be an issue.  
 
Well now you did it...put all your cards on the table and shared confidential information with the other party ( full disclosure:  I am a cooperating agent with my associate on his clients property for sale).  A true no-no.  I wonder now where this transaction will go.
 
Please clients Keep Your Finances to Yourself when talking to other realtors that do not represent you.  It is so important that home buyer's advice for you as a client comes from Your Realtor representing you if you trust them.  Your finances are confidential and not to be shared with another Realtor then the one representing your interests.   Revealing your personal information gives the other side an edge when negotiating the house of your dreams.  Ms. Realtor Who Do You Think You Are?
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the waterfront RI real estate geographic area of homes for sale, schools, happenings and important tidbits of information well.

Waterfront, water view, ocean front, luxury and coastal Rhode Island real estate are my specialty.  If your considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you!    When you are in need of an internet savvy RI realtor® who sells homes in this real estate marketcall Ginny today at 401.529.7849.
 
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This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice

 

Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.

 

Looking for a knowledgeable Rhode Island Real Estate Agent?  Let me GOOGLE one for you!

            

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Carla Muss-Jacobs, RETIRED 09/24/2012 07:10 AM
  2. Ginger Harper 09/24/2012 11:06 AM
Topic:
Real Estate Sales and Marketing
Groups:
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Rainer
284,418
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Ginny -- it is so interesting that the REAL ESTATE agent thinks he can provide FINANCIAL information to the clients.  I am sure he would not appreciate a lender telling his clients the house he was selling was overpriced (without an AVM or appraisal).

Sep 24, 2012 07:42 AM #26
Rainmaker
497,623
Sonja Patterson
Keller Williams - BV - College Station, TX
Texas Monthly 5-Star Realtor Recipient for the Hou

As I read your post of warning, I thought the same as comment #12, "Loose lips sink ships".  Yikes!  Well, it was not your associate's fault. 

Sep 24, 2012 07:47 AM #27
Rainer
51,304
Lucas Taylor
Keller Williams Miami Beach - Miami Beach, FL
Thank you for the great education. I learned so much from your post.
Sep 24, 2012 08:50 AM #28
Rainmaker
908,388
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Can't let clients out of our sight for one minute. Agents planting seeds of fantasy in buyers' minds because they want to be the one who says it can be done, when maybe it can't be. 

Sep 24, 2012 09:04 AM #29
Rainmaker
800,036
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

Talking with another agent who doesn't represent them?  That makes little sense, and they should have definitely been aware of what might happen when doing something like that.

Sep 24, 2012 09:05 AM #30
Rainmaker
1,166,184
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

The agent should be admonished for giving advice to someone who was not their client.  It was totally irresponsible.  That discussion, if any, should have been between he and the other Realtor.

Sep 24, 2012 09:19 AM #31
Rainmaker
528,812
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa
Has it really come to the point where we need to tell our clients the obvious now? If you are represented by another agent, you don't need to solicit advice or give negotiating position or confidential information to anyone else. You will get your hopes up for something that cannot work for you because the other agent does not and should not know enough to qualify you. Wow.
Sep 24, 2012 10:05 AM #32
Rainmaker
922,313
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

You have to rely on yourself and your knowledge. If you are right and you know you are right, do not be intimited with other that think they know more than you do.

Great Post..

Sep 24, 2012 11:06 AM #34
Rainmaker
889,562
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Ginny - I have not seen a bridge loan in many years.  Do they even have such things any more.  I have been told NO in my state.

Sep 24, 2012 11:08 AM #35
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Amazing -- I think Barbara # 1 said it all..." I can't picture an agent doing such a stupid thing.... and I can't understand why a buyer would have any conversation with another agent who doesn't represent them...."

Sep 24, 2012 11:52 AM #36
Ambassador
1,549,863
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Saw Carla's reblog. It's a very strange thing why buyers would want to give away information, I think they believe it's honesty that's going to be rewarded. Not

Sep 24, 2012 11:55 AM #37
Ambassador
1,703,610
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

This is why buyers need representation. Too many people share sensitive information. I see this all the time with new construction. Buyers go into the sales office and tell the on-site agent their whole life story. The on-site agents then use that information to their advantage.

Sep 24, 2012 11:58 AM #38
Rainmaker
1,079,379
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Ginny, my thought was the same as Gail - is there anyone doing bridge loans??? There are buyers who can quaify for two payments, but short of that, only hard money would give a bridge loan as far as I know. Aside from that, all I can say is WOW - overreaching Realtor and over sharing Seller/Buyer - a recipe for disaster!

Sharon

Sep 24, 2012 12:30 PM #39
Ambassador
1,229,706
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Ginny:  Despite the fact that this is a total drag, there is one thing that is worse--when buyers and sellers take advice from parents, friends and relatives that have NO experience in real estate and buy that before listening to the liensed professional. If they hired you, they need to buy into what you say and do.

Sep 24, 2012 12:42 PM #40
Rainmaker
570,170
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Buyers too often just do not understand when they share these details.  The other agent, however, should know better.

Sep 24, 2012 01:24 PM #41
Rainer
71,755
Bas Panch
SCV Home Buyer - Valencia, CA

Hi Ginny,

What an annoying and frustrating experience! Sometimes there is such a lack of common sense all-around you can only shake your head in disbelief. Keep your head up, show them how a top North Kingstown short sale agent conducts her business!

Sep 24, 2012 02:16 PM #42
Ambassador
2,008,677
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Ginny - This sounds like a mess.  Mom taught me to keep my mouth shut from an early age on certain issues.  Maybe there was a reason . . .

Sep 24, 2012 04:40 PM #43
Rainmaker
1,793,977
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Thanks all for all good points and elaboration...especially the off shoots to this that can generate some other useful blogs for all of us to consider...who said real estate was easy?!

Sep 24, 2012 09:17 PM #44
Ambassador
2,681,325
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

wow! this is one crazy story ,Ginny.I must say I learned something about this post.Thanks for sharing this with us.Best of luck to you and stay top notch North Kingstown Short Sale Agent. 

Oct 03, 2012 08:24 PM #45
Rainmaker
709,157
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

hmm..what an interesting story here ,Ginny.Thanks for the post.Just dropping by to wish you Good luck as North Kingstown Short Sale Agent.

 

Oct 08, 2012 02:49 AM #46
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