Most Unusual Real Estate Deal

By
Real Estate Broker/Owner with Crossroads Real Estate LLC

This was the most unusual Real Estate circumstance I have been in. It was a commercial property listed by the office I worked for. After both parties signed an accepted, the Buyer set up a number of visits to the property, the first of which was of course the inspection. The building passed inspection with only a few minor issues the sellers agreed to correct. The Buyer wanted to get a quick start on remodeling the property, so we made a number of visits with licensed contractors to get bids.

I wasn't aware if this at the beginning, but the agent listing the property, who represented the sellers, was calling the buyer I represented, asking questions and generally making a mess of things. To finally discourage the listing agent from contacting the buyer with an endless list of questions, the buyer told the listing agent the deal was off, they would not be closing on the property.

All the appointments for the contractors was made through the listing agent. I kept her informed and answered all her questions. For some reason she felt she needed to check out every detail with the buyer, constantly calling him directly, which most agents would never dream of doing.

Once the listing agent heard the deal was off, she panicked. She came up with an elaborate scheme to keep the deal alive. A deal that was only dead in her mind. She made the buyer offers, going as far as promising the buyer I would split my commission with him to keep the deal alive. None of this was ever necessary, but the plot unfolded because of an over zealous agent. In the long run, the listing agent cost me money along with aggravating the buyer I represented. The lesson learned is, tell your buyers to let you know if a listing agent is contacting them. Make it clear you are representing the buyer and there is no reason for the listing agent to contact them. If unauthorized contact occurs, explain to the listing agent all contact should go through you. Never assume one deal will progress like others. Always anticipate the unexpected and when it occurs, take the necessary steps to make sure it doesn't happen again.

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