An Offer is the ACE...it Trumps MLS......Beeee Careful !

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

   Ace  While the market is better in most parts of the country than we have seen in a long time...it seems that some Brokers either continue to...or become more creative in how they are justifying taking more commission or one party or the other not paying for this or that ...the buyer or seller 'understood' that/this was included. 

   Let me preface this by saying...this is what happens in Wisconsin and  should there be some other law in some other state that "trumps" a written contract...that applies for that state.

monkey with glasses     We close all of our listings with an attorney. There are some people who believe that this is monkey business....and any monkey could close a real estate transaction. (Probably the same ones that believe anyone can SELL real estate with no experience/license/training.)  Wisconsin is not an attorney state...this is not a requirement....it is a safeguard that we offer our Sellers which seems to be more and more necessary.

     Our attorney recently related a closing he had....in MLS the property listing said that the home had a one year warranty. The accepted offer did NOT have that language included. At closing, the Seller refused to pay for the warranty. (One more time the clubclosing statement was changed shortly before closing with no option for review by all parties...now a popular practice by this particular Broker.) 

   Understandably...the Buyer wanted the warranty he thought was included....the Seller did not want to dip into what he viewed as proceeds to pay for it...and having the "bigger stick"  the Buyer refused to close without it.....and the Seller finally agreed to include it and the transaction closed.

     The Buyer has the big stick...and it is unfortunate that we can't all "play nicely in the sandbox" throw less sand and build more castles....have it be a joyous occasion for both the buyer and the seller.  Likely there may have been some compromises made before closing...price...or a repair, inclusion, warranty here or there....but the day of closing ought to be one of Sellabration.sand castle The mindset on BOTH sides of the table/transaction/fence/discussion should be how best to CLOSE the transaction...not how much chaos can be created at the last minute.

  If you are looking for less chaos...and a smooth real estate transaction...call the Hansons...we'll show you the prompt professional service and proven results you deserve in all things real estate.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
4,995,646
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good mornng, Sally and David....all of our sellers and buyers have attorneys from the beginning of the transaction.... once the offer is accepted, the attorney is hired to create and negotiate a purchase and sales agreement and will be present through the entire transaction including the closing.

Jul 14, 2013 09:09 PM #1
Rainmaker
2,915,532
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

If it was in the MLS I'm sure it was in the listing contract which should trump the offer.  However on the other hand the offer should have included the warranty.  Catch 22 but at least it closed. 

Jul 14, 2013 09:11 PM #2
Rainmaker
3,254,189
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Barb...Wisconsin is not an attorney state....we have our listings closed by one...and other than that...they are seldom used other than in an estate....

 

At least in Wisconsin the offer trumps both the listing and MLS...

 

Jul 14, 2013 09:21 PM #3
Rainmaker
694,665
Clint Mckie
Desert Sun Home, commercial Inspections - Carlsbad, NM
Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi Sally and David,

This is why I don't have the Realtors license. Makes sense to me.

Have a good day in Wisconsin.

Best, Clint McKie

Jul 14, 2013 09:57 PM #4
Rainmaker
1,257,803
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Good morning Sally and David,

Here if we do not put it in the offer it seems to disappear as well.

New York an attorney may be waived.

Make yourself a great day.

Jul 14, 2013 09:58 PM #5
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Seems to me that it would be wise to use and attorney for every transaction, no matter what state you're in.....lets avoid the "State of Confusion"..............

Jul 14, 2013 10:06 PM #6
Rainmaker
3,254,189
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

  The offers in Wisconsin...and the education and continuing education required for Realtors...as well as what SHOULD be the practice of an internal broker review when an offer is written makes the addition of an attorney for every part of the transaction for the most part...not necessary.  There are safeguards...and experienced Realtors ...or newbies need to be careful to include whatever they wish in offers...and not "assume" that MLS will help them with inclusions.

Jul 14, 2013 10:13 PM #7
Rainmaker
3,814,787
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Sally and David,

We see the seller offer the warranty and will state in the MLS but in the negotiations some buyers don't want the warranty (good grief I don't know why) but factor it off the price. The contract is to spell out everything to the purchase of the sale! If it's not in it isn't going to convey!!

Jul 14, 2013 10:39 PM #8
Rainmaker
3,254,189
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

  Not ever heard a buyer that didn't want a warranty....since we have had some who have gotten a FREE furnace for the cost of service call...we encourage it !  Takes all  kinds....

Jul 14, 2013 11:12 PM #9
Rainmaker
3,132,182
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Sally, funny, I use almost the same example as you just did above to encourage a warranty.....

Jul 14, 2013 11:37 PM #10
Rainmaker
3,254,189
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Great minds think alike Kristin !  A pound of prevention...or ounce...whatever...write it in !

Jul 14, 2013 11:50 PM #11
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

We don't use attorneys here, and if the buyers agent didn't check the box about home warranties, even if it was "advertised" in the lisitng, it's not something the seller would have to eat.  Might be something crow for the BA however.  A home warranty is not that expensive and shouldn't require having an attoney involved to get it taken care of IMHO.

Jul 15, 2013 03:48 AM #12
Rainmaker
3,254,189
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Agreed Carla.....it sure should not require a lawyer to settle what should be common sense !

Jul 15, 2013 03:52 AM #13
Rainmaker
2,256,611
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

It is unfortunate that business is done in a "monkey business" way. I would hard to stay away from folks that operate that way.

Jul 15, 2013 10:55 AM #14
Rainmaker
3,254,189
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

If it were possible in this market to stay away from that whole brokerage...lots of people would...unfortunately...there are a bunch of agents ....and it would be a disservice to buyers not to show their lisitngs.

Jul 15, 2013 10:59 AM #15
Rainmaker
1,846,865
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I like that you advertise your experience by saying that you can handle the "chaos" and the buyer will feel less of it!

Jul 15, 2013 08:58 PM #16
Rainmaker
3,254,189
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Buying, selling, moving...it can be a stressful...and exciting time...we dwell on the excitement and try to minimize the stress !

Jul 15, 2013 09:42 PM #17
Rainmaker
594,825
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

I'm not an attorney, and an attorney is not required to close a real estate deal in NJ.  With that being said, if something is offered in the MLS like a warranty or prepayment of Association fees, I write it into the contract.

Jul 16, 2013 02:25 AM #18
Rainmaker
3,254,189
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Good work Laura...it's the agents who may forget and assume that anything in MLS is included...it is soooo not...

Jul 16, 2013 02:40 AM #19
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Rainmaker
3,254,189

Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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