YO-YO Home Buyers - Litigation Waiting to Happen?

Very informative! Thanks and keep up the posts!

Debe, How often do we hear this same scenario? It comes with surprises for the buyer who thinks he knows how to do it all on his own. Maybe they learn a valuable lesson for the next time.

What's that old saying, penny wise and pound foolish.  So . . . he thought he knew it all about REPRESENTATION simply because he bought 5 houses before.  Well, that's a very sad lesson.  I hear it more often than I'd like.  Pity they didn't have you for their buyers agent.  

Debe, love the new explanation of 'Yo-Yo'! And yes, importance of buyer's representation.

I hope he does get a great attorney and hopefully things will go the correct way.

Hi Debe, I love  your term YO-YO....I've had a couple of experiences with buyer's who regretted using the listing agent thinking it was somehow saving them money.

Debe-Although he may not get restitution I imagine he could cause a great deal of grief for the bad actors if he has the stomach for it. But he obviously contributed to his situation by going in without representation.

Debe,  good post.  We can add to that the sellers who decide to cancel and deal direct.  There is a good reason 80% of FSBO's turn to a Realtor within 2 weeks.  It does not take long to realize they may be in over their head.  

Debe good advice from a great Realtor!  In the past when people have told me they were always "told to work with the listing agent,"  I have found that they are hard to sway because they want to listen to their "knowledgeable" friends.  And like you said they pay the price!

Debe you are spot on right here and I would like to think that all Realtors are about being honest and above board 

Thanks for sharing this story which should serve a a warning to home buyers that represent themselves. 

Hello Debe, such a genius line. "Even if you don't hire me, hire SOMEONE to represent you!  It will save you more than you can imagine."

I better apply it to myself. hehe thanks!

Great information for buyers and as Christopher Lotte said you have a genius line!  Buyers need someone to represent them so they can get what they really want in a new home.

Wow, Debe, you nailed it!  This is so important that I re-blogged it!  Thanks for sharing this story so that it may help others avoid this nightmare!

I had not heard this term before....Thank you for sharing your story.  Just another example of why it does not make sense for a buyer to ever be unrepresented or dually represented by the listing agent.  Though most of the time, this would be an extreme case, the opportunity is there for the buyer to be harmed by a seller and their agent.

Debe - oh well, it is an old adage and the problem is that we do not know what we do not know. How often people don't even understand that they didn't do too well. In that sense at least your caller is lucky. He lost money and leace of mind, but NOW HE KNOWS BETTER.

How often someone would mention their purchase in the conversation and I would ask a question or two, and ouch, turns out it wasn't that kosher as they thought.

Of course, we are the smartest people, but if I decide to do without a doctor, who would I turn to complain: St. Peter or St. Paul?

Debe,

Yoyo buyers need special guidance to make them aware of the benefits to hiring a professional realtor. And some clients I've had want to use you as much as they can then become yoyo when we part ways. It's ok.  It's their choice.  Eventually when they make the offer and get into escrow they may wish they had someone to represent them in the process!

Such wise advise ! yoyo-- I may use that term in the future...so many think they have it all figured out by surfing the internet and watching tv shows that skim over the real grit of a transaction. Glad I stumbled in this post!

Hi Debe, Some very good advise and certainly it makes sense to utilize what the Seller is providing. Individual  and personal representation for the Buyers called co-op. Congrats on a great featured post!

Debe, it seems to be a trend here too...they have bought many houses & know what they are doing...until they lose big on repairs and hidden items...a great reminder for buyers.