Profiles in Real Estate:
Incompetent Agent wants a Do Over
I'm in the midst of a transaction that should have few, if any hurdles to overcome. My error was thinking that would be the case.
The property is being purchased by the tenant's parents. The U.S. is not the buyer's country of origin and this is the buyer's first real estate purchase in America. It shouldn't be an issue at if the buyers were getting proper guidance.
The unfortunate part is that the buyer's agent is acting as though this is his first transaction, too.
The buyer's agent asked for a 21 day contingency period, saying he's always found 17 days to be very difficult to accomplish. Really? It's easy for most agents.
When I asked for a confirmation of wire for the earnest money deposit, the agent wouldn't give me a straight answer. He finally sent me an email of a deposit slip. I provided wire instructions and I get a deposit slip?
For both the appraisal and the termite inspection, the tenants (whose parents are buying the property for them) were unhappy with the scheduling options the service providers offered and wanted them changed to perfectly suit their schedule.
As the contingency removal date approached, I reminded the buyer's agent the buyers were scheduled to sign off in two days. Silence. Then the day before contingencies are set to be signed off, the agent emails me that the buyers want to make a change to their loan and add their daughters (the tenants) to the loan and the underwriter wants a new contract written. A do over? No.
I spoke with the lender and said we can put our heads together with escrow and work with him to work it out, but any do overs will be with a new buyer.
In the meantime, the failure of an agent got his nice client to email a plea directly to the seller/landlord for more time to remove contingencies and close escrow.
The buyer is a very nice man and an accomplished man. He holds a high position in a large international company. He has no idea he's receiving terrible guidance. The timelines in the contract are nothing out of the ordinary, but the agent is giving the buyer the impression that they are.
The nice buyer has no idea he is represented by an absolute failure of an agent who has managed to gain his trust.