Seller Wants to Pay the Buyer's Agents What They're Worth

By
Real Estate Agent with Sunset Properties, Powered by Movoto DRE #01485322

Seller Wants to Pay Buyer's Agents What They're Worth

 

Nothing.  That's what they're worth, if not less.

 

I am in the midst of the never ending transaction.  When my client, the owner of a rental property said she was ready to sell, I suggested she ask the tenants if they were interested in buying.  

 

The parents of the tenants pay the rent and they said they wanted to buy the property.  Terrific!  They said they'd speak with their agents (husband/wife team) for comps, etc.  They wrote an offer and after a tiny counter offer, we had a contract.  

 

The seller wanted a 30 day escrow and for all contingencies be removed in 17 days.  The buyer's agents said they've always found that to be difficult.  Buyers meet those timelines all the time.  Why do the buyer's agents think it's so hard?  

 

Incompetence.  A total lack of respect for the agreed upon terms of the contract.

 

- The earnest money deposit arrived on Day 6

- Buyer ignored wire instructions and deposited EMD, bank had to track down the funds

- At Day 17, I was informed the buyer wanted his daughters on the loan

- Lender wanted a new contract, said escrow amendment was not acceptable

- Buyers wanted to extend contingency removal and COE date

- Buyers made it difficult to arrange appraisal and pest inspection

- So much more

 

The seller and father of the tenants have had a very cordial relationship throughout the tenancy.  They worked well together.  Because of this, the seller did not want to use the tools available to keep buyers in line or kick them out.

 

The buyer's agents are just terrible.  

 

The lender, whom I call Kenny the Whisperer because he does not speak loud enough for anyone outside of the Bionic Woman to hear, isn't any better.

 

The seller decided to let it ride.  She doesn't blame the buyers so much as the buyer's agents for not honoring the contract.  The buyer's agents have received the message that anything will be tolerated and they've acted accordingly.

 

Things happen and sometimes delays cannot be prevented.  This one appears to be deliberate and I can't figure out the benefit to the buyer's agents.  In a way, I feel bad for the buyers because they think they're being properly represented.  This is their first purchase in this country and they probably think this is normal.

 

The seller thinks the buyer's agents don't deserve to be paid, and I don't blame her.

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Comments (9)

Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I hope you forward this post on to the buyers agents, and just to make sure they get the message it would be good to use their names in the post.

Jun 15, 2015 03:14 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Hi Jill Murty, Realtor - Serving Orange County, CA  we can only do the job that is in our description to do.... we're not our sister's keeper.... and there are many incompetent "sisters" out there....

Jun 15, 2015 04:57 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Good luck Jill Murty, Realtor - Serving Orange County, CA I hope you bring it to close. Sometimes that commission comes with very little effort and other times we earn every bit of it and more. I don't know why but it always seems to be the little sales that are the biggest pain in the butts.

Jun 15, 2015 06:35 AM
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

Bob Crane - The last email I sent to the buyer's agents started with "Once again, you have failed to honor...."  They don't care.  As much as they deserve to be called out by name, I'm not going to do it.

Barbara Todaro - Oh, those incompetent "sisters" are a real headache.  

The agents didn't like the seller's response to repairs and said closing may not go very smoothly if the seller didn't change her mind.  The seller stuck to her response.  She's still receiving rent.

The buyer lost their loan lock and new docs will have to be prepared and signed.  Who does the buyer's agent think is being harmed?  

Jun 15, 2015 06:37 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Maybe it is time to cancel the deal and suggest that the buyers find a new agent before trying again.

 

Jun 15, 2015 06:40 AM
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Ouch, hope the buyers didn't encounter the market's newer, higher rates when their lock was lost.  Sounds like instead of a pay day the buyers agent's need a good kick in the arse instead.

Jun 15, 2015 01:48 PM
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

Bob "RealMan" Timm - I think it'll close, but it'll be more than double the escrow period.  Ridiculous.  This one was should have been pretty basic since the buyers are the tenants.

Bob Crane - The moment they were late getting their earnest money deposit to escrow, I wanted to cancel them.  I've wanted to kick them out or cause them to get in line from the very beginning.  The seller did not want me to issue a Notice to Perform.

Jun 15, 2015 02:30 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

We work hard and end up doing the other agent's job but even then sometimes things get ugly and out of control.

Jun 21, 2015 11:41 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jill, I have one of those transactions right now, and SO looking forward to 7/2 IF it closes! 

Jun 22, 2015 10:29 AM

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