To Use a Real Estate Agent- Trial Begins....

By
Real Estate Technology with Rentec Direct

 

Confession:

I have never been a real estate agent.  I have worn many hats in different fields surrounding real estate such as  loan originator, underwriter, banker, property manager, property management software.  So I know a little about all the ins/outs of the business but I can honestly say I don't know all. So I thought I would take a moment and share my journey and let you make your own judgement if you should use a Real Estate Agent.

 

The Examination:

My fiance (who is now my husband) and I was on a mission to purchase a home.  We were looking for a home with acreage so we can plant a lavender farm (more about that in a later blog).  The first home we were interested in was for sale by owner.  Knowing the business and knowing this home was not financiable in its current condition we presented an offer. We offered to do all the work in a certain amount time to make it fiananciable and then purchasing the home within a certain time frame.  Whatever work that needed to be done would be out of our pocket except for one item they had to do which was to get a proper permits approved on a remodel they did that they were not aware needed to be permitted.  They agreed to the offer and in May they started working on their permit and moving out their tenants.  This is where the fun begins.....

 

The tenants decided to create problems for them so they could hold off as long as they could without vacating.  They dragged it out to the end by having the owners take them to court for non-payment and start eviction proceedings before agreeing to move-out. 

The next issue was the permit.  All their ducks was in a row with the city on the permit they were just waiting on the final which an inspector noticed the grey water from the kitchen sink needed to be re-routed to the septic tank.  Not a huge deal just needed to be done.

They started re-routing the grey water and the contractor who was working on this project noticed that the septic tank was in bad shape and he refused to re-route the grey water unless they replaced the septic and extend the leash line.  This absolutely pushed these owners over the edge! 

They have used all their resources for their permits, eviction and extra work that needed to be done. They were mentally, physically, fiancially exhausted.   We offered to pay for the work to be done so they can pass inspection so we can still purchase the home but after all that they just gave up and backed out of the deal all together. 

There was no signed contract it was just ageed with a hand-shake during this process however we wasted 3 months of our time but the good news is no money out of our pocket.

I think the biggest kicker for me is that I really felt at peace about buying this house.  You know how it feels when you walk through a home and you can picture living there and even though there is work to done, lots of work, you feel it suppose to be yours?  That is the feeling I had and I couldn't believe how I could be so wrong.  Did God have a different plan for us? 

So the very next day when they decided to back out on us we found another home.  That is right,  the VERY NEXT DAY!  This house needed a lot of work to be done too but it had land we needed.   It was listed by a real estate agent and I absolutely knew there is no way this house was financiable nor did we have the ability to offer cash out.  So, we decided to offer up a short lease with option to buy in 60 days!  Yes, that is right complete remodel and close in 60 days.  Thank the Lord that my husband is a contractor and would be doing all the work otherwise it wouldn't have been worth it but they accepted the offer and here we are.  In about two weeks we should be closing.  Yay!  *Happy Dance*  We are blessed to get a bigger house with more land and at a lower price than the first option!

 

Cross Examination

As I mentioned earlier I had a peace within the first house but with this second venture I am at peace not only with the house but going through the whole process with a realtor versus the for sale by owner.   The first home even though we did not sign anything yet,  as these different roadblocks came about the more I became concerned about our decision.   I would have consulted with my attorney before signing but still was having second thoughts and worries.

With this other opportunity we had a real estate agent (same one for both parties) submit our offer everything is signed.  Plus the real estate agent already knew the condition of the house and gave us pros/cons of our decision before signing.  We have safeguards in place for both us which is a Win-Win for all!

 

The Verdict

So if I had to do it over again I would choose to use a Real Estate Agent.  They get paid for what they do.  They know the laws and have the proper papework, disclosures and lots of knowledge!.. The process is so much smoother and less stressful for buyers/sellers.

 

I applaud all Real Estate Agents/Brokers out there for all that they do!

Thank you!

 

 

If you do not have a Real Estate Agent that you currently work with you can consider asking your family, friends for referrals or conducting an interview yourself to find the perfect match.

Active Rain is another great resource on finding Qualified Agents in your area.

 

 

Couple of pictures of our dog "Buttons" hard at work!

 

 

 

 

 

 

 

 

 

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Kathryn

 

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Comments (8)

Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Kathryn - what a great testimonial for a real estate agent and their value.

Sep 27, 2016 10:01 PM
Kathryn .

Thank you Grant.  I know some of them get a bad rap for what they don't do, but I wanted to give them kudos for what they DO. 

Sep 27, 2016 11:08 PM
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

We do wear many hats and them some. Here to serve

Sep 27, 2016 10:29 PM
Kathryn .

I am glad you look good in different hats! =)


Cheers~

Sep 27, 2016 11:09 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Kathryn S.  Finding a great agent is so the thing to do.  I tell my client I am there to take the stress out of the transaction for them.  Great post.

 

Sep 27, 2016 11:35 PM
Kathryn .

Yes! You are the Tylenol for my Real Estate headache! =)

Sep 27, 2016 11:37 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing your experience. This is good reading for prospective home buyers.

Sep 28, 2016 03:16 AM
Kathryn .

I hope it helps those who are weighing out their options.  Thank you Roy for your kind words.


 

Sep 28, 2016 03:27 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kathryn

That's a wild story . . .  . Working with a real estate professional in a real estate transaction  is the way to go.

Good luck and success.

Lou Ludwig

Sep 28, 2016 11:29 AM
Kathryn .

I kept the story short & sweet otherwise it would have been a long read!  But in a nut shell using good people like you is the way to go!  Cheers~

Sep 28, 2016 11:39 PM
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Kathryn

Wonderful write my friend and thanks ...

Sep 28, 2016 02:21 PM
Kathryn .

Thank you VB.  You know we will always call you VB even if you move to AK! ;)

Sep 28, 2016 11:36 PM
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi Kathryn S. , A very good blog. It's crazy not to have a Real Estate agent by your side.

Sep 30, 2016 01:02 PM
Kathryn .

We give you 1 million kudos for all you do!  =)


Cheers~

Oct 02, 2016 11:11 PM
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Hi, I enjoyed your blog this evening, glad I came across it, while looking for another subject matter.

Oct 28, 2016 03:13 PM
Kathryn .

Thank you for stumbling upon this blog =)


Glad you enjoyed it Winston!  Have a fabulous week!

Oct 30, 2016 11:17 PM