The Risk of Overplaying Your Hand
Pull up a chair and let me tell you the tale of a listing agent that overplayed a hand so severely that a home listed in a highly sought after, gated golf course community in a ridiculously crazed seller's market is still available for sale.
It all started Friday afternoon last week. In between answering calls on my own newly active listing in Woodbridge, that has subsequently gone under contract, I was calling listing agents of properties my two buyer clients were interested. One couple had potentially identified the a single family home in a gated golf course community as being a possibility. In fact, they had just made an offer the weekend before on a home on the very same, very short street in that community.
In speaking with the listing agent about the property, I asked when about an offer deadline. Typically, we see deadlines on Sunday or Monday when a property hits the market on a Friday. This guy was talking about NEXT Thursday or Friday. Goodness. He could have thirty-six offers by then. He explained the reason for the delay was that his seller was waiting on a cash buyer flying in from Texas that wanted to make an offer. They were relocating to the area for a job and were going to offer cash and his seller was most interested to see that offer. Hmm. I asked him, given specific "spit ball" terms of my seller, if he would present that offer and potentially get it accepted beforehand. Nope. Waiting on the cash offer was a must, so there would be no answer.
Very well. Consulting with my buyers, they were turned off by that. What we all heard in that message was that financed offers were not wanted. They chose to spend their time making an offer on another property.
Come Sunday morning, I had a string of angry text messages from the listing agent of that property waiting on a cash buyer. Apparently, after forwarding my feedback to his seller, all hell broke loose. My feedback stated, "Were likely to make an offer until we heard you were waiting on a cash buyer from TX next week. Good luck!"
This agent's seller was livid. And the listing agent, in turn, was livid with me. I was violating the Code of Ethics for 1) not answering my phone when he psycho dialing me and 2) not immediately writing up the "verbal offer" made for his seller to accept. You just can't make this stuff up.
Naturally, I picked up the phone and entered into what might as well be a buzzsaw. After talking the listing agent down, I told him I would ask my buyers again. Before I did, I asked how many offers he had. His answer, "I'm waiting on one." Highly unusual for a home in this particular neighborhood. Sounded like this dude had turned off more than just us. What a shame.
My buyers decided not to get involved. They were still waiting on the other offer they had outstanding. That's not the end of the story.
Today, that listing agent was in my voicemail again. Apparently, the cash buyer from Texas made another offer on another property because of the mix up with our offer. Nice. He was blaming ME for losing out the only offer his seller wanted. What a guy! Meanwhile, there is a perfectly nice home in that sought after, gated golf course community with ZERO OFFERS in a seller's market.
Be careful who you hire to represent you when you buy or sell. Some agents have years of experience, but really aren't very good at this job and don't even understand their own Code of Ethics.