Importance of working with lender and having a Buyer Rep Agreement

By
Real Estate Agent with RE/MAX Access

I can describe myself as being a "pop tart" agent. Meaning any time I would get a call from a prospective client to show a home, I would jump at the chance with no questions asked. Well, maybe one...I'd ask if they were working with another REALTOR.  Recently, though my mind has been made up and I think those days of being a "pop tart" agent are officially over.

Here's my reason: Over the summer, I showed a client approximately 20 homes. Now you ask, was this client pre-qualified? Did you you have a Buyer Representation Agreement? An the answer to both those questions is a big "NO!!!" 

So here's what happened. I showed this person 20 homes, on the 20th home (yes, the last one) the client decides they want to make an offer. I say "Great! It's going to pay off!"  So I send the contract over to the client, explain we must act soon; it was a cute little home. The weekend goes by and then nothing? I say, well, maybe they are still getting their financing paperwork together?

Tuesday now rolls by and so I decide to make a call...No answer...I leave a message, asking to confirm if we are still making an offer on the home...TWO DAYS go by and I get a voicemail and here is where my point to not only having a lender work with you and your client CLOSELY but to also having a buyer representation agreement...The message says they were not able to work the loan out the way they wanted to and were going to need to PASS!!!!! I say, "PASS??? What PASS?" Yes, I know the buyer representation agreement wouldn't have helped me here, but I've decided that in order for me to jump on something those two things will need to be in place....

Sad but true, I've learned my lesson.

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