FSBO's Need To Consider How Much Information They Share

By
Real Estate Agent with The Lachicotte Company An Exclusive Affiliate of Christie's

 

Something my client learned the hard way.  I recently got a listing from someone who had it FSBO for a few weeks before listing the house.   Before he decided to list the house he choose to interview several agents.  This went on for a couple of weeks and he pretty much spoke with the majority of real estate offices in our area. 

Well, I was the chosen agent.  We listed the house and I got an offer within one week.  My seller never expected to sell the house this quickly and was out of town.  I was doing the negotiating by phone (the wife on one state, the husband in the other), well the short of it was the buyer was from an agency the seller had interviewed.  The buyers agent wasn't the actual agent the seller had talked to, but the agent KNEW everything the seller was doing, such as time frame to move, FSBO price, price of what they were purchasing and time of closing on that home.  The buyers agent was doing a great job for their client and disclosed all they knew to the buyer.  My seller never thought about all he had disclosed with the agents he interviewed.  I warned him when I first talked to him to be careful in what he said to me in case he didn't decide in my favor.  So the entire time we negotiated the buyer really had the upper hand, she knew a lot about this sellers transaction.  This played a real factor in the counter offers with the price and timing of closing.

So my point is -  to warn sellers to watch what they say when they interview agents who may try to list their house.   I like to use this point when I make a lising presentation to my potential sellers.  Sometimes trying to do a FSBO may cost you more in the long run than if you had just listed the house from the get go.

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
South Carolina Georgetown County
Tags:
fsbo
real estate
listings
seller
buyer
agency
agent
house
home
confidential
realtor

Spam prevention
Show All Comments
Rainer
81,840
Keith Jeppson - Salt Lake City Real Estate
Everest Realty Group - Holladay, UT

Interesting read Nancy. I would think there were some risks with implied agency as the agent was pretending to apply for the job of listing the home. Risky way to play the game. Would have been much better for them to seek a single party listing and disclose to the seller they were representing a buyer.

There is alot of sleeze in this business.

Apr 29, 2007 10:04 AM #1
Rainer
8,461
Loretta Carson
First National Reatly, INC - Southaven, MS
CARSON-O'CONNER HOME GROUP
That says alot about the buyers agent I think! 
Apr 29, 2007 10:25 AM #2
Rainmaker
94,583
Roger Stensland
Keller Williams Realty Puget Sound - Maple Valley, WA
Let's Move!
Excellent advice!  My opinion is that the seller should be interviewing the agent, not sharing his life story.  Like they say on the television "Anything you say can and will be used against you."  
Apr 29, 2007 10:30 AM #3
Rainer
1,745
Tracie L. Carlos
Remax north Professionals - Colchester, VT
Great Post. I think we all as realtor's need to operate as we would want others to operate.  The old saying, "do unto others as you would want others to do unto you!"  Something to think about.   I love selling real estate and my reputation is important to me.  I survive on referrals, so it is important to be the best I can be at all times, even when it is tough. 
Apr 29, 2007 10:59 AM #4
Rainer
151,726
Cynthia Sloop
Community Association Manager - Indianapolis, IN
I agree, interesting post!  Sure gives one reason to think.  Thanks for sharing.
Apr 29, 2007 12:00 PM #5
Rainmaker
29,297
Nancy Siau
The Lachicotte Company An Exclusive Affiliate of Christie's - Pawleys Island, SC
Selling Coastal SC
Thanks for all your thoughts, it is something to think about and what our role is. 
Apr 29, 2007 02:02 PM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
29,297

Nancy Siau

Selling Coastal SC
Ask me a question
*
*
*
*

Additional Information