[quote=sdrealtor]NJ
There are no fantasies and I would be happy to sit down with in person on a computer and prove it. You know nothing of the intracies of what i am involved with and my actions are part of my fiduciary duties. My ficuciary responsibility does not include picking up in the middle of my daughters dance recital or my son’s soccer game to go show a property to someone who is calling half the agents in town and wasting all our time. I can smell the BS a mile a way and there is nothing wrong with politely letting them know they are more than welcome to see the property and that they will be at no disadvantage using any other agent they want.
Most of the dealings I have had in the last few years are short sales and my duty to my client is not to bring them every buyer, it is to get the property sold and to get them released from liability under the most favorable terms. Bringing every Tom, Dick and Harry very often would damage them.
Here are 2 concrete examples.
1.) Tom Schmo brings a very high offer on the property, in fact too high in my estimation but seller wants to accept it and even counters higher as much as I try to convince her otherwise. Buyer agrees to higher price and we submit it to the lender against my recommendation. Seller has a refinanced 2nd for $250K with full lender recourse. The 2nd lender approves the sale and buyer changes mind. Seller will never see another offer like that and lender will no longer accept fair market value which is actually at least $70K below the offer I told her was too high. Property will get foreclosed upon and instead of getting released from future laibility seller faces a $250K judgement and is heading into BK. This is an actual case I am dealing with right now.
2.) Buyer calls me and wants to submit offer on property direct through me. I know nothing about this buyer and of course they want me to give them back a portion of the buyers side commission. I explain to my client that a buyer like this is calling every agent on the block and is a kin to a John seeking out hookers. We know nothing about it and the way they approach things tells me they will never hang in. Seller says thanks but disagrees and chooses to go with them over another buyer who is represented by a very good agent I know who tells me about the buyer they have been working with for months but their offer is $10K less. After 4 months sale is approved and of course the John has found another hooker to screw around with. The sale is approved but that buyer is no where to be found. We then go back to the buyer I recommneded who is still thrilled to get the property but will still only pay $10K less. After 4 more months of wrangling we finally get it done but the seller now has far more credit damage than if they got it done with that buyer the first time. This is another actual case I have dealt with.
There are dozens more…..[/quote]
Just a quibble…but aren’t there a lot of buyers who back out of short sales when the lenders take too long to get back to them? The fact that this buyer backed out isn’t necessarily because he/she wasn’t being “represented” by another agent, was it?
Personally, if I were a seller paying a 5% commission for “professional representation,” I would absolutely expect my LA to show the house if a potential buyer called. I’m not sure why listing agents feel entitled to this commission simply for listing a property on the MLS and following the transaction through escrow.
