The buyer was ticked. Actually that is putting it mildly and not the word they used but it will suffice for a public blog.
The reason? A few months ago they had made an offer on a property in Prince William County VA and their agent told them the property had multiple offers and theirs was not selected. Okay it happens and so they went on to look at other properties before putting their search on hold during the cold snowy winter.
Fast forward to this week and they call me to help them start their home search again. The first question they asked me was I currently investing in real estate in our area? Why I asked?
It seems the home they had made an offer on recently reappeared in the MLS now advertised as remodeled, upgraded, spiffed up and ready for a new owner. But wait the listing agent on the property is their former agent. Curious they went to the Prince William County tax records and find not only is the agent the listing agent but they are also the owner.
Say what? They present an offer through the agent, don’t get the property but the agent does? There are two sides to every story and all I have is the prospective buyer’s one. I can certainly see in the MLS what the agent paid but don’t know anything about the terms of the buyers offer or how many other offers there were on the home.
However the situation raised an interesting question.
As an agent should you disclose to a buyer your interest in investing in the same property they want to buy?
It would seem to me to be the ethical thing to do. What would you do?