It's Not Personal....It's Business And We Need To Protect Our Seller !!!

By
Managing Real Estate Broker with RE/MAX Executive Realty

After reading a post (written to members only) regarding a listing agent requesting some details from a buyers' agent about her buyers' transaction, I thought I'd share my thoughts on this topic.  We are listing agents and have received offers from agents who are anxious to close their buyers on a home.  However, there are facts that we need to confirm in order to protect the seller and prevent a financial disaster for the seller.

Chains of transactions are common today.  When there is a series of transactions relying on the previous buyer to perform, the water can get very mucky very quickly.  How irresponsible of a listing agent to not question the status and to not request to see some documentation of those deals.  One failed step along the way will cause many fallen transactionsThe one at the end, our seller, will take it on the chin. 

Our listing will have to show as pending, and no buyers' agent wants to be a backup on an existing pending home.  Marketing time will have been lost, and if the seller goes forth and commits to a purchase, there could be a financial loss. 

It's necessary to request some written documentation regarding the chain of transactions.  We do, and we have not had any problem with receiving the requested information.  It's not a personal attack on the buyers' agent.  None of this is personal, it's business.  It's good business for a listing agent to protect the interests of the seller.  Don't take it personally, we're not questioning your ability, buyers' agent, we're confirming the strength of the chain that we're being asked to rely upon for the success of our transaction.  It's not personal!!!

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Jeffry Evans 04/06/2011 09:27 AM
  2. Lenn Harley 04/06/2011 10:23 AM
  3. Susan Morrison 04/06/2011 04:20 PM
  4. Gary Berset 04/06/2011 04:24 PM
Topic:
Real Estate Sales and Marketing
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Rainmaker
511,012
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Barbara,

I agree 100%. A buyer's agent is an advocate for their buyer and that includes proving their buyer's qualifications.

To quote a recent seller who didn't wan't to allow a mortgage contingency. "I'm the one left holding the bag"

Apr 06, 2011 09:33 PM #91
Rainmaker
2,022,505
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

Mitchell....those words are very true....the buyers' agent must prove their buyers' qualifications in behalf of the buyer.

Apr 06, 2011 09:44 PM #92
Rainmaker
510,426
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Barbara....I didn't happen to see the original post, but I agree with you, if there are any kind of contingencies on other sales or other purchase agreements, then of course backup of some sort needs to be provided.  If there is confidential information that needs to be protected, there are always ways to provide the documentation while protecting confidentiality.  Those transactions are always the trickiest & everyone really needs to stay on top of all the details & deadlines.

Apr 06, 2011 10:15 PM #93
Rainmaker
449,800
Gay E. Rosen
Houlihan Lawrence - Larchmont, NY
Honest, Hardworking and always Professional!

Barbara: I am about to speak to a buyer's mortgage broker so when we have to make our bid on a property-  we have the comfort and knowledge that we will be able to perform...  and even then I will be negotiating a little more to protect my client.. it is what we do. Best, G

Apr 06, 2011 10:22 PM #94
Ambassador
1,564,026
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 800-610-7253 DRE01267479 - Costa M

Barbara - It makes sense to me.  It's part of what's necessary to make a decision on an offer.

Apr 06, 2011 11:06 PM #95
Rainer
177,469
Rosalie Evans
Meritus Group Real Estate - Sioux Falls, SD
The Evans Group, Sioux Falls, SD Homes For Sale

Yes I agree its always important to stay on top of things. The second you don't it will all blow up in your face. CYA is the way of today. Thank you for the lesson.

Apr 06, 2011 11:11 PM #96
Ambassador
1,232,296
Tammie White
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net - Franklin, TN
Franklin TN, South of Nashville

I'm with you. I don't want a deal falling apart in the 11th hour because I didn't ask the right questions.

Apr 06, 2011 11:59 PM #97
Rainer
145,246
Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

I agree with you 100%. Thank you for sharing your thoughts with us!

Apr 07, 2011 12:43 AM #98
Ambassador
1,649,602
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Barbara, we can always trust on you bring topics that matter for our business. . . reading your post makes agents better and you are a true ambassador

Apr 07, 2011 05:42 AM #99
Rainmaker
2,022,505
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

Christine..,..right you are....and thank you for helping Nina....

Gay...it certainly is...

Christine....,it's all part of the package...

Rosalie....CY seller's A.....and yours too!!!

Tammie....get all the information, or don't take the deal....

JA....you're welcome....

Fernando....you make a better Ambassador than I....

Apr 07, 2011 07:18 AM #100
Rainmaker
236,637
Judy Klem
Transition Stage LLC - Shelton, CT
Home Staging, Senior Move Management, Fairfield/New Haven counties

Hi Barbara - I think I read the post to which you refer, and your post is execllent in detailing how being professional is the way to go in these transactions. Congrats on the well-deserved feature!

Apr 07, 2011 07:38 AM #101
Rainmaker
2,022,505
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

Thank you, Judy.....

Apr 07, 2011 07:48 AM #102
Rainmaker
265,029
Nina Rogoff
RE/MAX Executive Realty - - Sharon, MA
Your Hometown Realtor in Sharon MA

So well put, Barbara. I was just explaining this process to a potential seller who wanted to know what we do to make sure that they don't take the house of the market for buyers who are in the middle of a transaction themselves. There are way too many real estate agents who don't understand basic business practices. Emotions and their focus on themselves get in the way.

Apr 07, 2011 07:51 AM #103
Rainmaker
1,089,664
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Phew Barbara, AR is being strange & i couldn't comment on your post the other day (did it know my thoughts?)...it is all about professionalism & understanding both sides of the transaction well...great feature!

Apr 07, 2011 08:02 AM #104
Rainmaker
2,022,505
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

Nina....that's right....

Ginny......AR is being strange alot lately....I lost 400 points overnight!!!! that's strange....

Apr 07, 2011 08:05 AM #105
Ambassador
904,159
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

Congratulations on the feature!  Well deserved, Barbara!

Of course every detail is super important - Cannot imagine any buyer's agent getting huffy over those details being requested.....

Apr 07, 2011 12:40 PM #106
Rainmaker
1,127,549
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Superb post....a very worthy feature!

Apr 07, 2011 01:08 PM #107
Rainmaker
2,022,505
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

Dagny.....thanks....it happens....

Li....thank you....have a great weekend....

Apr 07, 2011 01:10 PM #108
Rainmaker
541,132
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

We need to make sure those links are all strong. Congrats on the feature, Barbara.

Apr 07, 2011 06:51 PM #109
Rainmaker
2,022,505
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"New Franklin MA Homes"

thank you, Eric....hope all is well with you.

Apr 07, 2011 06:57 PM #110
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Rainmaker
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Barbara Todaro

"New Franklin MA Homes"
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