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-Bloggged 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
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Topic:
Real Estate Sales and Marketing
Groups:
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Tags:
listing agent franklin ma
representing the seller franklin ma

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Rainmaker
508,110
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group

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"

April 06, 2011 09:33 PM
Rainmaker
1,933,235
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

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

April 06, 2011 09:44 PM
Rainmaker
501,830
Christine Smith
Exclusive Buyer Agent & Attorney, Canton, MA
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com

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.

April 06, 2011 10:15 PM
Rainmaker
444,363
Gay E. Rosen
Honest, Hardworking and always Professional!
Houlihan Lawrence

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

April 06, 2011 10:22 PM
Ambassador
1,550,726
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

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

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

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.

April 06, 2011 11:11 PM
Ambassador
1,162,103
Tammie White
TW Realty Group, Franklin TN, South of Nashville
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net

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

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

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

April 07, 2011 12:43 AM
Ambassador
1,638,980
Fernando Herboso - Broker for Maxus Realty Group
301-246-0001 Serving Maryland, DC and Northern VA
Maxus Realty Group - Broker 301-246-0001

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

April 07, 2011 05:42 AM
Rainmaker
1,933,235
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

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....

April 07, 2011 07:18 AM
Rainmaker
236,633
Judy Klem
Home Staging, Senior Move Management, Fairfield/New Haven counties
Transition Stage LLC

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!

April 07, 2011 07:38 AM
Rainmaker
1,933,235
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

Thank you, Judy.....

April 07, 2011 07:48 AM
Rainer
263,980
Nina Rogoff
Your Hometown Realtor in Sharon MA
RE/MAX Executive Realty -

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.

April 07, 2011 07:51 AM
Rainmaker
1,053,614
Ginny Gorman
Homes for Sale in North Kingstown RI and beyond
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate

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!

April 07, 2011 08:02 AM
Rainmaker
1,933,235
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

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

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

April 07, 2011 08:05 AM
Ambassador
840,724
Dagny Eason
Fairfield County CT, CDPE Homes For Sale and Condo
Dagny's Real Estate

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.....

April 07, 2011 12:40 PM
Rainmaker
1,120,210
Li Read
Caring expertise...knowledge for you!
Sea to Sky Premier Properties (Salt Spring)

Superb post....a very worthy feature!

April 07, 2011 01:08 PM
Rainmaker
1,933,235
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

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

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

April 07, 2011 01:10 PM
Rainmaker
540,210
Eric Michael
Metro Detroit Real Estate Professional 734.564.1519
Remerica Integrity, Realtors®, Northville, MI

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

April 07, 2011 06:51 PM
Rainmaker
1,933,235
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

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

April 07, 2011 06:57 PM
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Rainmaker
1,933,235

Barbara Todaro

"New Franklin MA Homes"
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