Are Listing Agents Nothing More than Overpaid Data Entry

By
Real Estate Agent with 774.289.5521

The listing says, "buyer to verify all information", "buyer to do Title V" (typically done by seller in my market), "buyer to do smoke certificates" (the seller's responsibility according to Massachusetts state law).

SELLER/AGENT MAKE NO REPRESENTATION AS TO CONDITION OF PROPERTY was the first line in another listing. 

Caveat Emptor - Buyer Beware, right?

This post was prompted by an issue that was omitted from a listing but came up at home inspection (did she really think we wouldn't notice?). Right now my buyer is feeling like Real Estate agents are just like used car salesmen. Franky, so am I.

My buyer may be out a lot of time and money because the listing agent put in her listing "Seller nor agent make any representations of any kind, buyer due diligence" instead of listing that there may be a potential problem that could cost my buyer $4000-8000 if he decides to purchase this property.

Of course she denies knowing about the problem. But, I think she didn't act surprised when I told her. Instead, she told me to tell my buyer, "don't tell anyone" about the issue that came up. Seriously!?!

Maybe my buyer would have passed up this listing if he knew there may be a potential problem. Maybe not. He wasn't given that option. Ok, you can say that getting buyers through the door is the listing agent's job - but if she tricks people into the door, they aren't good buyers for that property, wouldn't you think?

I will go to the town hall and do my due dilligence so my buyer can decide if they want to move forward with the purchase or not.

In the future, am I supposed to educate my buyers by telling them to assume that all information in a listing sheet is wrong?

What does a listing agent get paid for, other than putting the listing into MLS and then adding a ton of disclaimers that puts all the responsibility onto the buyer's agent?

 

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Groups:
MA REALTORS
New England Professionals
Realtors®
Selling Soulfully
Tags:
buyer
due dilligence
home inspection

Comments 43 New Comment

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Rainer
3,654
Sheri Schmitz
Wells Fargo Home Mortgage

HA! This is almost my number 1 gripe!  No hands on, horrible customer service, out of touch with what is really going on.. I wonder how these agents will fare when the market get more normal??

November 04, 2011 02:25 PM
Rainmaker
206,300
Jackie Hawley
Southeast Michigan Real Estate
ReMax Encore

If it wasn't visible to you and your buyer when you looked at the house (before making the offer) then why would you think the listing agent knew about the problem? And I don't mean by the tone of her voice. REO's are exempt from disclosures and it is YOUR job as a buyer's agent to let you buyer know there may be unexpected problems.

November 04, 2011 03:30 PM
Rainmaker
143,023
Kevin Vitali
Helping Massachusetts Home Buyers and Home Sellers
EXIT Realty- Massachusetts Short Sales & Residential Sales

Crystal- I've learned over the years, deal with the issue up front.  I tell my sellers to give me the ugly because it will come up.... let get the issue repaired or price the house accordingly.  A house that has been on the makret, goes underagreement and comes back on becuase of inspection issues will ultimately sell for less than just dealing with the issue up front.

November 04, 2011 04:09 PM
Rainer
143,960
Lydie Ouellet Dickinson
Realtor
Realty Executives Tri County, Bellingham MA

Hey Crystal, great post and sad situation. How are things going for you? Especially with this story?

November 10, 2011 03:31 PM
Ambassador
467,622
Lynn B. Friedman
Realtor - 404.939.2727 ATL BuckheadMidtownWestside
Atlanta Homes ODAT Realty - Serving Clients is our Business - One Day At a Time.

Dear Crystal,

You obviously are a woman who tells it like it is! Looking forward to reading moreof your thoughts in the future.

Some folks got up in arms over your comments - you certainly stirred them up!! I liked two comments especially -

"As a listing Broker, it's all about risk reduction, of course. As a buyers agent, I just assume that I need to do the due diligence as part of my job, and don't worry about the listing agent, as I can't control that."

And

"Yikes, don't throw all listing agents under the bus here.  REOs never disclose as they have not lived in the property.   Why/how would a listing agent know anything more than her bank/seller who has never lived there?  Now, the agent asking you to not "tell"  - that is super shady."

Have a happy day -
Lynn

February 04, 2012 09:56 PM
Anonymous
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Rainmaker
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Crystal Pina

Remax Professional Associates
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