The Buyer Who Planned to Outsmart the Buyer Agency System

By
Real Estate Agent with William Raveis Real Estate RES.0772823

About six months ago I received a phone call from a couple who were relocating from California to Connecticut and wanted to buy a home in my market area. They said they never sign up with buyer agents and only work with the listing agent so that they can get a better deal. I explained to them that it doesn't work that way here, but they insisted that this was how they planned to get a bargain. Being the curious person that I am, I stayed in touch with them and followed their progress. To their credit they've been remarkably open with me and shared their experiences, which have bruised their wallets and their egos.

They decided to make an offer on the first home, a Cape on a lovely street in my market area (not my listing) and paid about $1,000 for an inspection, only to find out that the home had structural damage from termites. I probably couldn't have determined the structural damage from the termites, but I think I could have negotiated on the inspection items better than they did by bringing in experts to price out the repairs and provide the sellers with written estimates.

Next they spent another $1,000 on a home that I already have two inspection reports in my files on. I know that house inside and out. I could have told them that the problem is not with the condition of the home, but with the lender appraisal due to a current lack of sales in that particular price range and saved them the cost of doing the inspection.

Now they are looking at renting, having decided that buying a home just isn't in the cards for them. Ironically, I just put a home on the market for sale that meets their needs perfectly and told them about it, but they don't want to go through the process one more time!

These buyers only outsmarted themselves. I hope when they consider buying again, they use the services of a good buyer agent. It will likely save them more than any of the commission money that they think the listing agent will give up.

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Donald Reich 04/18/2012 07:49 AM
  2. Evelyn McCorkle 04/20/2012 07:25 AM
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Comments 74 New Comment

Rainer
15,438
Brian Park

My question to that buyer is what makes you so sure the listing agent will cut a deal if he knows he has a good home at a good price, he can just wait for a buyer that doesn't want to pick his pocket. How much do you think they are going to give you?

They should be happy your the one they found. I would just give them a call and say I have a problem, I can't decide whether to put your name in the we want to wait until prices and interest rates go up file, or the we are not going to buy a good home at a good price until we find an agent that will let us pick his pocket and sell out his sellers file. Which one should I put your name in? The last one I had of these I just looked at their license plate and said you have the wrong license plate, check with the DMV and see if GREEDY or STUPID is still available. I'm just too old and cranky for these idiots anymore.

April 19, 2012 12:13 PM
Rainmaker
177,110
Erv Fleishman
Luxury Prop Specialist Realty Associates
Realty Associates

People bring preconceptions to the table every day.

Move on and fuhgetaboutit. 

April 20, 2012 06:03 AM
Rainmaker
793,132
Gail Robinson
REALTOR, GRI, e-PRO, Fairfield County, CT
William Raveis Real Estate

The buyers called me and want to see my listing.  It will be interesting to see if they try to angle for part of my commission should they decide to make an offer.  As Brian #72 says above, why should I cut my commission on a home that is in demand.  It's getting showings every day, so I think we'll get an offer on it soon.

April 20, 2012 12:13 PM
Rainmaker
864,010
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

This is a great example of why you save nothing by using the listing agent.  A buyer needs their own agent to take care of their needs and their needs alone.  

April 21, 2012 12:30 PM
Rainmaker
578,613
Barbara Altieri
REALTOR - Fairfield County CT Real Estate
RealtyQuest, Fairfield and New Haven County CT Homes for Sale and Real Estate

Gail -- It's amazing how misinformed buyers are. The listing agent has a contracted commission with the seller. Guess buyers don't know that as this type of thinking is so rampant.  Then on the other hand a buyer's agent will cost them nothing and will probably save them a LOT in return....especially one like yourself who KNOWS the market.  Good story but very sad for those buyers.

April 21, 2012 02:21 PM
Rainmaker
793,132

Gail Robinson

REALTOR, GRI, e-PRO, Fairfield County, CT
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