Ok I will grant you this is an REO forum but I believe we all help buyers at one time or another and what I am about to say might irk a few colleagues but then again let's have some dialogue on this! Here I go:
I was reading on another blog how this one agent wanted to inject his own comission bonus into a purchase agreement and the overwhelming consensus was that it was illegal to do so. It seemed to get hung up on that one fact alone,not just the offer being submitted was "lowball". Yet a less than market price can be but not necessarily is an injustice to a seller and may even be an insult if it was priced in accordance to its condition and the area. The buyer is not being serious just throwing a figure at the seller. I mean really lowball too! not just 10% off list price.
Homebuyers are sometimes their own worst enemy in my own experience. I mean how many of you would just go to the first doctor, lawyer, or mechanic that you run into? No one I think. Yet I see homebuyers on openhouses that want to talk to the listing agent, thinking obviously that they will get a better deal. Sometimes I wish the California DRE would outlaw dual agency for real estate salespersons, drastic but it solves the problem.
It happened to me recently that a couple that was referred to me wanted A PARTICULAR property. After I found out some information about it, I emailed them (I only had an email address) and they were appreciative and told me they were going to drive around and see what was available that weekend as the property the inquired about was not available to show. As time wore on the property became available and I emailed them about 3 times to set a time to see the property. She replied that they put an offer on a house and she would let me know Monday if she still wanted to see LeFloss Ave. I asked her if they went through the listing agent , if they called a number on a sign, etc. and proceeded to tell her about dual agency , how buyer's agents do more than turn keys,and how they are short changing themselves on truth in representation. She thanked me for the advice and I guess it did not matter to her as she said they would let me know on Monday if seeing Lefloss was necessary.
Another more onerous ploy is someone that I have been working with for 8 months trying to find a home in another city. I set her up with my trusted loan oficer as well. I spent a long time dealing with her constantly changing specifications and eveny time I would change my showing criteria to what she wanted, she would find something wrong with the homes I showed her or say they wanted too much (she wanted quality so I showed her homes on the upper side of her approval range.) We even were going into contract on a home 15 miles further east but she backed out after the listing agent could not or would not get the bank to honor a previously quoted price.
She eventually was first shopping loan officers as she was very conscious about loan costs. Funny thing is they were all within dollars of each other! Then it turned to me...she said she was being honest but she was having a "local" agent shop for her as well! I told her all agents see the same properties on the listing system, and pointed out if she was not shown a property that she drove by, it was because that property did not fit her criteria. I handpick the properties to show my client. I also told her that I spent alot of time learning about what she is looking for and that she would have to retrain another agent. I hope she did not go off a sign like above! I literally put her on the top of my priorites.
Therefore that does it. Out comes the Buyer/Broker agreement! I am tired of disloyalty because I work hard for my buyer clients. I thought being free and by choice would make them feel comfortable but then how much does a homebuyer know about what really happens during an escrow? Would they not prefer to see only homes that fit their needs and desires? Or do they want to buy a home like they buy bread at Walmart? Homebuyers need to learn about agency and how a dedicated buyer's agent can protect their interests.
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