You should hear an alarm every time you see this
This story came from outside of our city and could easily happen here.
A friend’s sister was facing a job relocation and had to move. They placed their home on the market and over the past weekend had 25 showings and more than 200 people at the open house.
The homeowners set a date to review any and all offers this Thursday. If you have that many people visit your home in a few days, you can expect more than one offer unless it is significantly overpriced for its condition.
The listing agent has let them know that he has an interested buyer who is going to make a strong offer on the home today.
Their own agent was pushing them to review this offer ahead of the deadline that is set and advertised.
This is where you should be hearing the alarm and seeing the flashing red lights.
My first concern is that the listing agent is bringing an offer from a buyer. This means that the agent is working both sides of the transaction or “double-ending” the sale. Depending on the state you are in, this could mean that the agent will be representing both sides. Or, the agent might not represent either side.
If I was the seller and I was paying the commission, I would want the agent to represent me and my best interests only. It’s impossible for one person to represent the best interests of two competing parties in a negotiation.
My second concern is that the agent is pushing you to consider this offer before you have the opportunity to review any others. When you advertise a review date and accept an offer early, you have ruined your credibility with any other interested party.
If the buyer who wants to shortcut the system flakes out (it happens more often than you think), then putting the home back on the market could be disastrous.
I would be concerned that the listing agent is more interested in his payday then getting the most money for his client.
Many agents would disagree with me. They would say that it’s perfectly legal and that they do it all of the time. It might be legal in your area, however, I refuse to do business this way and so does my company.
And it’s not just the listing agents that you have to worry about. On almost every property I have listed, I’ve had a buyer contact me to represent them in the purchase of that home.
It’s an old myth that many real estate seminars teach to buyers. They mistakenly think it will save them money, and it usually costs them in the long run.
I’m happy to say that I have turned down 100% of these buyer requests for representation on my listings.
So, if you want to work with a real estate professional who only wants to serve you and your best interests, then call/text me today at 615.519.0983.
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