Sunday - Open Houses!

Get Up and Get Moving!
Typically in the Real Estate Market, Sunday is the day when all the Open Houses are held so it does pay to get a copy of the local newspaper and see what's open for showing. We actually met our agent at an open house. Open Houses are a great way to see potential houses that you may be interested in. Just keep in mind that the agent that is present is a Seller's agent and is there representing the Seller.

In our particular case, there are two homes open today. One is a home that has been on the market since I started watching the local maret in mid June, and the other is a FSBO. We shouldn't have to worry about the FSBO ending up like the last fiasco, but one of my first question at the other home will certainly be "Who owns this house?" (No more businesses!)

Real Estate Agents

Good or Bad?
Most people, including myself, are not very trusting of Real Estate agents. Why? Probably because they are sales persons that work on commission. But that is the system, and it really is the best system. If they don't accomplish the goal....no money. The problem with this is that we all know it leaves a big area of distrust because you know their motive, you just don't know how far they will go to achieve it. This is why I said I only deal with a licensed Realtor. That is a very specific category that you must check to be sure "your agent" fits in. It's like making sure you have a surgeon instead of a grocery butcher operate on you. A licensed Realtor has an Ethical standard that they must maintain to keep that license and without that license, their income is in jeopardy. Being educated is just part of preparation for the smart home buyer.

There are also 2 main kinds of Agents.
1) Seller's Agent - represents the Seller. Paid by Seller
2) Buyer's Agent - represents the Buyer. Paid by Seller. Yes paid by Seller normally, but check with Agent before signing to be sure. Also make sure you understand Agent's charge in FSBO situations. (For Sale By Owner)

There is a 3rd "function", that is when an Agent functions as a Dual Agent, meaning representing both parties... Seller/Buyer. You must be legally informed if the agent is functioning in this Dual Agent role, and definitely have your ears tuned to those words, because it is important.

Listing Agent is the Seller's Agent. This may seem like a common sense statement, but many may not know. So if you call the Listing Agent, ask to see the house, then deal only with this agent, you are dealing with the Seller's agent and are not likely getting your best representation. We may be a dying breed in that we don't believe in cheating a home owner, but by the same account I don't want to get taken either. A fair deal is what you are after.

Closing Doubtful

Questionable Behavior Arises Again
It once again appears our "Out-of-State" Seller existance is in question. We are both again also questioning how serious this occassionally appearing individual is on the subject of selling this house. I personally see alot of research into various "agencies" rules and regulations ahead.

How can a licensed Realtor list a home for sale without proper contacts? This is the 2nd time that the Seller's agent has not been able to get a response from their client. We are entitled to submit the Repair Request according to my understanding of the Offer to Purchase contract that we have, yet it goes unacknoledged. We have been REFUSED a signed copy of this Offer to Purchase by this same agent with claims that it is "not required" by their office." I don't know how the courts feel about faxes and emails so I INSIST on an original for my records.

This same treatment happened when we submitted the Offer to Purchase initially, except I was the one that said "Withdraw the Offer." Now it's coming from the other half of the "we" and he is furious.

One Week From Closing Date

The Sound of Silence....AGAIN
Well one week from today, as our "Offer to Purchase" now states, is our closing date. (Aug 31) The Seller's Agent was presented with the Repair Request and Agreement after our meeting with our agent late Monday afternoon/evening, and we have yet to receive any sign of life.

Let me interject that this seller is out-of-state and after failing to even acknowledge our Offer to Purchase for a WEEK....we withdrew that offer promptly the next business morning! Lesson for all purchasing a home and dealing with "out-of-town" owners --> Set a time limit for responses! Now in fairness to individuals who must move before their homes are sold, I am sure when dealing with these homeowners a buyer would have no problems. On the other hand, if you happen to be dealing with a business of some kind that owns the home, they need to be reminded that you don't care how "busy" they are....you only care about 1 house deal.