Today a colleague shared with me her frustration with a current transaction. A client hired my colleague to help him and his wife sell their current home and buy a new one. They had gone under contract fairly quickly on both sides, which is fortunate in this market. The client's buyer had done her inspection within the first week, and the seller received an Inspection Objection from the buyer's agent with only three items requested for repair. Even in this sellers' market, this kind of short and sweet objection makes agents happy. And as it turned out, two of the three items were resolved with a few phone calls and a little more information.
The third item was related to the home's structure, and although it had the potential to be a big problem it was caught early and therefore could be repaired fairly quickly and inexpensively. The seller balked at the request, claiming the buyer was being unreasable, and when my colleague tried to suggest solutions he accused her of only caring about her commission. To further complicate things, my colleague discovered that the seller had held back some pertinent information about this issue from her and the buyer. Needless to say, the buyer and her agent were upset, and they voiced concern over what else this seller may be hiding.
Whenever a client asks me, "...should we tell the buyer?" my answer is always yes. In Colorado, real estate agents are required to disclose material facts
about a home if they are aware of them, and a seller could get sued by a
buyer should the issue become a problem in the future. Even if a particular item had been rectified, it should be disclosed. In fact, handling things up front can go a long way to promoting trust between the parties and make future negotiations smoother.
The other important point here is that the Realtors I know really want the best for their clients and think of them as a team trying to reach a goal. It can be a difficult transaction if the client perceives the agent is not on his side and withholds information and trust. My colleague's dilemma now is how to reassure her seller that she is his advocate, as she's concerned that everything she says will be perceived as trying to save her paycheck.
As a service provider, it is incumbent on me to set expectations at the
beginning of the relationship, and try to communicate that my interests
are secondary to my client's. This isn't always easy, as real estate agents are still fighting a negative sales stereotype. My goal is to develop long-term relationships, where you can text me three years down the line to get the name of a good painter. I want you to be so happy with our professional dealings that you refer me to everyone you know. I hope that I'll be able to see you at a Staufer Team party where we can raise a glass of wine and talk about things other than real estate, like what would be the coolest animal to scale up to the size of a horse.
I would love to help you with your real estate journey.
The third item was related to the home's structure, and although it had the potential to be a big problem it was caught early and therefore could be repaired fairly quickly and inexpensively. The seller balked at the request, claiming the buyer was being unreasable, and when my colleague tried to suggest solutions he accused her of only caring about her commission. To further complicate things, my colleague discovered that the seller had held back some pertinent information about this issue from her and the buyer. Needless to say, the buyer and her agent were upset, and they voiced concern over what else this seller may be hiding.
