Choosing the wrong agent cost this buyer a home. The agent you choose can make or break your wallet. Here’s an example of hiring an agent that knows the contract versus one that doesn’t and it cost the buyer dearly.
I represented the seller in this transaction and we received an offer on our listing. The buyer’s agent wrote an offer and added items into the contract that weren’t in the listing, which happens from time to time. During home inspection, the buyer approached the seller asking them to leave furniture and décor items. The seller was uncomfortable with the request. I specifically told the buyer’s agent that the seller wasn’t leaving the personal property items requested by the buyer after the home inspection concluded. The buyer’s agent gave the us list of cosmetic repairs along with a lengthy list of personal property items the buyer had requested. The seller was frustrated upon receiving the list of repairs based on the home inspection and the personal property items had been added to the repair list. When I approached the buyer’s agent they stated that the personal property items were a “deal breaker for the buyer”. The buyer’s agent response was not received well by my seller client.
The property inspection contingency addendum to the contract states “the parties shall have 5 days (the negotiating period) after Buyer’s delivery of property inspection contingency removal addendum (PICRA) to negotiate and agree upon such removal addendum. Any time during the negotiation period, buyer and seller may make, extend, rescind or alter offers and counter-offers as desired to finalize the removal addendum. If buyer and seller agree upon terms the parties shall execute the removal addendum.
If the parties have not executed an acceptable Removal Addendum prior to the expiration of the 5 day negotiation period, buyer shall have the option to terminate the agreement by delivering a termination notice to seller within one day following the expiration of the negotiation period. After expiration of the additional day, if buyer has not accepted the terms agreed upon to date, removed the contingency or terminated the agreement, either buyer or seller may terminate the agreement”.
This is where the buyer’s agent injured the buyer based on lack of contract knowledge and experience. The buyer’s agent did not come back to the seller with anything in writing prior to the expiration of the additional day. Upon expiration my seller said, they did not want to work with the buyer and especially the buyer’s agent and directed me to terminated the agreement. The buyer was very upset, as was the buyer’s agent. The buyer’s agent had till midnight of the additional day to negotiate with my seller, but never sent anything to us in writing prior to the midnight deadline. BIG MISTAKE ON THE BUYER’S PART. The seller terminated the purchase agreement, upon expiration of the additional day.
My client received another offer which netted my seller $9,520.00 more than the original offer. This transaction closed two weeks after the original contract settlement date.
Moral of the story: When hiring a listing agent or buyer’s agent, make sure your agent knows the contract inside and out and will be there to protect your interests. You really can’t afford to hire the wrong agent.
