{"id":13240,"date":"2010-09-15T07:08:52","date_gmt":"2010-09-15T14:08:52","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=13240"},"modified":"2010-09-15T07:08:52","modified_gmt":"2010-09-15T14:08:52","slug":"at-what-point-does-an-agent-become-a-criminal","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13240\/at-what-point-does-an-agent-become-a-criminal\/","title":{"rendered":"At What Point Does an Agent Become a Criminal?"},"content":{"rendered":"

I wrote an offer for a young couple who wished to purchase the home they were renting.\u00a0 The buyer and seller had already discussed a price of $400,000 before agents got involved.\u00a0 (The seller thought it wise that both parties be represented, which is when I came into the picture along with an agent for the seller.)\u00a0 I comp’d the home and the area:\u00a0$400,000 was a stretch.\u00a0But the buyers liked the property, wanted an extra large master bedroom (which this home had) and wanted to avoid the cost and hassle of moving.\u00a0 Fair enough; I’ve\u00a0fulfilled my responsibility of providing accurate and\u00a0professional counsel\u00a0regarding value\u00a0and the buyers have made an informed and\u00a0justifiable decision.<\/p>\n

We wrote the offer for $400,000 with 3% seller concessions for the repairs that the seller had already acknowledged.\u00a0 The listing agent scoffed.\u00a0 It seems she had advised her client the property, with a little cosmetic improvement, would sell for the mid $400s.\u00a0 Brilliant.\u00a0 Real Estate is by no means rocket science, but the ability to properly value a property and understand comparables is a skill and not every agent is adept.\u00a0 I sent along a 3 page analysis of\u00a0comparables and pricing to buttress our offer.\u00a0 Seller came back at $410,000 with $10,000 in concessions.\u00a0 Once again I advised my clients that, in my professional opinion, the price was greater than the\u00a0value, but the mitigating factors were\u00a0enough for them to justify accepting the contract.\u00a0 Which they did.\u00a0 I agreed to a 2% commission as my work load was less and the listing agent admitted to me that she was working for only 1% as her work load was greatly diminished.\u00a0 And we all lived happily ever after, right?\u00a0 No…<\/p>\n

In California, the standard contract calls for the loan contingency to be removed in 17 days.\u00a0 (This bit of paint-by-numbers idiocy came about during the hey-day of real estate when anyone with a pulse could get a loan.\u00a0 In the current economic market, it’s only purpose is to expose which agents are inexperienced and clueless enough to put\u00a0their clients at risk.)\u00a0\u00a0The buyers needed roughly three weeks for their funds to fully season so Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I wrote an offer for a young couple who wished to purchase the home they were renting.\u00a0 The buyer and seller had already discussed a price of $400,000 before agents got involved.\u00a0 (The seller thought it wise that both parties be represented, which is when I came into the picture along with an agent for […]<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62,5],"tags":[],"class_list":{"0":"post-13240","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-dirty-laundry","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1999,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1999\/ask-the-broker-how-can-the-seller-paying-the-buyers-brokers-commission-be-fair-to-the-seller\/","url_meta":{"origin":13240,"position":0},"title":"Ask the Broker: How can the seller paying the buyer’s broker’s commission be fair to the seller?","author":"Greg Swann","date":"October 3, 2007","format":false,"excerpt":"Here's a truly fascinating question from an agent working in Nassau County, Long Island, New York. The idea of buyer brokerage is just being introduced there, and our interlocutor is understandably mystified:I am a bit confused, to say the very least. If I write up a listing contract with a\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":144,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/144\/the-buyer-can-and-should-negotiate-the-buyers-agents-compensation\/","url_meta":{"origin":13240,"position":1},"title":"The buyer can — and should — negotiate the buyer’s agent’s compensation . . .","author":"Greg Swann","date":"July 28, 2006","format":false,"excerpt":"My phone hasn't rung yet, but my ears are already burning. My column in today's Arizona Republic: Buyer should negotiate compensation for agent. (A more-permanent link.) This is Ardell's turf, of course, although my take on The Big Picture is somewhat different. In any case, I expect to have my\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2179,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2179\/a-consumers-guide-to-the-divorced-real-estate-commission-why-buyers-and-sellers-each-paying-for-their-own-representation-is-the-most-significant-reform-that-can-be-made-today-in-residential-real-estat\/","url_meta":{"origin":13240,"position":2},"title":"A consumer’s guide to the divorced real estate commission: Why buyers and sellers each paying for their own representation is the most significant reform that can be made today in residential real estate","author":"Greg Swann","date":"November 7, 2007","format":false,"excerpt":"Part I: How we got into this mess in the first place Can we be straight with each other? I'm not a soft and subtle kind of guy, and my working assumption is that you are sick to death of being hustled -- handled -- lied to. We yammer all\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2181,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2181\/a-consumers-guide-to-the-divorced-real-estate-commission-will-the-negotiating-their-buyers-agents-compensation-make-buyers-more-practical\/","url_meta":{"origin":13240,"position":3},"title":"A consumer’s guide to the divorced real estate commission: Will the necessity of negotiating their buyer’s agent’s compensation make buyers more practical?","author":"Greg Swann","date":"November 8, 2007","format":false,"excerpt":"Part II: How buyers can finally take a seat at the grown-up's table When a potential home-seller calls me to set up a listing appointment, very often the first question I will hear is, \"How much do you charge?\" A motivated seller is done with the house, and now all\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2223,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2223\/the-odysseus-medal-failure-is-a-costly-but-cogent-instructor\/","url_meta":{"origin":13240,"position":4},"title":"The Odysseus Medal: “Failure is a costly but cogent instructor”","author":"Greg Swann","date":"November 14, 2007","format":false,"excerpt":"Here are the Odysseus Medal winners, finally. My apologies for being two days late, but my little hop to Las Vegas put me way behind on everything. I run with a fast crowd here, but I don't cut them any slack. I am never nice for the sake of being\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":519,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/519\/the-seller-really-pays-for-the-buyers-agent-definitely-not-when-the-buyer-pays-out-of-pocket-but-what-if-the-buyer-really-did-pay-for-the-buyers-agent-from-the-buyers-side-of-the-hud-1\/","url_meta":{"origin":13240,"position":5},"title":"The seller really pays for the buyer’s agent? Definitely not when the buyer pays out of pocket. But what if the buyer really did pay for the buyer’s agent from the buyer’s side of the HUD-1?","author":"Greg Swann","date":"October 7, 2006","format":false,"excerpt":"There's a lot of discussion of Buyer Broker compensation going on around the RE.net, and I want to draw attention to it while I can. I have some further thoughts of my own, but I'm not sure I'll be able to get to them today. It's Saturday, after all. One\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=13240"}],"version-history":[{"count":9,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13240\/revisions"}],"predecessor-version":[{"id":13251,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13240\/revisions\/13251"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=13240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=13240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=13240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}