{"id":17763,"date":"2021-01-22T12:16:37","date_gmt":"2021-01-22T19:16:37","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=17763"},"modified":"2021-01-22T13:15:52","modified_gmt":"2021-01-22T20:15:52","slug":"real-estate-agents-may-work-against-buyers-interests-with-shortened-contract-contingencies","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17763\/real-estate-agents-may-work-against-buyers-interests-with-shortened-contract-contingencies\/","title":{"rendered":"Real Estate Agents May Work Against Buyers’ Interests With Shortened Contract Contingencies"},"content":{"rendered":"

If you are reading this, you are probably a real estate agent or broker.\u00a0 Most of the people who read Bloodhound Blog are industry folks rather than consumers.\u00a0 Consumers DO read Bloodhound Blog but, all in all, our audience is mostly comprised of the industry grunts who show or list homes and write contracts.\u00a0 Thus, I write this so that you, the agent or broker, adequately understands how much you are costing your buyers when you shorten the appraisal and loan contingencies on a contract.<\/p>\n

You, as an agent, want a smooth escrow.\u00a0 You want the inspector to come out immediately so that you can negotiate the repairs request within a week,\u00a0 You probably wouldn’t trade your most scrupulous and detailed inspector for the least busy one to satisfy your buyer’s shortened disclosures contingency– you beg, plead, and cajole your best inspector to help you because repairs are a tangible cost; you can see, touch, and (sometimes) smell them.\u00a0 The home inspection, and negotiated repairs, is how you might be judged by the buyer.<\/p>\n

“But wait!”, you say.\u00a0 “We may recommend<\/strong><\/em> three home inspection companies but, ultimately, the buyer makes that choice”<\/p>\n

Relax.\u00a0 You covered your butt with that disclosure but, in a transaction with shortened contingencies, the wink and nudge is going to produce your desired result,\u00a0 For most agents, that is less stress when contingencies are due.\u00a0 If J. Christ, GRI were an agent, He might renegotiate the inspection contingency time frame to get the most fastidious inspector but we know that He is perfect and we are flawed.\u00a0 As long as you disclose that you may be compromising quality for speed to your buyers, you are doing your job.<\/p>\n

Very few agents I know realize that they do the same thing to their buyers when they recommend more expensive lenders to meet the appraisal and loan contingencies.\u00a0 Like most businesses, there is an inverse relationship between price and service in the mortgage lending business; it’s even more pronounced now in this high volume, low rate environment.<\/strong><\/p>\n

Our family business has licenses to sell and\/or finance real estate; I have done both in the Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you are reading this, you are probably a real estate agent or broker.\u00a0 Most of the people who read Bloodhound Blog are industry folks rather than consumers.\u00a0 Consumers DO read Bloodhound Blog but, all in all, our audience is mostly comprised of the industry grunts who show or list homes and write contracts.\u00a0 Thus, […]<\/p>\n","protected":false},"author":15,"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":[26,5],"tags":[],"class_list":{"0":"post-17763","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1677,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1677\/in-defense-of-buyers-agents\/","url_meta":{"origin":17763,"position":0},"title":"In Defense of Buyers’ Agents","author":"Jeff Kempe","date":"July 19, 2007","format":false,"excerpt":"This came into the comments section of this post yesterday, from Joshua Ferris:What type of services do you expect a buyer's agent to offer in order to create a \"real value\"?Thank you, Joshua, for the set up! Timing couldn't be better; there seems to be a confluence of events. Redfin\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":18696,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18696\/lenders-can-help-realtors-get-offers-accepted-in-a-competitive-market\/","url_meta":{"origin":17763,"position":1},"title":"Lenders can help Realtors get offers accepted in a competitive market","author":"Brian Brady","date":"April 14, 2022","format":false,"excerpt":"Most buyers find themselves in a multiple offer situation in today's market.\u00a0 While the highest price often wins the home, other factors come into play--some buyers are waiving appraisal, loan, and even inspection contingencies.\u00a0 Selling agents who want to protect their buyers, while affording them an \"edge\" against competing offers,\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":509,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/509\/ask-the-broker-is-a-buyers-agent-like-a-bad-penny\/","url_meta":{"origin":17763,"position":2},"title":"Ask the Broker: Is a Buyer’s Agent like a bad penny . . . ?","author":"Greg Swann","date":"October 4, 2006","format":false,"excerpt":"When is a Buyer Broker Agreement abrogated, anyway?Is there a law stating that once your contract with your realtor is up that you must include them on the deal of the purchase of a home that they showed you?No such law. Feeling relieved? You can stop that right now. For,\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":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":17763,"position":3},"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":9567,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9567\/real-estate-branding-post-google\/","url_meta":{"origin":17763,"position":4},"title":"Real Estate Branding, Post-Google","author":"John Rowles","date":"August 20, 2009","format":false,"excerpt":"Do real estate brands mean anything to homebuyers post-Google? When the MLS was printed in a binder that brokers hid under their desks and consumers had to shop for an agent first, brand mattered to buyers. Now, buyers come armed with a list of properties that are relevant to them\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":17763,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17763","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\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=17763"}],"version-history":[{"count":3,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17763\/revisions"}],"predecessor-version":[{"id":17766,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17763\/revisions\/17766"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=17763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=17763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=17763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}