August 22, 2009
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I’ve probably mentioned that I was thinking of selling my house next year. Originally, I wanted to live in Florida part of the year and find a smaller house here for the summers. But then I got that job so Florida was out of the question.
That’s when I started looking at beach houses here. They are half the money it would cost in town. And I adore cute little shacks. I met a realtor earlier this summer and he started sending me emails when a house would come on the market in my price range. Last week I made an offer.
The house was listed at $128,00 and I got that I was supposed to offer $88,000. Not from my realtor, he was pissed. No, this was Spirit’s idea. It wasn’t until I was halfway to the beach that I realized his plan was that I pay cash.
There were two other offers on the table, the third one having fallen through. It was owned by the bank and I figured even though I was lowballing them it needed a new roof and most people looking to buy a little house like that (teeny, tiny) wouldn’t have the money for and in this market couldn’t justify the price of much more than $100,000 and those people would start in the $90s. Or so I thought.
I got a little pissed when the 48 hours expired and the bank didn’t respond. I called my broker and he acted like it was normal for the bank to go over the deadline and that my offer was just “in limbo.” My friend whose wife decided she wants him back said he thought Fannie Mae was obliged to take the offers in the order in which they were received.
Last night I got word that they had declined my offer, and this morning he sent me a lengthy email. I want to share one especialy interesting section, which he made bold.
Prudence, I have a Bachelors degree from the University of Washington, and a Masters from Tulane University. I’m not a salesman, and my job isn’t to sit around and wait for calls, open doors, and fill out paperwork. It’s an advisory role – and that’s why good realtors still exist in spite of the internet access to virtually all listed properties.I get that he’s pissed I made such a low offer, and I did call and request that he contact the bank to see what they had decided, after my offer expired and he acted like it was still good. And I did express discomfort that he shared an office with the listing agent, so I could see how that would be insulting. But what he seems pissed about is isn’t any of that I don’t think. At least it doesn’t sound like it. And I liked the guy. I certainly didn’t treat him like I thought he was stupid. I even thanked him for being gracious about my low offer.
My friend, the artist, gave me the impression that my realtor was fairly new to this work; that it was his dad’s office. I did remark to my friend that it seemed like he wasn’t that familiar with the paperwork.
I guess I’m switching realtors.
Comments (6)
My best friend bought a foreclosure house in Oregon last year. Not only did she not lowball the bank, she was advised by her REALTOR to offer more than they wanted for it! The house still needs a new roof and heating for part of the house but she survived the winter, found a reliable contractor and is happy with the place nonetheless.
I was a real estate agent many years ago and the biggest part of the job is sitting around waiting for calls, opening doors and filling out the tons of paperwork each deal involves. Plus, I don’t know about where you live, but you have lots of tests to take to learn the state and local laws that aren’t taught as part of a college curriculum. You also must advise your client whether or not you are working only with them (the buyer) or for the seller. Some agents “pick up both ends”, list and sell their own listings.
From what I have read in your blogs, you are one smart woman and I would find a better realtor in a hurry.
And if I had listened to any of the realtors that sold several houses for us over the years, I would have taken the lower price they advised instead of doing my own ‘comps’ and making 20-30% more than they advised!
Happy house hunting! May you find the place of your dreams at a price you can live with.
Namaste!
YIKES. In bold, no less. That’s a person who clearly has his back up about something.
never listen to the naysayers. never ever….
Sounds like he’s taking it way too personally. You’re a woman of business about matters of money, and he should act professionally too. I don’t care where his BS and MA are from – realty is sales, and he’s not *above* it or he wouldn’t be in that job.
The hell he isn’t a salesman. He earns his money when he makes a sale. And he just lost himself a client, making him not just a salesman, but a lousy one.
Yep. New realtor. Bolded even. The imp in me wants to ask for copies of the degrees.