![]() Real Estate News and Advice |
| May 25, 2012 |
|
Need Product Help?
Local Guides
All Local Guides
Alabama Alaska Arizona Arkansas California Colorado Connecticut DC Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming |
Buyer In Overheated Market Faces Tough Introspection
by Blanche Evans
"Melody" is frustrated with her buyer broker. Seeking help from Realty Times, Melody wrote, "When I put a bid on the last house, I ended up signing a buyer broker agreement with my real estate agent that locks me into a one-year contract with her. The problem is I did not get the house, and since then, I have been spending 20 hours a week trying to find a home in my price range since my real estate agent is not very proactive. Then if I do find a house, she makes me bid full price on the house and refuses to write bids if I am going to bid on the house lower. "My question - is this normal, and do I have any recourse to break the contract I have with her?," asks Melody. "Or do I have to wait until the contract expires to get rid of her? The problem with waiting is that the housing market is going up each day." We wrote back to Melody with some questions to get more information, but she didn't respond. Maybe she didn't get the e-mail, or maybe she did and didn't like what we had to say. Well, Melody, there's more. You may be simply a classic case of a buyer who is frustrated that an overheated market is not within her control, and your real estate agent simply doesn't have the heart or the professionalism to deal with you properly. There is a lot of information missing from Melody's letter, like where she is trying to buy, how long she's been looking, and what her buying affordability and readiness is related to the local market conditions. But, judging from her frustration level, it's probably safe to guess that Melody is trying to buy a home in an overheated housing market where buying tactics are beyond her ability. Control is really the issue here, isn't it? The market is out of control, and Melody clearly likes to be in control. Let's look at the statements:
While Melody offers no self-examination into her failure to achieve homeownership, it's possible that she could either be shopping for too much of a bargain, or she's unrealistic about what she should be able to afford, or that she's too hard to please. However the broker is at fault if she has not been completely honest in her interest in helping Melody find a home. Maybe the broker is used to selling higher priced homes, or working with more experienced, realistic buyers and has lost patience with Melody's stubborn refusal to bid at the current market's stakes. In other words, when a relationship isn't working, usually both parties are at some fault but not necessarily to the same degree. In this case, it's clear that the broker is trying to punish Melody, and make her "pay off" someday, but it sounds like any sale that results from this relationship will be a Pyrrhic victory indeed, as the broker is being punished as much. If the broker doesn't want to help buyers in Melody's price range, or the area of town Melody wants to buy, or some other reason, then the broker should do the decent thing and either refer Melody to a broker who is better suited, or cut her loose. Without seeing the buyer's agency agreement, it's difficult to advise Melody as to whether she can or should cut her real estate agent loose. Realty Times doesn't give legal advice, but it's fairly safe to say that if she wanted to get out of the contract, she could, especially if she believes the agent who is supposed to be representing her best interests isn't doing a good job. But a better approach, if Melody is willing, is to look at her own role in the failure of this relationship. Did she ignore the advice of the agent? Repeatedly? Has she tried to control the relationship to the point that the agent has been unable to do her job effectively? Is that why the agent is so resistant at this point? In other words, Melody, do you want to buy a home, or do you want to win? In a seller's market, it's impossible to do both at the same time, unless you start thinking of buying the home you want as winning. And maybe, if your agent sees you come around, she'll come around and start doing a better job for you or let you out of the contract. Sometimes to get control, you have to give up a little. Published: June 1, 2004 Use of this article without permission is a violation of federal copyright laws. Related Articles: |
Real Estate News Network
Today's Real Estate Outlook
Spotlight
Today's Headlines 06/01/2004
|
||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
|
for Agents
Readers' Choice
Our most popular recent articles
|
||||||||||||||||||||||||||||||||||||||