Why do you need an REALTOR? That is a very good question. I would like to start out by telling you a couple of stories that have recently happened on our Team.
Our buyer picked out a home that they wanted to view, so our buyer specialist shows the home and of course the clients fall in love & wanted to make an offer. Prior to writing an offer our Buyers Agent notices a “Red Flag” in the Multiple Listing Service (MLS) the PRIVATE REALTOR remarks state that the “Buyer waives Seller Property Disclosure and the Insurance Claims History, Property Sold As-Is” Now this is something that has become common in our industry with so many Short Sales and Foreclosures, but this was not a foreclosure or distressed property, in fact it was a traditional seller who should be completely knowledgeable to disclose things about the property. So we decided to question the listing agent further as to why couldn’t the seller disclose known facts about the property- including insurance claims?
A few questions in the conversation, he admits that there was a claim done on the property for hail storm damage and the seller only completed half the work. Of course our next question was “How much money was HALF the work?” Well as it turns out, the seller made a claim for $20,000 and only repaired half the damage and pocketed the remaining $10,000. Something to consider, this property was a $120,000 list price, which also was considered a “fair market value” for this home. Experience matters!
Since it is very common to see properties for sale “As-Is and no Disclosures,” many agents would have not questioned this at all. Then during the home inspection, the inspector would have uncovered the roof damages and then the buyer, broken hearted would be out the $250-$300 inspection fee and back to the drawing board to find another home. As your representative we completely enjoy the thrill of finding you that perfect home, we also have a “Due Diligence” to you that keeps you safe. Emotions aside, what is best for our client.
Good news to report that our buyer went back out the next day and found another home and is absolutely thrilled.
Second story doesn’t have such a happy ending. Recently we had received a referral from someone that wanted to sell their property. In short they decided to choose their “friend of the family” that had just received his Real Estate license and with a sense of obligation wanted to help him get started in his career. Along with the fact that the agent also offered a reduced commission to sell the property they were pleased with their decision. They receive an offer on the home, excitedly accept and went into escrow. The day of closing they go to the title company to sign papers and upon review of the settlement statement they see that they are paying $5400.00 towards the buyers closing cost. Being completely shocked, they said they told their agent that they did not want to pay any closing cost for the buyer and of course they call ME to see how/if they can get out of this.
Side note: as a REALTOR there is a “Code of Ethics” we have to abide and when you are signed with another agent, we can’t advise you, so there wasn’t anything I could do except, “I wish you would have hired me.” One, they should have read the contract they signed, right?!? Well that’s great to say and while we all know we should read everything before we sign, we all know we are guilty of the same thing! They trusted the real estate agent to explain the details to them. At this point of course they can’t cancel without risk of a lawsuit as they had a contract agreeing to these terms. End of story, the reduced commission saving them $1,800, cost them $5,400.
So lets wrap this back around to the original question “Why do you need a experienced REALTOR?” Here are a few facts to consider.
1. I real estate school we study the AZ & Federal Laws regrading real estate sales, how many square feet are in an acre, etc.. believe it or not you are not taught how to complete a sales contract transaction. This is only learned after licensing, either through winging it through your first few deals, or hopefully the real estate agent chooses to work with a Broker that has extensive training for new agents.
2. Experience matters. As full-time real estate agents, with 10 years experience, selling nearly 600 homes we understand Real Estate Transactions and are fully committed to our clients best interest! When you List your home for sale with us, there are 3 things on our priority list. One, getting your home sold, for the most money, in the shortest time possible. Two, protection for our clients with Disclosures. In the example above, the listing agent was actually putting the seller at risk for a Law suit by NOT disclosing known defects about the property. Three, your needs! See we understand that selling your home isn’t just about how much you will get in your pocket, its life change whether its to move up, move down or move out of state, we want to help you with your obtain your goals first and foremost.
3. When buying a home, having a real estate agent represent you costs you nothing! The fees are paid by the Seller. Something to consider, when you call the name on the sign out front, that agent has already signed an agreement with the homeowner to represent their best interest as a seller. The same for a New Build property, the sales agent represents the builder, not your interest. A For Sale By Owner, clearly we know who’s interest they are concerned with, and do they know the laws regarding disclosures? And who is required to pay at the closing table?
Most people purchase homes in the Phoenix area every 3-4 years. So that is about 2, maybe 3 homes in the past 10 years. Our Team is in the real estate field every day, selling homes, education classes, networking, marketing we GET real estate and want to help you with all your Real Estate needs.
