Philadelphia Real Estate Helpful News and Views : Buying a Perfect House in a Market with Low Inventory

Buying a Perfect House in a Market with Low Inventory

 

A beautiful house was sold in a market with low inventory. Everything was updated and staged beautifully but we all know that no house is perfect. The buyer had a home inspection and there were very minor repairs required which the buyer asked for only one and the seller agreed to do.

 

The Buyer and the seller had become friendly during the sale.  They exchanged phone numbers which they were very proud of. The seller would say oh the buyer stopped by and we had such a nice talk. I advised the seller against this. Saying he, not your friend he is purchasing your house. He brushed me off and did not listen.

 

The seller was leaving him furniture, tools, and other items. When they did the walk-through there were items there that the buyer said he did not want. The seller moved out of town. When we spoke to the seller he said the buyer and he had agreed he could leave these items. When we tried to put the buyer on the phone with the seller he refused and backed off from his objections 

 

It is now a month later and the buyer is still calling about repairs he needs to do that he was not aware of. The home inspector missed this he should have to pay for it. The dishwasher does not work right. The seller left the garage dirty,  I receive calls almost every other day. I really like the buyer but these calls are becoming annoying and no matter what or how these issues were approached the buyer insists that someone should pay for these repairs. Call that seller he bellowed earn that commission you were paid

 

  

Just so happened the seller called me. Talking to the seller I found out more information. The seller gave the buyer money to have these cosmetic repairs done.  The buyer was there with one of his buddies showing him around the place. The seller handed him cash.  Why on earth would you give him money?  He also said he would call the buyer and find out what the problem was. 

 

Magically the phone calls and text messages from the buyer stopped. 

 

In today's market buyers are so anxious to buy a home as the inventory is so low. Sometimes they overlook small details even when they have a Home Inspection. Many buyers may have been looking for months even years. Then when they realize no house is perfect they get upset. The perfectly staged house may have a few flaws the buyer may cry wolf. 

 

Most important be sure all repairs and monies are in writing it will save time and confusion. Buyers and sellers should have an agent present at meetings helps to avoid an uncomfortable situation that could and should  have been avoided 

 

  This is my 3rd entry October Challenge -To Think is to Create 

 

hannah williams

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Comment balloon 35 commentsHannah Williams • October 19 2020 10:12PM

Comments

Good grief Hannah.....that was a mess.  The seller should have listened to you and for pete's sake, he gave the buyer cash for some repairs and failed to mention that to you?  That is crazy thinking. That buyer was trying to scam you and get more money.  Thank goodness you got this worked out and that buyer went bye bye and stopped hounding you.

Posted by Anna Banana Kruchten CRS CRB, Phoenix Broker, 602-380-4886 (HomeSmart Real Estate BR030809000) about 1 month ago

Wow! I am sitting here shaking my head, he handed the buyer money! Who does that? Most of my sellers don't even want to hand me money when it is in the contract. Just kidding. Yes, as you say always get it in writing and have one of the agents there to record what was agreed.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) about 1 month ago

Anna Banana Kruchten CRB, CRS, Broker, Instructor  The buyer was sweet as pie when they wanted the house first person in. Yes no house is perfect and the sellers should never hand the buyer money ever!

Nick Vandekar, 610-203-4543  My head was swimming to be honest when the buyer said earn your commission . I wanted to tell him a thing or two but we must be professional. Really this is why I always want an agent present .

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Yes there are some people with what I call Big Nerves.... or Big Cahones....I have also learned in the past 20+ years once a sale closes it does not mean they forget our contact information:))Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) about 1 month ago

Hannah I am always amazed that Sellers pay a commission, and then ignor the advice they are paying for.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 1 month ago

Endre Barath, Jr. Oh you get it the persistent ones - You hit the nail on the head

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Yes, it is so important to take care that people understand if you are not around when they talk to the other side, be it buyer or seller, you can't properly represent them at that point. I'm sorry you had to go through this, but I'm glad they stopped hounding you. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) about 1 month ago

George Souto  it also amazes me that people resent that we get paid for doing our jobs and do not see a value on what we do

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Your story is a testament to why clients should allow their agent to handle negotiations and communication, Hannah!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 1 month ago

CONGRATULATIONS Hannah, on having this blog FEATURED in the Old Farts Club group!  

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 1 month ago

Hannah- when will they learn to listen to you! Cardinal rule- sellers and buyers do not talk without their agents there!  

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) about 1 month ago

Good evening Hannah Williams ,

Sometimes your clients just won't listen and things can escalate and be such a mess! Glad you got things worked out I hope the seller learned his lesson..probably not.

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker Realty ~ 512.750.6899) about 1 month ago

Here we have two options for inspection contingencies...one with the right to ask for repairs, the other a right to void only.  The latter is the only one competitive in the current market and it KILLS me when buyers get upset AFTER closing about items that were discovered.  They want it all fixed, but that's not the market we are in.  Heaven forbid, buyers are now forgoing inspection all together.  That's the new standard to win in a multiple offer scenario.  It's terrible.

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) about 1 month ago

Hannah, Why w-o-u-l-d seller hand cash to buyer?  Apparently he didn't tell you he did that. I like to be present at showings just in case seller gets an idea that might hurt his interests.  We can review pros if any and cons privately.  Oh, the consequences of good intentions.  The parties think they have established a friendly rapport until an issue involving money arises.

Posted by Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525 (Smart Way America Realty) about 1 month ago

Oh my gosh, Hannah! Who DOES that?! I can't BELIEVE he gave the buyer cash without mentioning it to you when he did. That is just insane!

I have one right now that the buyer and seller are going through the LA and myself every other day about something ridiculous. The other agent always answers me, "Oh boy! The gift that just won't stop giving!" Thank goodness we get along and both are grateful for that.

Posted by Debe Maxwell, CRS, The right Charlotte REALTOR! (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) about 1 month ago

Good morning, Hannah... our repair agreement in NC is actually part of the contract of sale. Everything is codified and signed. I believe money passing from a seller to a buyer if a loan is involved can be considered loan fraud. Your story is a good lesson in why we need to keep buyers and sellers as separate as possible during the contract period.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Realty) about 1 month ago

Hello Hannah - as I read your post, it seemed to be another tale that underscores the importance of putting things in writing and then it took a far more dangerous turn with the exchange of money.  Yikes! 

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 about 1 month ago

Good morning Hannah Williams - this is a fact of life.  Get it all in writing.  I would hate to have those calls.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 1 month ago

Debb Janes EcoBroker and Bernie Stea JD It is so important an agent be there when buyers and sellers meet so they may keep control of the situation. 

 

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Thank you for the Feature to your Group! I am very honored. You are right as agents we need to keep control I tell this story over and over hoping I can get through to sellers.

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Kathy Streib Most of them do but we know there are those few that think they know more 

Dorie Dillard CRS GRI ABR  We are dealing with people who as we know sometimes think they know more than we do 

Chris Ann Cleland  I agree with you, Then afterward they want to cry wolf. This is why I will not get involved in selling a house site unseen 

 

 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Kris Collis, Associate Broker This was not a showing this was a knock at the door can I come in and show my friend un be known to either agent.  I agree it should have never been done.

Debe Maxwell, CRS This got way out of hand on both sides. We were not aware that the buyer and seller were having so many personal meetings. Now it certainly is a lecture I will give

  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Nina Hollander What the seller and buyer did I would not say was a fraud as it was a cash transaction. The money exchanged was minimum it just should not have been done. 

Michael Jacobs In a market where there are multiple offers and the buyer wants the house especially when it shows beautifully it may not be perfect- There is no such thing as a perfect house. Once they move in they will find little defects. The exchange of money was a very small amount but there should not have any and the buyer should not have been making visits to the house. 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Grant Schneider It was not pleasant and to find out about all the visits was upsetting as I thought there was only one  

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Hey sista,
I'm pretty much speechless. Buyers and sellers have selective memory when it comes to those "private" conversations, don't they? 

Posted by Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.) about 1 month ago

Oh no, no, no Hannah. Having the buyer and seller exchanging phone numbers can be so dangerous. One of our buyers did this without our knowledge and the two were inseparable...until the walk-through. Buyer was upset on how the seller left the place. It was filthy. Yes the seller had to make concessions at the closing...and the friendship ended!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Home and Condo Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 1 month ago

Hannah, exchanging phone numbers and cash is always dangerous, and glad the calls finally stopped.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) about 1 month ago

Carol Williams  Yes they sure do 

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400  Funny how quick friendships end isn't it 

Joan Cox  we cannot represent  our clients if they are not honest with us 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Hi Hannah:

That is quite the story, and a good example of why everything needs to be in writing in a contract, not a handshake agreement between the parties. And the buyer and seller need to let things flow between their agents!

Have a great weekend!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California, Inc.) about 1 month ago

These off the record conversations very often lead to issues.    I recommend my clients not talk to the other party without their agent present!

Posted by M.C. Dwyer, MC Dwyer-Santa Cruz Mountains Property Specialist (Century 21 Showcase REALTORs) about 1 month ago

Jeff Dowler, CRS We all know sometimes we can talk and our sellers do not listen like the seller who follows the buyers and agents around the house 

M.C. Dwyer  Yes they do If only they would listen 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) about 1 month ago

Hannah Williams - What a crazy mess!!! Why is it that the one thing you emphasize the most to your client is exactly what they do when you're not there? Without anything in writing for non-realty items or written into an Amendment is very hard to do anything about after closing. UGH!!!

 

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) 29 days ago

Patricia Feager, MBA, CRS, GRI,MRP  Some people make their own problems and we do not find out until we speak to all parties involved 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376 (Re/Max Eastern inc.) 28 days ago

Sounds like this deal had a somewhat happen ending but with lots of stress in between. Agree--seller and buyer should not have a relationship when agents involved!

Posted by Mary Hutchison, SRES, ABR, Experienced Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 28 days ago

With Covid the inventory is way lower in the city. I am 60 miles out in almost Central San Benito County. Old farm houses on large acreage sold in 2-3 days full price. Amazing. They were about 40% of today's price a few years ago.

Posted by Sam Shueh, mba, cdpe, reopro, pe ( (408) 425-1601) 3 days ago

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