Market Wise - Sunday, December 17, 2017
Q: The older couple next door has passed away, and their children are selling the home. We have family members who want to buy the home with cash and close the sale in two weeks. This was an acceptable plan to all of the adult siblings since the death of both parents. Last week, the youngest son brought in an agent who wants to fix up the house and sell it on the open market. This agent has convinced the parties to put money into a house that most would tear down. Yesterday, the agent replied to our email requesting to purchase the home off-MLS as we all had previously agreed. In her response, the agent wrote that she would sell their home for "top dollar" after the property is ready for the Multiple Listing Service.
After reading the email, we immediately called and asked that she represent our family in the home purchase before it goes on the market. She declined. We then asked her to be our agent after the home is listed. She rejected that proposal as well. We were speechless. Wasting seller's money fixing up an old house, losing days hosting open houses, and rebuffing two easy commissions is not that bright. How do we work around this foolish agent and talk sense into the other adult children?
A: You don't. Meaning, you'll end your chances to have family living next door by moving creatively through back channels. By hiring that agent, the adult kids demonstrate they now know that selling off-MLS is a spectacularly unnecessary financial train wreck. Also from now on, they've been schooled that selling a property without any repairs is an out-and-out act of economic folly. Lastly, this agent dismissing two opportunities to earn a pair of paychecks in one transaction shows why she is the one. The one who is one step ahead of you in all thing real estate. There’s a new sheriff in town. You're in her professional world, now. So, best you hide your amateur ballyhoo from the adult siblings. Taking potshots at their elected constable will not serve you – but a top-notch buyer’s agent will.