When bad things happen in a real estate transaction Part 3
The following real estate scenario is a continuation of last week’s real estate blog so if you want the background story, please go back and read the April 7 2015 Blog.
I got the call from my real estate clients ten days later after they told me that a prospective buyer, had contacted them directly. This Real Estate Buyer had brought in their own real estate agent who showed them the house. The house, which I had worked on for five months, changing it from a tired pumpkin into a shining castle to make it ready to go on the real estate market.
“You still want me to represent you then, right?” I asked, dumbfounded by this new information. “The buyer is being represented by a real estate agent and you should be too, of course.” I added.
I listened horrified when my Real Estate Sellers informed me that:
the Buyers’ Real Estate Agent – whom they had just met – would represent them instead of me.
“But this real estate agent already has a relationship with the Buyers, how will she be able to represent you fairly?” I asked. “This is clearly a case of dual agency and conflicted interest.”
“Well, maybe we’ll have a lawyer represent us then,” was Lucy’s response. “We do want to be fair to you though.” (These Real Estate Sellers failed to mention how). “And if this real estate deal doesn’t work you will be our agent for sure.” (Well, I had heard that before). “By the way you would be so proud of us! We showed the buyer through the lower level of the house with the rebuilt staircase first and we really think it made a difference! Plus, they loved our painted deck and outlook from our windows.” (All my staging ideas! And this was supposed to make me feel better?) I was too stunned to say anything further lest my temper vent like the volcanic eruption it felt inside my chest.
The following Thursday I just could not bring myself to go to class, but by meditating and focusing on my other business, I was able to go the following week.
Lucy walked across the room toward me—all smiles. “So great news! We are in escrow! 2 million, but unfortunately we had to pay for the Buyer’s real estate commission.”
I hoped she did not see me wince and true to my promise to myself I did not respond. Let her talk. No one knows how this particular transaction will play out. I have been in tough real estate situations before and wanted to keep neutral energy between us—any defensiveness on my part would kill any semblance of a relationship we had.
Lucy excitedly talked on. “I so wanted to call you throughout all this. We haven’t had inspections or done the real estate disclosures yet. Should I disclose about the dead tree in the back and the….?”
“As a Real Estate Seller disclose, disclose, disclose,” I said.
“But you really should not be asking me anything. You chose the Buyers’ Agent as your real estate agent.” I didn’t know I had it in me, but I hugged her and wished her the best of luck. It took me a full day to get Lucy and Jim and how I’ve been done wrong out of my head, but I finally did.
Who knows what real estate successes will unfold, now that I have those new empty spaces in my real estate schedule! There is an old saying that, thanks to the laws of physics, “Nature abhors a vacuum! So stay tuned for what the Universe is going to send my way…
Be aware that any clients names have been changed to protect their privacy. Furthermore, Paula Pagano does not accept any liability for the content of any Blogs and this Website or for any actions you take or resultant consequences of actions taken based on the information provided in this communication. Any advice is my opinion after being a 35 year experienced real estate agent in San Francisco.