Jan. 19, 2008 - Tale of Two Houses
The Tale of Two Houses
This is the tale of Peter and Wendy and their Realtor®. Now Ms. Realtor® has worked with Peter and Wendy for two years. They had a credit problem and were unable to buy two years ago. For two years they have worked very hard and have their credit scores up and as only first time home can be, Peter and Wendy are so excited to buy NOW!!!! The highest they wanted to go on a home is $215,000.
Ms. Realtor® emailed them lots of properties to look at and they picked 5 they wanted to go and see. Off they went spending the day looking at properties and finally Peter and Wendy said this is it!!!!! This is the one we love. Tomorrow we want to put an offer in on this house. Meet us at 1:15PM and lets do it.
Now keep in mind Ms. Realtor® has not had a buyer sale since September. She has some listings but no offers on these properties and poor showings. Ms. Realtor® was very excited that tomorrow she was going to write a contract and start the process towards Peter and Wendy getting their hearts desire. Also Ms. Realtor® would be getting a paycheck after two years of working with Peter and Wendy.
Ms Realtor® did her homework, ran comparatives to check that this offer was going to be good. This house is a short sale so she knew it would be a lot of back and forth, as the lender makes up their mind and doing their own investigation of the market.
Now this house they loved is ten years old in an older area and we can only hope the home inspector will find anything major that might be wrong. This place is being sold "as is" and the lender is not going to pay for any repairs. The list price was $189,990 and it looks as if there was the same model sold in Nov of 07 for $225,000. Hmm this might not be too good as the lender will have the same comparatives and this is with in the 6 months.
While doing the comparatives Ms. Realtor® noticed a new listing. Just put in the MLS. Looking at it she felt her heart get excited. This place would be perfect for Peter and Wendy and it was $211,000 under budget still. It was BRAND NEW. New been lived in. But wait, Peter and Wendy had already made their choice. She had the contract all ready for their signature.
WHATEVER SHOULD SHE DO???? They had made their choice out of several of places. They had told her they loved this place and wanted her to write a contract. Should she just let them sign the contract and forget about this other place?
What would you do? Tell me and I will tell you the rest of the story.
 
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Comments (21) :: Post A Comment! :: Permanent Link
View more entries tagged with: Houses, Agent, Clients, Buying
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Judi Bryan |
Peter and Wendy have every right to know about that new listing and I'm sure the responsible Ms. Realtor brought it to their attention because, though higher than the other, it's still in their price range. Then it becomes THEIR choice as to whether to pursue or not.
Cute "story approach"...great idea!!!!
JudiB
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Teresa Merelman |
| Ms. Realtor should tell them about the other house. Let the buyers make the decision. |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Gretchen Skeaton |
Ms Realtor should have the contract ready and also show them the other home and neighborhood. And let them decide what would be best for them. My thoughts. |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Michael H. Blazek |
"What should I do wit the new house..............."
Your clients chose the home they wanted and it needs some work but they know this going in. The "new" house is one neither of you have seen, but it sounds good on paper looks good in pictures. If you haven't looked at it or done the research as to why it is listed such as, foreclosure, divorce,death in family, sudden job change, moving from area, etc, Can you justify the change from your clients choice to yours? Is it in their bst interest? To many variables not enough time to check out, go with what you know they want. |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Judith Clausen |
| I'd do the research for the house you found, prepare the contract, meet with your buyers and tell them what you know about the house that just came available. They can make their own decision. |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Enid Beitzel |
| I would tell the buyers about the new house and let them make the decision |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by James Marshall |
You're building relationships - Tell the folks about the new listing - they'll decide how to proceed - and appreciate you for ontinuing to work for them - maybe they'll refer someone to buy "the other house"! ... whichever it is ..
JimOCNJ.com
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by GloriaB |
Prepare the contract and tell them about the other house, show them the other house, have a spare contract handy and let them make the final decisionl. |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Diane Sheldon |
I would tell them about the new listing so that they can make an informed decision. Suppose you offer on the older home and they then discover there is another listed in their price range that you did not share with them. Telling them about the new listing lets them know you really have their best interest and are working hard for them! And if the new home is not a short sale all the better!
I would also bring a partially completed contract for the new home just in case they want to make an offer on that one instead.
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Cathie Ferdon |
Tell your buyers about the new home on the market. Let them tell you if they are even interested in seeing it before you do the research. They might just say we are not interested, we've already found the home we want. Good Luck!
Cathie |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Guila Greer |
| I would definitely tell them about the new listing- but only after calling the realtor and getting the "story" on the property. Then you can present all the information to your clients and let them decide. |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Joyce Wright |
Mrs. Realtor should tell her clients about the new listing and let them decide if they want to see it before writing a contract and getting tied up in a short sale. Until they have a firm contract, she should continue to represent them looking out for their best interest.
Please let me know the rest of the story! |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Jan Hunter |
Ms. REALTOR should tell her longtime clients about the new listing so they can decide whether they want to see it before an offer is submitted on the other property. I would try and contact the listing agent of the new property in order to have more information to share. I would bring the offer for the original property they wanted and I would also have the paperwork to write an offer on the new property in case they chose it.
Please let us know how this played out!
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Pam |
| I believe Ms. Realtor needs to let her clients know about the new house on the market. She should list the pros and cons of this new house vs the short sale they decided on earlier. Then it's their decision which house to pursue. |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Julie |
| I would tell them about the house and ley them choose. |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Adelina Rotar |
| What a cute blog! |
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Jan. 20, 2008 - RE: Tale of Two Houses |
| Posted by Gloria Gibson |
Ms. Realtor, you should have the contract ready for the house they wish to purchase, but I would also advise them of the new house that came on the market. Let them decide. There is only so much Ms Realtor can do. Here in Michigan, home after home meeting my client's criteria keep popping up everyday, which just confuses them more and more. |
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Jan. 20, 2008 - Short term or long term... |
| Posted by Wayne Buckhanan |
Setting aside any legal, moral, or ethical concerns are you in this (client relationship, business, life) for the short term or the long term.
I recently heard someone talk about the short pain versus the long pain. He said always pick the short pain.
In this case you have to decide if telling them and letting them make an informed decision is shorter pain than any "what-if"s you might be plagued with for year to come.
That may sound a bit self-centered. Yet, how can you honestly serve your clients if you aren't comfortable with the situation.
Hope things went well! |
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Jan. 21, 2008 - RE: Tale of Two Houses |
| Posted by bob baker |
| I'll tell them about the new listing and explain the pitfall of foreclosure. |
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Jan. 22, 2008 - RE: Tale of Two Houses |
| Posted by Penney Farlow |
| I would do a little homework on the new house (if time allows), tell the buyers about it and offer to show it to them before they sign the contract on the other one. |
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Jan. 24, 2008 - RE: Tale of Two Houses |
| Posted by Michael Adams |
I'm on board with the mjarity of others posting here.
The buyers' decision is being made without full knowlege of what is available within their criteria.
Tell them about the new listing, prepare contracts for both and let the buyers decide if they wish to concider it.
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