Relocate to Wisconsin : "It's Your Job to Keep this Deal together !" ranted the listing agent

"It's Your Job to Keep this Deal together !" ranted the listing agent

 For a variety of referral reasons, we have been working with a number of buyers recently.  Second generations, boomerang buyers, formerly divorced sellers with new partnrs, sign and internet buyers who were "too late" to write on our listings have become anxious buyers in our practice.  They have their shiny Pre approval letterpre-approvals and links for searches and are all prepared live the American dream.

   We work as Buyer's agents, being the best advocates we can be for the people have chosen our representation in this large investment of a new home.

   In Wisconsin, if a Buyer believes that the home inspection has revealed too many serious issues and the offer to purchase has not given the Seller, the right to cure, the Buyer may send the Seller a "Notice of Defects."  This is accompanied by another form called a "Cancellation and Mutual Release" (or CAMR).

   The Notice of Defects lists the reasons that the Buyer does not want to purchase the property and sites the third party expert's report, the home inspector, as a professional source for determining these defects. It is a notice and does not require signature or agreement of the Seller or the listing agent.

   The CAMR names the property and the contract and seeks Cancelledto cancel the contract and have earnest money returned. This form does require the Seller to sign it and subsequently the agent to return the money kept in the trust accountn to the Buyer. 

   This is a turn of events that no one hopes for but is sometimes necessary. Production of these documents to a listing agent got a response not only from her, but from the Seller sending us numerous emails with rants of how we were "Not doing your job" and were not"being professional" because it was apparently his intention to fix the defects.  None of that matters...what matters is that the Buyer chose not to move ahead with the transaction and we used the instruments provided to release him from the contract and get the earnest money returned.

    If the rants continue and the money is not returned, the Buyer may choose to seek remedy through what some people refer to as "Small Brains Court"...a/k/a Small Claims Court and have the court commissioner order the money returned if the Seller is found negligent in not signing the release.not listening

   Much ado because the Listing agent has not explained the Buyer's rights to the Seller and the Seller is not listening to what he doesn't want to hear from the Selling agent.

   The Selling agent complains that we are not doing our job to "keep this deal together" and the Seller echos her complaint. both ignoring the rights of the Buyer, very legally to walk away from a transaction with legitimate reason.

     Knowing the law is important..understanding your obligations in the representation of Buyers and Sellers and how those two work in a transaction is paramount to a having a successful real estate practice.

   If you or anyone you know is looking for Realtors who well understand the rights and obligations of all parties in a transaction in southeastern Wisconsin, Call the Hansons, we are honored to be of service.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 13 commentsSally K. & David L. Hanson • February 10 2016 02:45AM

Comments

Hi Sally.  These brained dead listing agents are so bad for our business.  They do walk among us.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 2 years ago

I think they are messing with the wrong people.  That's my story and I'm sticking to it.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) over 2 years ago

Well, as was once reported, "Saul, Saul, why kickest thou against the pricks?"

The law is clear.  Obey the law.

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) over 2 years ago

This is a very good story to share. Dealing with some of the agents is one of the more difficult aspects of the real estate business.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 2 years ago

Thank you for sharing the story. It is important for buyers to work with  a good buyer agent.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

We don't have this scenario because no money is exchanged before home inspection. Here, it's home inspection within 3-5 days of accepted offer...then we go to contract.

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) over 2 years ago

Hi Sally and David.  It's a shame that some agents just don't totally understand this business.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 2 years ago

Fortunately, in all the years I've been in real estate, I haven't counseled a client to walk away from a contract because of inspections more than 3 or 4 times. Here in NC, we buy a due diligence period which allows a buyer to walk from a contract by the negotiated due diligence date for any reason or no reason. They lose their dd fee, but at least there's no call for seller to be ranting about why the buyer walked.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) over 2 years ago

Good morning Sally. It goes on far to often, by the same token I deal with some that are absolutely great and work hard to keep the transaction moving toward a closing.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 2 years ago

Good morning Sally and David. In my experience there is no way to hold a deal together once the buyerw want out. Legal or no it is sad that the listing agent doesn't know this and advise his clients to quickly move on.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 2 years ago

Sally K. & David L. Hanson 

Hmm, I don't think that's part of our fiduciary duty, is it? We are there to represent the buyer, which you are clearly doing

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) over 2 years ago

Sally and David it sounds to me there is cause to bring a complain against this Realtor to the Ethics Board for failing to advise her/his Seller of the rules.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 2 years ago

That is a pretty sad state of affairs when the Broker/Owner doesn't know the real estate law...

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 2 years ago

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