Our Changing Times

Yesterday another Realtor in our office was feeling very discouraged, and shared the reason with me.

She has been working with a lovely couple who are working towards becoming first time buyers.

They both have solid long term employment, and have been saving every dollar they can in hopes of finding the perfect home in which to start their family. They have spend many miles traveling in the car with their agent looking at every home within their price range. When they have found something they like enough to make an offer on, it is being snatched up by investors with cash, or the price has become so inflated due to multiple offers they end up priced out of the property.

A few weeks ago they made an offer on a lovely 1942 bungalow, and then began to imagine what their lives would be like when they moved in. Amazed that their offer was accepted, they began the inspection period.

A home inspector alerted them to the possibility of MOLD within the classic plaster walls. Additionally the inspector told them the only way to be sure that the property was not MOLD infested was to have a costly MOLD inspection, a cost they were not prepared to pay for.

Their kind, responsible agent knew they loved this house, felt it perfect, but the possibility of MOLD could ruin their dreams. So..the agent called the MOLD inspector and she paid for the inspection out of her pocket.

Afraid that they may not be able to complete the purchase due to a MOLD issue, they began to look at other homes, and found one just across the street. They called their agent and wanted to make an offer on house #2. The agent was reluctant to make a second offer, then the first was still in process-so she explained they would need to cancel escrow #1, and she would be happy to write an offer for house #2.

Their agent contacted the listing agent on house #2, explained that her clients has seen the home at an open house, loved it and could the listing agent send her over the reports, so that she could present him with an offer from them on house #2.

During this time, the agent on house #2, who had interacted with the couple at an open house contacted the buyers explained that he already had several offers, and the ONLY way they would stand a chance of getting the house was for him to write the offer for them, then he would guarantee they would get the house.

The inexperienced buyers went ahead and had the listing agent write an offer for them on his listing (DUAL AGENCY). Of course he could promise them the house, he had access to all the other offers, and he has the seller's ear and trust.

The buyers first agent was having a meeting with them last night, so we will have to see how this all plays out...more to follow.


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