William's Blog...with a smile!

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Why do I need an agent?

I have sold several homes and bought many homes in my life.  Why do I need an agent now?

We hear this a lot.

But talking with a fellow agent I was told a horror story.

Buyer bought a FSBO. 

After closing, issues started to pop up.

Neighbors said that the seller was having those issues for years.

Seller never gave buyers any disclosures.

Buyer tried to contact Seller using forwarding info from closing.

That address did not exist!  The sellers were no where in sight.

Buyers now dealing with many issues and looks to be a $40,000+ fix that could have been caught using an agent.

 

As a buyers agent, I would have gotten disclosures and would have suggested a home inspection.  I may have even seen some of the issues when we viewed the home.

The county requires a septic inspection and that was not done either.  Could be another $12,000 to $15,000 bill.

 

Also, the agent told me that they paid about 15%  over market price because that is what zillow said it was worth.

So, you still don't think you need an agent...

 

Side note, these people were good friends of the agent I talked with.

Comment balloon 14 commentsWilliam Feela • December 28 2016 10:29PM

Comments

Wow, William Feela a horror story indeed.  It always mystifies me that consumers would not hire a professional to assist them in a transaction with one of their most valuable assets .. their home.   

Posted by Gloria Valvasori, ASA, Outstanding Service Since 1987 416-717-6331 (Better Homes and Gardens Real Estate Signature Service) 5 months ago

William

A professional real estate sales agent will keep a real estate transaction on purpose and work through the challenges.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) 5 months ago

William- you're not kidding about this being a horror story.  If only sellers would open their eyes and see that going it alone doesn't necessarily save you money.  In fact, it can cost you!

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 5 months ago

In California, the majority of lawsuits involve UNREPRESENTED parties.

Posted by Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900!) 5 months ago

Good morning William.  All good reasons and more ammunition as to why one needs an agent 

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) 5 months ago

Good morning William. This is a story most of us know well. Too bad the people "knew better."

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 5 months ago

Buyers need agents, sellers need agents. It is that simple.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional) 5 months ago

Definitely a horror story. As I have said many times in these AR discussions, these types of services are the best selling point for real estate professionals. People are not particularly persuased that an agent will always help them sell their house for more (frankly in certain hot markets that isn't a provable fact). But they can be persuaded that an agent removes risk and uses their expertise to do things efficiently, as opposed to the buyer or seller having to do the research and put in the hours and hours of labor on their own to see a transaction through. This is the definitive advantage of using a real estate professional. Professionals are efficient and make life easier. That commission should be worth the savings in effort and time. 

Posted by Cody Carmen, Market Analysis--Educational Content, Adhi Schools (Adhi Schools, LLC) 5 months ago

Yes, and unfortunately this happens all too often for those thinking they are saving some money.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 5 months ago

Home buyers without representation sometimes suffer the consequences.

Enjoy the holidays and be well prepared for the challenges of the new year.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 5 months ago

William

It makes common sense for buyers and sellers to use the services of a real estate professional.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) 5 months ago

Every time this question comes up I only have one thing to say or should I say I quote Abraham Lincoln: ... he who represents himself has a fool for a client.... needless to say that applies to Real Estate too not just Law...Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 5 months ago

Even agents that quit the business need representation as laws change and if you are not keeping up...you could have a story like above.

Posted by Vern Eaton, Realtor 651-674-7449 5 months ago

Just one misstep and a buyer or seller have already paid more than the commission they thought they would save.

Posted by Ellie Penaranda, Naples Florida Real Estate - Waterfront & Beach Co (239.776.5077 Downing-Frye Realty ) 5 months ago

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