Saturday, August 7, 2010

Should Realtors have to take the BAR exam?

"Real Estate is not just about driving around and looking at pretty houses." ~ Stephen Strickhausen

I am sure that most agents have learned that lesson from the beginning.

Real Estate is about protecting your clients. Real Estate is about being better than the next guy/girl. Real Estate is about education...

Just recently I got an offer on one of my listings. The buyer's agent is considered to be a top agent here in the Nashville area. The agent did a great job on negotiating and to be quite honest, tried to push us around. After all negotiations and binding agreement, then came the inspection period. This is where things got a little "shady".

My sellers were presented with the items to be repaired and in addition the sellers requested another $10,000 off the purchase price. YOU CANNOT DO THAT! You can however do the following;

1) Ask for items to be repaired

2) Ask for the seller to reduce the purchase price by the estimated amount of repair costs

3) A combination of the two

We refused to sign the inspection contingency removal form because "We were not presented with a legal Inspection Counter". Of course this went back and forth (VIA EMAIL) until the time had expired. I had even spoken to the agent's principle broker on the phone about the issue. Trust me, I was a little scared by this point. I thought that maybe they had found some loop hole that I was not able to catch.

I had kept ALL of the paperwork including all of the emails etc. This worked out to my advantage later...

To make a long story short, my clients sued for the EM PLUS the attorney fees, court costs, etc. WE WON !

The attorney that represented them said that I was "The most thorough agent he had ever worked with. To this day I am not sure where that money came from. I know that if I were a client and my agent had suggested me do something that backfired then I would request that money come from the agent's pocket.

When searching for a "good agent", not only do they need to know about the neighborhoods but they also need to know their stuff. A GREAT agent KNOWS the contracts and knows the rules and laws of real estate.

Stephen Strickhausen



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