Valerie Osterhoudt's Blog

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SHOULD YOU RELEASE A BUYER FROM AN AGENCY AGREEMENT? IF SO WHEN?

Valerie Osterhoudt, cromwell real estate in Middlesex County CT

My question is when do you release a buyer from a buyer agency agreement... or do you?  We've all at one point or another declined a listing due to one reason or another.  How about declining or releasing a buyer?

I love working with first time home buyers, and have focused my energy in this direction... to even include getting my designation of ABR (Accredited Buyer's Representative).  These buyers are like children at Christmas, eyes all a glow and for me it is like looking at homes in a new light.  They look for your knowledge and I work with what they are looking for.

Recently I acquired a couple that are first time home buyers, and I was very excited to work with them.They seemed to have a sense of the towns they are interested in, what they are looking for and have been pre-qualified.  We are a head of the game here. 

Their initial list is a brand new roof, new windows, hardwood floors and at least two bedrooms.  This might seem simple, but their price range and expectations are at opposite ends of the spectrum. 

The first few times we went out, everything went well.  I showed them homes withing Middlesex County. They didn't see anything they liked, but were realizing more and more what they wanted in a home wasn't necessarily what they would be able to get.... but they are NOT modifying their criteria.

Even though I have shown them homes where 2 bedrooms that are under 1,000 sq ft leave no room for anything once furniture is in place.  They agree, but want to keep looking... you never know, one might just work out.

This is where (when hiring a Realtor) they need to listen to our advice.  When it comes to 1,000 sq ft... it is what it is.  There is no way that it will be able to take on king size furniture.  It seems the local grocery clerk filled them in on *her* opinion which is what they are going by. 

Advice for all buyers... you have put your *trust*, *time* and *money* into your realtor.... they are there to work for you.  Listen to what they have to say... they have your best interest in mind.

I suggested maybe forgoing a *new roof* or *new windows* and focusing in on a larger home that they would feel comfortable in.. especially if down the pike they want children.  They can always upgrade later, but to add on more living space would cost more.  They are looking for the MOVE-IN ready, needs no work what so ever.  It is like looking for a needle in a haystack that is the size of a football field.

They have now expanded their criteria of towns to include ones over an hour away.  I don't cover those areas, simply due to not knowing them all that well, and economically it doesn't make sense.  They informed me that they had to see one, the "PICTURES" looked great.  They have no idea of the town, where this home resides in this town, and would not drive by to see if it was an area they would like to live in.  They were waiting for me to show them this home.

Once I told them, I would refer them to another agent that can handle that area they said they changed their minds.  They only wanted to see it because the pictures looked nice.

Over the last few weeks, they are becoming distant, not returning calls or emails.  When I do get a hold of them every few weeks, I get the "I'm busy" and haven't had a chance to call you back.  What do they think, that I will be there at their beck and call?  This is a business for me, not a social occasion.

What would you do in this case... keep working with them... or let them go?

 

FOR ACCURATE INFORMATION ON REAL ESTATE... CONTACT YOUR LOCAL AGENT 

 

Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Cromwell, Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas.  Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.  

For real estate.. all you need to know, is VALERIEO  

If you're thinking about buying a home in Cromwell CT area, there are plenty of great buys in today's market.  There is no better time than now to take advantage of these homes while interest rates remain at an all time low.  For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.

 Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.883.8889 cell - ValerieOhomes4u@gmail.com

 Copyright ©2011 - By Valerie Osterhoudt, ABR - All rights reserved...... ***SHOULD YOU RELEASE A BUYER FROM AN AGENCY AGREEMENT?  IF SO WHEN?***

 

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Valerie Osterhoudt, ABR
(Accredited Buyers Representative)

Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.

VALERIE OSTERHOUDT REALTOR IN CROMWELL CT

valerie osterhoudt

Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell:  860.883.8889

email: Valerie Osterhoudt, ABR

website: www.CTrealtorMLS.com

 

Comment balloon 10 commentsValerie Osterhoudt • January 14 2011 02:28PM

Comments

Hi Valerie,

i believe respect & trust must be mutal. if its not working let them go and move onto the next client.

good luck,

 

Posted by Kristal Wilson, Cause We Like 'Em New ~ New Home Specialist! (Strategic Sales and Marketing) over 8 years ago

I think you answered your own question...regardless of the location..."They didn't see anything they liked, but were realizing more and more what they wanted in a home wasn't necessarily what they would be able to get.... but they are NOT modifying their criteria."

You can not help those that are seeking what does not reasonably exists.

Better to let them know that you have done your best, but you can not do more for them.

Posted by John MacArthur, Licensed Maryland/DC Realtor, Metro DC Homes (Century 21 Redwood) over 8 years ago

Kristal... Have you ever let a buyer go?  Just seems to go against my grain.  I know I can help them and want to... but you make a valid point... it has to be a two-way street.

Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) over 8 years ago

John... Good point.. A realtor (no matter where, or who), can help them find a home that just doesn't reasonably exist.

Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) over 8 years ago

I do business on a hand shake...It work for me...

Posted by Joshua Zargari, MJ Decorators Workshop (MJ Decorators Workshop LI staging and home decorating) over 8 years ago

Joshua... I guess you could say that your handshake is as strong as Oak. 

Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) over 8 years ago

Valerie, they have probably latched on to another agent that is giving them the tour of homes in their price range. This is the type of buyer, that will not acknowledge to you that they were over reaching and then will settle for less with another agent. Leave them alone, and if they come back it will be on your terms.

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 8 years ago

Ed..  That is very good advice.  I just wish I could get an answer from them simply because this couple was a referral from another agent here in CT.  I don't want to let him down... I would always like to get more from this agency.

Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) over 8 years ago

Valerie,

i actually fired a buyer by accepting the responsibilty for not finding a home that fit their needs and then wished them good luck in their search. I would have loved to help them, but every client is not a good client.

Posted by Kristal Wilson, Cause We Like 'Em New ~ New Home Specialist! (Strategic Sales and Marketing) over 8 years ago

Kristal.. You are right, not every client is a good client.  I can go one further... not every buyer/client should be buying a home... they just aren't ready yet sometimes.

Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) over 8 years ago

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