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Headline: Real Estate Agent Causes Bank To Foreclose

Tenacity

Good Things Come To Those Who…

I have been working with a client family since June in an attempt to find them a home.  It has been a team effort with both sides scouring the NWMLS database in search of new properties to view.  It’s been a learning experience for them, and I admire their tenacity. The phrase “A Day Late and a Dollar Short” describes their woes perfectly.  We’ve written offers, and lost out on several homes in multiple offer situations; the last one by just $500 difference.  We saw a home one evening last week and were about to submit an offer the next day when we discovered that the bank had just accepted an offer that same morning. To say that they have been frustrated would be an understatement.  But they refuse to give up!

Wanted: A Home With An Outhouse?

My clients and I met up again this weekend to resume the search. The list of homes for us to see keeps diminishing as we work our way through the entire MLS database.  While there may be thousands of homes available for sale in the area at any one time, only a small number of properties will match a client’s needs. For instance, if you’ve got a family of 4, you’re not going to be searching for a 1 or 2 bedroom home, are you? That’s why if you’re selling your home, it is critical that your agent presents your home correctly or else you could be missing out on potential buyers.  For example, my clients are searching for a home that has the following: 4+ bedrooms, 2+ baths, 2500+ sqft, built in 2000 or later.  Now, take a look at this home listing (some portions have been omitted)…

incomplete Listing

Real Estate Agent Sued By Seller For Negligence?

I stumbled across the above property quite by accident.  Cryptic abbreviations aside, from the printout you can see that there are no bedrooms (BR) and no bathrooms (BTH) listed.  In reality, the home is nearly 2800 sqft, has 4 bedrooms and 2.5 baths. It has been on the market for over 2 months, but my clients and I had never seen it until this weekend.  Out of frustration at the lack of available homes to show my clients, I decided to run a general radius search, and this home showed up.  Had I continued to search by bedroom count, this home would never have crossed my radar.  In fact, when I showed this home to my clients, they wondered how I found the home when they missed it.  I mean, who searches for a home with no bedrooms and no bathrooms?

If you look closely at the listing, you’ll notice that this is a short sale.  This means that if the seller is unable to sell the property, then the bank forecloses on it.  How would you like to be the owner of this home and have nobody know it’s available because the agent didn’t input the correct information in the MLS database? Imagine how you’d feel if your bank foreclosed on you because your agent never gave your home the proper marketing and visibility it deserved?  I wonder if the agent would have any liability?  Tip: When selling your home, ALWAYS have your agent provide you with a printout of the listing from the MLS database.

My Buyers’ Dream Home

As luck would have it, the home above happens to be my clients’ dream home.  They are so thankful that nobody else has discovered this property.  We submitted an offer on the home and are awaiting a reply from the seller and the bank.  Now we just sit back and wait… and wait… and wait… (for a detailed timeline and flowchart for short sales, see my post HERE).

While searching for a home, have you ever looked for a home with no bedrooms? Share your comments with us!

When REALiTY BiTES, bite back!

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