This one is for my agent friends out there.

Have you ever been in a conversation with another agent and wonder who trained them? Now granted, I'm not the self proclaimed expert know-it-all that has every single answer to all real estate scenarios, but sometimes I wonder how some agents formulated the most basic of understandings when it comes to real estate procedure, contracts, protocol and professional courtesies. Here are just a couple of knee slappers that I found rather entertaining.

At the offer stage of my short sale listing, buyer's agent says, "My client will have no problems closing on this house. I’ve been in business twelve years and I know this transaction will be very smooth for you and your clients.” This particular transaction has not been smooth. The agent has a hands-off approach in understanding his client’s loan progress. To add to my amusement, this agent claims to have extensive short sale experience. Judge for yourself.

After short sale approval, escrow opening and buyer’s home inspection, “My client wants you to present their request for repairs directly to the short sale bank, bypassing the seller.” In my mind I could hear the thud of a negotiator hitting the floor after falling off her chair in a fit of laughter. Call me crazy but this is a new one to me.

“I normally leave the loan officer alone and trust they will do a fine job.”  Well, I trust my clients’ loan officers too. However, this statement came after the loan officer discovered buyer does not have verifiable funds for the agreed upon down payment, 20% of purchase price. Buyer’s agent was unaware of this before I found out, simply by asking the loan officer how things were going. You see I have this wonderful, inexpensive, innovative tool I often use. It’s called a phone.

 Here’s a double whammy.

“When are my clients due to remove their contingencies?”. 

“Today”, I  answered.

“Today?!! I didn’t know that!”, says the twelve year veteran.

Since I wasn't in business then I’ll assume agents kept track of contractual  timeframes by little strings tied around their finger for 17 days or so. Who needed a  calendar back in those days, right? 

 Here's my favorite. 

“Of course we asked for a 30 day escrow but that is many times never accurate so I’ve learned it’s okay to close late, ‘things’ happen.” In CA our contract states “Escrow shall close on…” and buyer can pick a date or an amount in days after acceptance that buyer shall close escrow. Call me crazy again but in every contracts class I’ve been to, this is a hard date, not an advisory date, not “on or about”, nor is it when the buyer ‘thinks’ he can close. Couple that with a short sale lender’s approval with a ‘close-no-later-than’ date and you’ve got more reason to stay on track.  “It’s not okay, it’s not okay, it’s not…” as I rub my temples thinking of how I can find this agent’s trainer to toilet paper his house with a note saying “Things happen on this paper too”.

I’ve gotta laugh at my own frustration since I know no one is perfect, myself included. I understand this is just business and as long as I’m doing the best I can professionally for my clients’ sake and safety, I can sleep well at night. Even though all of this happened in one amusing transaction I’m reminded that as much as I know, it’s never enough. As much as I guide my clients, I must keep an eye on the guys on the other side of the deal. In addition, I can never assume that all agents are trained the same or hold the same professional standards that I do.

As a former aviator I often say, “Be safe”. Do your clients a favor, friends. Keep learning, even the basics and by all means, be safe.

Marvin