What do you do when your agent goes missing? I received a call today from a buyer who had made an offer on an investment property that we had listed. He was looking for his deposit back since he could not get financing and he had called his agent three times in the last week with no response. Exasperated, he called me asking if I could write him a check. Unfortunately, I could not do that. So I called his agent and I’m still waiting to hear back from him.
This whole deal was wonky from the beginning and now I have to explain to my seller that the deal is dead. I have to call the other company, talk to the broker of record, request the paperwork and probably even deliver the deposit check back to their office. We have to put the property back on the market and start all over again. Oh, and I almost forgot – no commission, not a penny. So if it sounds like I am complaining about the lost sale – I am not – it’s the other agent that is going to get an ear full.
The agent showed the property to multiple buyers, which puts up a red flag that they are trying to ‘convince’ buyers to buy an investment property. The offer was mediocre at best and they had a quick closing date which would be very difficult to meet. The most telling part that the agent was full of it was that if you called his voicemail, it stated “if you leave a message, I will get back to you within 24 hours”. I would not hire an agent that would get back to me within 24 hours. I realized the agent was not only part–time but had a 9 to 5 job since all calls were returned just after five o’clock when he got off work.
The reason he was not answering the phone was because he was not making any money. I believe his client was not aware that you have to put 20 per cent down on investment properties and tried to “pull the wool over the eyes” of the bank. Of course it did not work, banks are not that blind. So not only did he not inform his client about the costs involved, he is now being totally unprofessional by not answering their calls.
The moral of the story is – you get what you pay for. If you are looking to buy an investment property, talk to an agent who has investment properties and works full–time. They will provide the proper answers and give you expert advice on the investment. So now I will do the other agents job and remember his name because if he calls again – I will suggest he sticks with his 9 to 5 – he has no business working in the real estate business. V
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