Home Buyer’s Advice for A Client From You?!

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Home Buyer’s Advice for A Client From You?!

 

Alright this is deja vu for a client I had that was so similar to my associate’s issue today I just have to share it.  Warning all real estate agents who

Real Estate Home Buyer's Advice

Loose Lips Sink Your Ship

give advice to other real estate agent’s clients, it just is not an appreciated practice.

Today was Open House day in Rhode Island real estate and my associate called me up right afterwards in a slight rage and needed to vent obviously.  His clients had come back from open houses and had found the ‘perfect home’.  Yes it was overpriced and I knew the house.  The sellers were totally excited.

 

The selling real estate agent (notice I emphasize SELLING) told his clients that the house would be lower next week, his clients would do a contingency clause on their house and his clients could probably get a bridge loan until their two (2!) homes sold. Well he was so furious he could not contain himself.

What was that other real estate agent, who did not represent his clients, get off telling them what to do without understanding their indebtedness!?  Well agents sell homes right?  Yes, she was overstepping her bounds as an agent for sure but what did she care.  All she wanted to do was sell her clients house to your buyers!
His buyers were so excited that they could get a bridge loan because they really wanted the house.  They were all eager to make a higher offer than he suggested (greatly overpriced) because they wanted it and could lose it to another buyer.
Not so fast he says to them as they pant breathlessly.  You are over $600,000 in debt, retired and one of you went through bankruptcy.  Who is going to give you a bridge loan at a reasonable mortgage rate do you think?  He said their was a chance to breathe then.  They stayed still and said well the other Realtor said it would probably not be an issue.

Please clients Keep Your Finances to Yourself when talking to other Real Estate Agents that do not represent you.  It is so important that home buyer’s advice for you as a client comes from Your Real Estate Agent and not someone that is just SELLING!

Your finances are confidential and not to be shared with another agent than the one representing you.   Revealing your personal information gives the other side an edge when negotiating the house of your dreams.  Home Buyer’s Advice for A Client From You?!

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Ginny Lacey Gorman is your go to North Kingstown agent for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings and important tidbits of local information.

Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard.   When you are in need of a true real estate professional for your buying, selling or relocating needs and an internet savvy marketer who sells RI houses in this real estate market call Ginny at 401.529.7849.

Comments

    • says

      Rich, a hubbard is when the sellers agree to an accepted price offer to sell their home with buyers. BUT the buyers have not sold their home. The sellers keep their home on the market and if another offer comes in the ‘hubbard’ buyers have 48- x hours to go forward with the purchase & sales or pull out of it so other buyers can move forward. Hope it helps. ginny gorman