"The Lovely Wife" aka TLW, revealed!!!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

 Hi folks, it seems like the new trend in Blogging is the interview. So, with that in mind, I thought who better for my first interview than my wife, “The Lovely Wife” aka TLW. As expected, she showed up to the interview in her cowgirl hat and packing a 38. She was very open for this interview and has decided to give everyone a special treat at the end. So, put on your bullet proof vest and enjoy!!!!  

First, let me ask you the question that I’m sure everyone wants to know, What’s it like being married to a man (me) who thinks his success is related to the fact that he is soooooooooo good looking?

*Hmm. Well first let me state that marriage is not for the faint of heart. Especially, if you’re married to a man who honestly believes his success is a by product of his good looks. Being married to that attitude of yours is actually what has kept us together for decades. I admire the way you use humor to keep our lives amusing. The last thing I need is to be married to a man that takes himself too seriously. You and I both know God knew exactly what he was doing when he put the two of us together. Not only are you my husband you just happen to me my best friend. Okay. This is getting mushed out. Let me wrap it up by saying being married to you is much like going to an amusement park. It’s a damn thrill ride with lots of freak shows and I get to laugh a lot.

Since we all know you like to play with guns, should I be concerned being that I am the one who is most frequently in your sight?

*This question implies, that my gun fetish, makes you…Nervous? If I were you I would not concern myself with it…I like you.

When you first started Blogging your tag line was Kum La Ka Lakka, it has since been changed to ROAR! Why?

*Well gosh, I guess you haven’t been paying much attention to my Blog. ROAR has always been my tagline. The only thing I did was drop the KLKL. I did this for many reasons. To name just a few: I got over my fascination of being able to Google Kum La Ka Lakka and find my Blog. I also used this same tag line as a way of saying something on a Blog post that someone may not want to hear. Now, I just take my chances and hope that by saying what I’m thinking, it will help someone, or at the very least, get them to think. Aside from these reasons, I received a call from one of our Sons (Father of four) letting me know that the first word in the KLKL tag line was being mispronounced, on purpose, by a certain group of men on a Military base. I wasn’t exactly thrilled to hear that, so I ditched KLKL.

What would you say the theme of your Blog is and what are you trying to achieve?

*My Blog has no theme. I don’t want it to have a theme. I use my Blog to make people laugh, smile or think. If I can accomplish this, with my Blog, then I have answered the second part of that question. I guess you can call me “The Theme-Less Lovely Wife” ROAR!  

People either love you or hate you, why is that?

*Good question. They love me because I’m an outspoken, flirtatious, smartass. They hate me because I’m an outspoken, flirtatious, smartass. People walk a fine line between love and hate. I am old enough to have come to terms, with the fact, that some people have issues with a woman who is a fearless, outspoken, flirtatious smartass. The fact that I refuse to conform, to what others expect of me, creates problems for other people. I answer to myself and I answer to God. That’s it. My non-conforming nature comes out in my personality. Many times in my life I’ve had encounters with people who try to exercise control over me. Then there are the times when others try to manipulate me. When people fail in these attempts they get pissed off because I will not play their games. This is where folks choose between love and hate. Like I said, it’s a fine line and some people have no problem crossing that line….Ya know there’s always the possibility that some people hate me because…I’m sooooooooooo good looking too. 

Your Blog post “If They Don’t…They Won’t Get paid…Meow” won the Carnival of Real Estate. Was this win due to the creativity exhibited in your post or was it due to sucking up to The Real Estate Tomato?

*Well that was funny. The sucking up, to the Tomato, came after the first win. The fact that I won The Carnival Of Real Estate, with that post, was surprising to me. I had no idea that my personal experiences in the Real Estate Industry, over the last 12 years, were that interesting to other people. I guess the answer to your question is…Yes…The win was due to my creativity and my willingness to hang myself out in Wild Wild Space and see what happens. I stopped entering, the Carnival Of Real Estate, because you keep telling me to “Eat your dust”. I stand beside you…Not behind you. Let someone else “Eat your dust”

You seem to have an attraction towards bald men, should I be sleeping with a shower cap on?

*Nah. I thought about shaving your head but I’m over it now. You have to admit it would be pretty funny to see you wake up, look into a mirror, only to find you have become one of my bald men. On second thought, maybe the shower cap is a good idea. The sheer entertainment value of this has me thinking about shaving your head. It’s almost worth it just to see the look on your face. Don’t worry Darlin it’ll grow back.

So…You’ve noticed my attraction to (intelligent) bald men. This attraction of mine is no worse than you being attracted to good looking outspoken women. Hi Christine. Hi Renee. Wink. Wink.

As far as I know, you are the only Blogger on Active Rain that has their own established fan club, “The TLW Fan Club” group. What’s up with that?

*I did not establish “The TLW Fan Club” group. I really don’t know what’s up with that. I was not aware of “The TLW Fan Club” until after another Blogger opened the Group. When the Blogger notified me that this group had been opened my response was…”Are You Nuts?”…The “TLW Fan Club ®” group has little to do with me. Or does it? You would have to ask the Members of this group “what’s up with that.” I’m sure they know the answer to that question.

You are also in the process of trademarking a “TLW” line of products. How did this come about and where is the money going to go?

*Yup. “The TLW Fan Club ®” is now a registered trade mark. It has become a product line of tee shirts, hats, children’s clothing and other miscellaneous items. The site is up and running and anyone can purchase products from the “The TLW Fan Club” Shop. Oh. Did I tell you about “The TLW Fan Club” boxer shorts? We designed those for the gentlemen of Active Rain. Wink. Wink.

The idea for all of this is Jeff Turner’s. Jeff saw an opportunity that would allow us to use “The TLW Fan Club ®” and my online name as a way to put something useful into this world. He knew I would like the idea so he set up the shop. The proceeds, from this venture, will go to Homes For Abused Children. I love children and I am passionate about this cause. Homes For Abused Children have quickly found themselves on the charity minority list. The children, living in these homes, are paying the price for this. They are not getting the kind of help they need. I fear, that if we do not step up and help them, these children are going to grow up with more problems than I can name here, jail, drug abuse, emotional and self esteem problems. The list goes on and on. If I can re-direct the future of one child I will be satisfied with my efforts.

And finally, to end the mystery, what is your real name?

*I was expecting this question but there is still a part of me that would rather not answer it. But I will. I have to disclose my name before some one else beats me to that punch….Drum roll please….

MY NAME IS….BILLIE TUTAS…HEAR ME ROAR!

BAM….I just shot me a Broker…Who wants an invitation to the funeral? Can I smile very wide here? Or will another ROAR suffice?

Thank you TLW for taking the time to answer these questions. I hear, through the grapevine, that Brian Brady is going to interview you next month for the Bloodhound Blog. His interview will probably me a little more serious than this so stay tuned folks.  

Want to buy it? Then get serious.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

I had a request from Renee Burrows, earlier this week, to write a post on what Buyers and their REALTORS® can do to make their offers more appealing to my Sellers. As, primarily a listing Broker, I can assure you it's not always about the price. So what do I look for in an offer? What can a REALTOR® do to ensure that their Buyer's offer is taken seriously? A purchase offer, just like most things, is all about the presentation. If you want it to be taken seriously then present it seriously. So here are some tips:

  • It must be in writing. Now folks to me this is a big one. My standard response, to a verbal offer, is: "Is the offer so bad you won't even take the time to put it in writing? My Seller will NOT negotiate a verbal offer, it is a condition of my listing agreement." NEXT!
  • Send me the ENTIRE purchase offer with ALL addendums. Also, I need a copy of the escrow check and a LENDER letter. 
  • Make sure the offer is legible with NO blank spaces. If your handwriting is bad then type it. If I can't read it, I can't present it. I do not get paid to decipher offers.
  • After you have faxed or E-mailed the offer. Pick up the phone and make sure I received it. I had this happen last week. A REALTOR® called me on Friday to ask if I had a response on the offer she sent over on Wednesday. "Nope, never got it" She had faxed it to the wrong number.
  • Please, please, please put a cover letter with your offer. And please, please, please make sure your contact information can be read. It may be your only Buyer and your only offer but I can assure you it's not my only offer. I can't respond if I don't know where it came from.
  • Make sure the figures add up correctly and the dates for contingencies are correct i.e. A 100% financing deal with a pre-approval for 95% financing. Huh? A 21 day closing date with 30 days for mortgage approval. What? An inspection period longer than the closing period. Hello?

Now folks, this is pretty basic stuff but it happens ALL the time. These offers will rarely be accepted. If you don't take your offers serious neither will my Sellers.

OK, now lets assume you have the basics down. Here are some things you can show me, to really get me excited.

  • A letter from the Buyer telling my Sellers how much they love the house and how much they are looking forward to their new home. This is an excellent tool to give Sellers that have lived in their home for a long time. They want someone that will enjoy and take care of "their" home.
  • The Buyer's credit score. I will love you for this one. If they have great credit, then prove it to me. I won't even show the Sellers. But it sure does make me warm and fuzzy.
  • Proof of funds. Paying cash? Have a 20% down payment? Prove it to me. I'm going to ask anyway, so you might as well beat me to the punch. By the way, cash does not mean, "when we sell our house." Cash means AVAILABLE funds in the bank.

Oh, one more thing, communicate with me. Return your phone calls promptly. If it takes me three days to reach you, while we are negotiating, I will have zero motivation to want to do a 30-45 day transaction process with you. I will tell my Sellers this AND they will agree with me.

So there you go Renee, hope this helps. Any other suggestions from listing Brokers?

Life looks grand in the land of denial!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

 A while back I had written a post titled "Your home is your castle not an ATM Machine" and shortly after that I wrote "When the wall comes tumbling down". Both of these posts were written about the same Sellers. Very nice young couple who unfortunately made a few bad decisions and ended up owing more money than their home is worth. The details of their dilemma are outlined in the posts above.

In a nutshell, they owe too much on the house. They listed with me at market value knowing we would need to get a short sale, they continued to get solicitations for refinancing even though they couldn't afford the current payments and had zero equity. After about 45 days on the market, they finally succumbed to the pressure and decided to go for one of the refinancing deals. I spoke to them about this and the entire reason for refinancing was to drop the payment by about $40.00, with no cash out, and buy themselves a little more time until their tax return came in. Their tax return would make a couple of more payments for them. So we took the house off the market.

OK, so yesterday I went by their house and it looks like either the refinancing went through or they got their tax return. How do I know? Well, they have a brand new fenced in yard, full of toys, for the kids and a beautiful new hot tub sitting on the back patio!!

My goodness! I really hope they won the lottery or something but I fear they just decided to take the tax return and spend it on more stuff they don't need. Maybe they were able to find a lender that could do the loan and give them cash back. Of course I'm not sure how that could happen since they already owed $195,000 on a house that might be worth $185,000, on a good day.

So, I'm not sure how this will play out for them. I suspect they will be calling me in a couple of months to see about selling again. Unfortunately, I won't be able to help them this time around. I hear this story way too often.

Lately, I've been turning down 3 to 4 listings a week because folks are upside down on their financing. Values are plummeting rapidly in Poinciana Fl. and the market is at a stand still. Nothing is selling. In April there were 37 closings out of 1,800 listings. Folks, that's 2%!!! When oh when will it all end? I wish I knew. It's getting ugly real quick. What can I do?

Hey, I know! I'm going to call my old Sellers and see if I can come over and relax in their new hot tub! Life looks grand in the land of denial. The end. Maybe!

All content copyright © 2007 – Broker Bryant Real Estate Ramblings

**Photo compliments of Nick "Duh" Appraiser

The ‘Gateway" to success or failure?

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Today, while reading through my new Real Trends magazine I came across an article on NAR's new proposed "Gateway" National MLS project. Have you heard of this? According to an article on realtor.org this will be "a repository containing detailed current and historical information on all real property in the United States."

Holy moly!!!!!! Sounds like what Zillow.com is trying to achieve doesn't it? Could it be that our Association is on the ball for a change? Or not? From what little I've read about this the "Gateway" would not be limited to just REALTORS® but would be open to all licensees and would include FSBOs.

Folks, this has the potential to be HUGE! I guess one of the biggest questions, I have, would be, HUGE as in good or HUGE as in major screw up. Remember Homestore? Can NAR avoid this same kind of costly mistake on a project this size?

What will happen to our local MLSs? Will they merge into the "Gateway" or will they become obsolete? Will the "Gateway" be able to compete with Google, Yahoo and Zillow?

Now folks, I do not know the answers to any of these questions. In fact, I'm pretty ignorant when it comes to the "Gateway" and what this is all about. BUT, I certainly plan on doing some extensive studying over the next few weeks to bring myself up to speed.

For now, I'm throwing this short post out here to see first, if you have heard about this and second, what are your thoughts? I did a Google search and here are a couple links I've found related to this. Not much information out there on this stuff. Almost like it's top secret. That can't be good. Let me know what you think. I'm clueless. So someone please clue me in.

http://realtytimes.com/rtapages/20070522_midyear.htm

http://www.flexmls.com/blog/?cat=17

All content copyright © 2007 – Broker Bryant Real Estate Ramblings

You can "depend" on Broker Bryant!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

  

Folks, if you want to read about real estate today you'll have to pay TLW a visit. We decided to switch positions today. She decided to write about real estate and I decided to write about CRAP! So here are 10 things that have changed in my life…..now that I'm 50.

1. While grocery shopping, I check to see what size "Depends" come in. Just in case.

2. I have sex on Tuesdays instead of on the kitchen table.

3. I wear my glasses to see instead of to look cool.

4. I actually read my AARP magazine instead of just looking at the pictures.

5. When I'm in the bathroom for more than 15 minutes it's because I'm still going instead of………..:)

6. When I sing "I can't drive 55" I really mean it.

7. I used to stand up straight….now I take Viagra.

8. I used to be an athlete now I dress like a woman on Fridays.

9. I used to drink Jack Daniels on the rocks….now I drink Geritol on the sly.

10. I used to be a Dead Head….now I just have a dead head.

And last but not least….I used to be a "boob man"….now I'm a man with boobs.

Post #308…..Getting old sucks! BB….WOOF!

Signs of the times by Broker Bryant

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS
How about an ASS with that house?

Isn't that a purdy house? It's right down the street from one of my new listings. Competition is heating up in Poinciana Fl! Folks are starting to get very creative too.

There seemed to be a lot more "For Sale By Owner" and "For Rent" signs than I normally see. In fact, just about every street had one or two. These are certainly signs of the times.

A FEW OF THE SIGNS I SAW TODAY WHILE RIDING AROUND

                                                   buy in poinciana fl                                                                                                                                      buy a house in poinciana fl

 

 

 

 

 

 

 

 

Now in case you are wondering, below is the sign that was in front of that beautiful home up top there. It's brand new(or so the sign says) and can be yours with no money down. What a deal!!!

Want to buy some crap?

Folks, as many of you know, TLW and I don't live in Poinciana. We live in a very small rural town about 20 minutes south of where I work. Here's one of the houses being built about a mile from us.

How about a house and some ass?

Notice anything interesting in the picture? Yep…..those are goats and donkeys wandering around the construction site!!! There are actually about 50 of them but they kept moving every time I went to snap a picture.

OK that's all I have to say today. What say you?

****All photos are the property of TLW. Touch and she will shoot you.

Copyright © 2007 Broker Bryant Real Estate Ramblings | All Rights Reserved

A "short sale" is an option NOT an entitlement!!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Call Broker Bryant today!!

“Short sale”. The new buzz word. We’ve all heard it:

  • I owe more than my house is worth and I WANT to move. I’ll just ask the lender for a short sale.”
  • “I don’t want to live here anymore and I need to do a short sale.”
  • “I want to take a new job up North but I just bought my house last year. I need to do a short sale.”
  • “I’m tired of making these payments and want something smaller. I need to do a short sale.”
  • “I quit making payments because my lender said once I was behind 60 days I could do a short sale.”
  • “I NEED………blah, blah, blah!!!!!”

Folks did you notice all of the “I” in these statements? What is wrong with people today? What happened to personal responsibilty?

As REALTORS® we need to start counseling people properly. The folks in these above scenarios DO NOT qualify for a short sale. They need to honor their obligations. As a group we need to quit saturating the market with “short sales” because folks feel they are entitled to one.

A “short sale” is for folks that are experiencing financial difficulties and who cannot afford to keep their house. It is NOT for someone who just feels like moving.

Now having said that, these folks may very well apply for a short sale and it may be granted BUT it is flat out wrong!!

The real estate market is experiencing enough difficulties without REALTORS® automatically playing the “short sale” card just to get a listing. You need to look these folks in the eye and say “Sorry, I can’t help you. Short sales are for folks facing legitimate financial difficulties. NOT for folks that just want to move.”

A “short sale” is great option for folks who are in dire straights. It is NOT an entitlement. Use it but don’t abuse it.

OK…..that’s all I have to say about that. For now. What say you?

Copyright © 2007 Broker Bryant Real Estate Ramblings | All Rights Reserved

It’s not what we do that creates value….it’s how we do it!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

 Hi folks. This post is an edited version of an article I wrote back in November of 2006. The comment thread on the original post is, in my opinion, one of the best in ActiveRain history. The comment thread involves consumers and members of AR heavily debating "What do you do to justify your high commission?" ActiveRain members were up to the challenge and made me very proud to be a part of this community. It was awesome!!! If you haven't read it before take the time to do so. You'll get to meet the infamous Candybags!!!

Anyway, I feel this article and the question asked is even more relevant today.

So let me ask it again….here. What do you do, to sell a property, that justifies receiving a x% commission? Why would the consumer want to hire you and pay your fee, when they can find all the information they need on the Internet (disintermediation)? What can you do to justify your commission?

Well folks I am here to tell you, you best be prepared to answer this question. And you best have a better answer prepared than your 25 step marketing plan and access to the MLS. This will not cut it in this day of disintermediation and discount, web based Real Estate agencies. If all you can bring to the table is your marketing plan you will find yourself either out of business or drastically reducing your commission to be able to compete in this market.

So, what do we do? Well, here's what I do. I build value in something that the consumer cannot access over the Internet. "Broker Bryant, that's pretty vague, can you expand upon that?" Of course. I thought you would never ask.

First, all people want to feel good about themselves and their decisions. You can provide that. You can help people decipher all the information that they have available. You can help them apply this information to their situation. Together, you and the consumer can come up with a game plan that will help solve their problem. You can listen to what their concerns and needs are and then fill them. Quit selling and just listen. You can be a trusted advisor.

Secondly, you can be a calming force. Selling or purchasing a home can be one of the most stressful things a person ever goes through. You can remain calm and help them through this. This can be achieved by constant communication and by constantly being there for them when they need to be reminded of why they are selling or buying. When the going gets tough, you can be there for them. You can let them vent their frustrations, on you, without taking offense. When they are all done, you can get them to return their focus, on the end result. Leave your emotions at home. It's not about you….it's about them.

Thirdly, you can be their friend. You can have honest and sincere, care and concern about their situation. You can lead them down the right path without placing your commission in first position. You can make them and their situation feel important to you. This cannot be faked. It must be genuine care and concern. Folks can tell the difference. Again, listen. Be receptive to what they are telling you. Then respond honestly and with conviction.

My point here, is to get you to understand that folks' emotional needs cannot be satisfied over the Internet. As Realtors, we need to position ourselves, to be the one person, that will take the time to make sure that their emotional needs are met. If you can achieve this, I can assure you, that your business will take off and your services will be in high demand. And the consumer will be more than willing to pay the price for this kind of service. Quit trying to sell them something they can get over the Internet for less money.

The Internet CAN provide the data and tools needed to buy and sell real estate but it CAN'T provide the emotional support that people need. It's not what we do that creates value, it's how we do it.

So that's it. Broker Bryant's crash course on overcoming disintermediation. Did I make you feel good? Did I give you a solution to the problem? Did I present it in a calm and informative manner?

So, what do you do to justify your high commission?

Sell Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Agent

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://www.brokerbryant.com/
***The content of this blog is solely my opinion*** 

 

Investor Deals and Market Data for Poinciana FL.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Call me 407-873-2747

OK….this one should be fun!! This post is to explore current market conditions in Poinciana FL. Also, this is my opinion of what’s happening in the Poinciana FL market and where I think it’s heading. 

First let’s get into some cold hard data.
All of this data was pulled from the Mid-Florida Regional Multiple Listing Service (MFRMLS) on 5-20-2008. It is deemed reliable but is certainly not exact. The data is for Poinciana neighborhoods and does not include Solivita, Crescent Lakes, Cypress Woods or Lake Marion Golf resort. 

  • Today, there are 1,170 properties for sale(active). The average property being a 3 bedroom 2 bath home built in 2004 with 1,777 sq ft living area priced at $165.051 or $95.72 per sq ft. 
  • There are 144 properties under contract(pending). The average property is a 4 bedroom 2 bath home built in 2004 or later with 1,914 sq ft of living area priced at $134,721 or $71.94 per sq ft. 
  • There have been 131 sales this year. The average property sold was a 3 bedroom 2 bath house built in 2004 or later with 1,791 sq ft living area and sold for $136,000 or $78.43 per sq ft. 

OK, the first thing I notice is price per sq ft. The active listings are at $95.72. The sold listing were at $78.43 and the pendings are at $71.94. What does this show you? It shows that properties on the market today are over priced on an average by $17 a sq ft or 1,791 sq ft X $17= $30,447. 

Also, it shows that values are continuing to go down. This is very easy to see by looking at the sold price per sq ft of $78.43 and the pending price per sq ft of $71.94. That’s just about another 6% decrease in value once these pending close. 

Now let’s see how all of this compares with historical data.

  • For the first quarter of 2007(Jan-Mar), there were 125 properties that sold. On an average they had 3 beds 2 baths 1,749 sq ft and sold for $206,511 or $121.60 per sq ft. 
  • For the first quarter of 2008 there have been 78 properties sold(38% decrease in volume). They averaged 3 beds 2 bath with 1,821 sq ft sold at $142,483 or $80.25 per sq ft. That’s a 31% decrease in property value. Remember this is just comparing Q1 ’07 and Q1 ’08. The real decrease in value for this time period is 40%. The 40% is based on the average selling price in January 2007 was $221,968 right now it’s $126,464!!!! Incredible. 

My short term prediction is that the average house will be selling at $68 to $72 per sq ft by the end of June. Folks, in 2003 the average price per sq ft was $71.51. That means we are back to 2003 prices. The last 5 years of property appreciation has been wiped out!!! 

OK, let’s move on to some Investor deals for today. There are 64 properties on the market today for less than $100,000. These are not short sales!!! 

Only 50K!!!

 

This is the lowest priced house on the market. It has 3 beds 2 baths 1228 sq ft living and was built in 1989. It needs to be gutted but is priced at $50,000!!! It came on the market yesterday and will be sold quickly. If you want it you must call me now! 

 

 

Only $96,900

 

Here’s one priced at $54 per sq ft. Never lived in, built in 2006, 1809 sq ft 3/2 REO property priced at $96,900!!! THis onse will also be sold very quickly. Call me now and we will get your offer in. 

 

 

Sold for $225,000

 

This one closed 4 days ago. Brand new built in 2008 with 5 beds, 4.5 baths, 3 car garage and 3897 sq ft of living. Sold for $57.74 per sq ft or $225,000!!! How’s this look for you? You’re too late. It’s SOLD!

 

So there you have it, the brutal reality of Real Estate in Poinciana. If you are trying to sell……we have an uphill battle to fight. BUT…..if you are an Investor…..give me a call and let’s do some business. Better yet, just click on the “Investor” link below and send me over you details. That way you can get details on some great deals as soon as they hit the market. 

OK….I’m outa here. Any thoughts??

NOW TAKING APPLICATIONS!
BROKER BRYANT’S INVESTORS

MORE INFO FROM BROKER BRYANT… THE SOURCE FOR POINCIANA REAL ESTATE

Sell Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Poinciana Real Estate Agent

Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved

OK folks…time to put on your thinking caps!!!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

It's Sunday!!!! Quit working!!!Hi folks. I know it’s Sunday and all BUT I’m hoping to make you think a little today. Here’s a scenario for you. 

You have a beautiful house on the market that you listed for Mrs. Needersell and you are working as a single agent. 

A couple of months into the listing period you get a call off of your sign from Mr. Wantabuy who is very interested in seeing Mrs. Needersell’s house. You make arrangements to meet him over there. Mr. Wantabuy seems like a nice guy and is very interested in your listing so you take him back to your office to have a chat. Mr. Wantabuy has done his homework and already has a pre-approval letter. He wants to make an offer and you decide to work with him as a dual agent. Cha-Ching!!! 

You disclose your dual agency to your Seller and end up negotiating a deal that works for both of your “clients”. 

Everything is going great. The inspection contingency has been removed and the appraisal came back fine. You are now about 10 days away from closing. Mr. Wantabuy has a full blown loan approval and Mrs. Needersell has decided to pack up and move. 

It’s just a matter of days before this transaction closes and everyone is happy. Mrs. Needersell got a fair price for her house and is happy. Mr. Wantabuy is getting the property he wants and is happy. You are close to getting paid and are also happy. You haven’t had a closing in two months and this $15,000 commission will come in real handy. 

A few days before closing Mr. Wantabuy calls you. He is upset because his interest rate has gone up slightly and his payment has increased by about $50 a month. It’s not a big deal but he is concerned that if his payment goes any higher he won’t be able to afford the house. So being the good little “dual agent” that you are you call his mortgage broker and ask him to send you over Mr. Wantabuy’s Good Faith Estimate(GFE) for your review. 

While reviewing the GFE you notice that the property taxes are off by $100 per month and the insurance is off by $75 per month!!! Holy Crap Batman!!! Mr. Wantabuy’s payment is actually going to be $200 higher than he is expecting NOT $50! 

Now having spoken to Mr. Wantabuy, on numerous occasions, you know that he CAN afford the house and has all good intentions of closing on the property. If he is surprised by this higher payment at closing you are very confident that he will close anyway and just figure out how to come up with the extra $200 a month. He really likes the house and the reality is he has been taking care of his own financing. He brought the mortgage broker to the deal and has been dealing with him directly. Mr. Wantabuy has not asked for your advice on financing even though he did just express his concerns about the payment increase. 

To complicate matters even further you noticed, while doing your morning MLS research, that a new listing just hit the market that is very similar to Mrs. Needersell’s house but is priced $20,000 less. 

So my question to you is……what do you do? Remember, the Seller has already moved out of the house and both parties are ready to close. 

Now put your thinking caps on and give me your opinions. I’ll then come back and give you mine. What do you do? And…..think about how your answer would be different if you weren’t a dual agent. Or would it?

OK…while you guys are thinking I’m going back to my picnic with TLW!! Thanks for the image Sarah Cooper!!

EDIT: Dual Agency is illegal in Florida. However, you could certainly apply this scenario to a transaction brokerage relationship where you are representing both parties as a transaction broker. In my opinion, the answer is the same.

About us

I am a licensed real estate Broker in the state of Florida. My opinions on real estate have been formed from my experiences and 15 years of working in the business. My opinions are in line with Florida Real Estate laws and the REALTOR(R) Code of Ethics. Your State’s laws may differ. So do your own homework before implementing any of my business practices into your business.