Comments on: Virginia Buyers-Don’t Be Bullied By the Listing Agent http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/ A Peek at Life & Real Estate in Northern Virginia Mon, 30 Jan 2012 13:39:29 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Cindy Jones http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/comment-page-1/#comment-30823 Cindy Jones Sat, 12 Feb 2011 00:37:02 +0000 http://varealestatetalk.com/?p=1064#comment-30823 Treena, Unfortunately there were a number of bad practices that occurred during the market bubble and everyone is now paying the price. Cindy Treena,

Unfortunately there were a number of bad practices that occurred during the market bubble and everyone is now paying the price.

Cindy

]]> By: Treena Rinaldi http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/comment-page-1/#comment-30752 Treena Rinaldi Fri, 11 Feb 2011 12:54:44 +0000 http://varealestatetalk.com/?p=1064#comment-30752 During the past "bubble" times, it was obvious that some purchasers were being led trustingly to the table by their agents, their lenders, and their title companies. In many cases, those buyers were not fluent in English, and trusted their compatriots completely. The Title companies in question, many times, had very high fees, and settlement was a ripoff for everyone, esp. the buyer. In those days, the buyer benefited if the Seller chose the Settlement Agent. During the past “bubble” times, it was obvious that some purchasers were being led trustingly to the table by their agents, their lenders, and their title companies. In many cases, those buyers were not fluent in English, and trusted their compatriots completely. The Title companies in question, many times, had very high fees, and settlement was a ripoff for everyone, esp. the buyer. In those days, the buyer benefited if the Seller chose the Settlement Agent.

]]> By: cindyjones http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/comment-page-1/#comment-317 cindyjones Thu, 05 Nov 2009 13:57:47 +0000 http://varealestatetalk.com/?p=1064#comment-317 Kim, Gottcha! Cindy Kim,

Gottcha!

Cindy

]]> By: Kim Hannemann http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/comment-page-1/#comment-318 Kim Hannemann Thu, 05 Nov 2009 13:19:30 +0000 http://varealestatetalk.com/?p=1064#comment-318 Cindy, You're right, the seller is not in the picture. I should have said, "listing agent discriminating against prospective buyers based on their choice of settlement agent." Cindy,

You’re right, the seller is not in the picture. I should have said, “listing agent discriminating against prospective buyers based on their choice of settlement agent.”

]]> By: cindyjones http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/comment-page-1/#comment-313 cindyjones Tue, 03 Nov 2009 22:51:14 +0000 http://varealestatetalk.com/?p=1064#comment-313 Doug, Split settlements can work just fine. I recently had an agent tell me "I would use her settlement company or else." I asked what is "or else", an ethics complaint against you with the association? No more questions after that. Doug,

Split settlements can work just fine. I recently had an agent tell me “I would use her settlement company or else.” I asked what is “or else”, an ethics complaint against you with the association?

No more questions after that.

]]> By: cindyjones http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/comment-page-1/#comment-314 cindyjones Tue, 03 Nov 2009 22:47:47 +0000 http://varealestatetalk.com/?p=1064#comment-314 Kim, Most sellers don't have a clue about settlement companies, they are doing what the listing agent tells them to do. Certainly if it is a settlement agent that I have confidence in then I have no problem telling my buyers to use them. But frankly many of them I see I've never heard of and then we have an issue. Kim,

Most sellers don’t have a clue about settlement companies, they are doing what the listing agent tells them to do. Certainly if it is a settlement agent that I have confidence in then I have no problem telling my buyers to use them. But frankly many of them I see I’ve never heard of and then we have an issue.

]]> By: Doug Francis http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/comment-page-1/#comment-315 Doug Francis Tue, 03 Nov 2009 22:22:20 +0000 http://varealestatetalk.com/?p=1064#comment-315 I call it a "split-settlement" when the feeling is right. Unless there is a financial incentive, stick to your guns because you want your title company pulling the title report to assure you there isn't a future legal problem. I call it a “split-settlement” when the feeling is right. Unless there is a financial incentive, stick to your guns because you want your title company pulling the title report to assure you there isn’t a future legal problem.

]]> By: Kim Hannemann http://varealestatetalk.com/2009/11/03/virginia-buyers-don%e2%80%99t-be-bullied-by-the-listing-agent/comment-page-1/#comment-316 Kim Hannemann Tue, 03 Nov 2009 21:54:37 +0000 http://varealestatetalk.com/?p=1064#comment-316 Yes, "it's the law," but unfortunately there's no law against the seller discriminating against prospective buyers based on their choice of settlement agent. If you want the property, unless you are willing to outbid everyone by a substantial sum AND forego an appraisal contingency, you might want to think carefully about standing up so forcefully for your settlement rights. I haven't been on the seller end of any short sales, but the good agents I know who handle a lot of them swear by settlement agents who know what they're doing in those special cases. Look at the fees and talk to the listing agent before you decide against it. Yes, “it’s the law,” but unfortunately there’s no law against the seller discriminating against prospective buyers based on their choice of settlement agent.

If you want the property, unless you are willing to outbid everyone by a substantial sum AND forego an appraisal contingency, you might want to think carefully about standing up so forcefully for your settlement rights.

I haven’t been on the seller end of any short sales, but the good agents I know who handle a lot of them swear by settlement agents who know what they’re doing in those special cases. Look at the fees and talk to the listing agent before you decide against it.

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