Buyers being Duped

Well, it looks like we’re just finishing up with the first-half of 2021, which I’m sure will cause us all to set back and reflect on what we’ve accomplished, along with possibly chiding ourselves over the things we somehow kept setting aside for another day which then turned into weeks and months. I’m still in a bit of dis-belief June is already gone, but I must continue reminding myself that my days have been flying by more quickly due to how fast our market is moving.

What’s been even more exasperating, is how the many are expecting immediate service and followed by similar results. Well, just this past week I’ve experienced what many of the other agents have been talking about which is the scenario where buyers come in with acceptable offers, but after their sometimes “over-kill” inspections, they come back asking for either ridiculously high dollar amount concessions from the sellers, or simply walking away because of the opinions of their hand-picked inspectors or “know it all” friends and relatives. Believe it or not, I’ve had two of them in less than a week, and both of them coming from buyers working with other agents.

Truth be told, I’ve rarely ever had buyers I’d personally represented, asking for such outlandish concessions, other than one that took place in the second half of last year, but after the dust had settled from that fallen transaction, a full illumination took place. Believe it or not, the inspector that buyer used to inspect that home, made a huge mistake by making an erroneous judgement call on its sewer line. Thank goodness I did my own investigating which proved that inspector’s judgement call to be completely wrong. I’m coming into the belief these many home inspectors need to be licensed by the State of Iowa where they’d be more oversight on their work.

The one that fell apart today, was even more of a shocker, just by the way in which the selling agent basically said, “We’ve done our inspections and since we’re in the back-out time frame, my buyers are walking.” There were no explanations, and not one request for repairs which caused me to seethe within. The phone call I had to make to my seller was a gut-wrench, but unfortunately, I had to be the one and only messenger. As a footnote, I’ve already sent it all out for karma to settle, because that was something you’d expect from someone completely out of touch with reality, instead of being a so-called professional. Oh, for the shame of it all.

Because those were fallen sales, I had much to do in regards to getting signatures on releases, making additional journal entries, and then getting signatures from my sellers. After these two happenings in less than a week, I’ll be believing all the more stories I’ve been hearing from other real estate agents. Just yesterday, I heard from a Clear Lake Realtor that such things are happening on a regular basis. I have no clue where those buyers are getting such ideas, but let’s hope it doesn’t become a habit.

As a kicking-back, I’ve also been hearing that when there are multiple offer situations, the sellers going back and saying, “We’ll take this price, but no inspections.” Believe it or not, the buyers are agreeing to do it. I’ve had two recent transactions where the sellers discounted their price to those buyers, only if they’d waive inspections, and wouldn’t you know, they ended up buying them.

I fully understand the reason for inspections, and especially if there are questionable big ticket items in those homes, but when buyers see something like two-pronged outlets while looking at a home, and then come back and request all of them being re-wired to three, that’s when I start shaking my head. Back in the very beginning when inspection clauses were inserted in our contracts, it was to be understood that such things that aren’t visible to the naked eyes of the buyers when looking at those homes, were to be part of that “re-negotiation” or “walking-away” time period. I’ve argued that point for years, but for some reason, many of my colleagues believe it’s an opportunity for them to be heroes to their buyers by demanding concessions on the flaws of homes that were in plain sight. You can bet I was hot under the collar today over that nonsense. No matter if a home is brand-spanking new, I can bet one of our nitpicking home inspectors would find enough things wrong to possibly kill the deal. What really gets me, is knowing those inspectors walk away smiling with fat checks for their inspections, but caring the very least over the buyers that hired them, who’d likely walked away from better homes than the ones they end up buying. You can be sure, I’ve seen it happen many times over.

What I’ve also noticed, are the second-time around buyers, not using the same inspectors they used for their first purchases. I have my suspicions why, and likely due to them having reported on minor flaws, while missing the bigger ones like heaving foundation walls that were made invisible by recently framed-up walls which were cleverly drywalled and painted. Not too many months ago, I noticed another one of those possible “cover-ups” in a home that ended up selling, and I’ll wager that if those buyers did have a home inspection, it was missed. Oh how I do hate seeing buyers being duped by such sellers who could care less about the future costs of repair for the new owners of their rickety homes.

It was a good thing I filled up my gas tank this morning because I was actually in three Counties today, and my first trip out of town, was a drive up to Northwood so I could deliver an abstract to be continued on a recent sale. Whenever entering that office, it’s always a good experience because the manager and I share many things in common. I promised to bring her an little gift the next time I darken her door. Yes, she’s a dear one.

Tonight’s One-liner is: Mistakes and pressures are inevitable; the secret to getting past them, is to remain calm.

Joe Chodur

About the Author | Joe Chodur

First of all....Joe Chodur really doesn't like talking about himself but this is what we have found out about him.

Joe Chodur began his real estate career in 1981 during the...read more about: Joe Chodur

View page.

Leave a Reply

Your email address will not be published. Required fields are marked *