Real Estate Agents, Realtors, and Salesmen
(Page 6 of 8)
May/June 1974
by Les Scher
An experienced agent knows very quickly whether a buyer is going to be an "easy sale." He bases his judgment on how much knowledge you appear to have about real estate, how much money you intend to spend, and whether you have "buyer's fever." Thus, when a buyer starts asking questions about extremely important legal matters, such as title insurance, easements, water rights, building permits, and financing, the broker passes them off as if they are merely secondary to the deal. They are secondary to the broker. His goal is to sell the land. He cannot get a commission, regardless of how large or small, unless he sells the property. Anything that delays the sale, he will avoid. For example, if you ask to have the land surveyed or to be shown the wording of easements that are to be contained in your deed, he will give you the impression that you are imposing on his valuable time, and getting on his nerves—because you will be.
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Once you have read this book, you will have many questions to ask the agent selling the property about every aspect of your purchase, and you will probably sound like a lawyer to him. Never let a broker's comments that you are "paranoid," "uptight" or concerned with "minor points" embarrass or impede you when investigating your prospective purchase. A broker has nothing to lose when he takes your money. You are the only one who can lose anything.
MANY AGENTS WILL CUT INTO THEIR COMMISSIONS TO MAKE A SALE
A real estate agent must sell a piece of property before he can make a commission. Depending on the circumstances, a broker might personally pay to clear up a problem which a seller won't pay for in order to make a sale. For example, a client of mine wanted to buy some land that had not been surveyed, and one of our conditions was that a legal survey be completed with all boundary lines marked on the ground. (Every buyer should have the basic protection of knowing what he is buying.) The seller absolutely refused to spend the $800 for a survey, and I would not let my client go ahead with the deal until he was certain where the boundary lines were. Everything else was satisfactory and we made it clear to the broker that the only thing holding up the sale was the seller's refusal to conduct a survey.
The broker stood to make about a $1,500 commission on the sale. His Listing Contract was about to terminate and he was afraid that if he did not sell the property by the final date, the seller would go to a different broker and he would lose the right to sell the land. Therefore, he decided to personally hire a licensed surveyor to conduct a survey, after which my client purchased the property. The broker cut his commission by more than half, but $700 is better than nothing.
If a seller is intransigent on a condition of your purchase, such as getting a survey, a test drilling for water, an easement or water right, or structural and pest inspection, ask the broker to pay for it. If he is desperate for a sale or is worried about the seller taking the property to someone else, he might be willing to give you what you want.
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