Ms. Realtor Who Do You Think You Are? Honestly, this is deja vu for a client I had that was so similar to an 
associate's issue yesterday I needed to share it. When Mr. Realtor thinks he knows all - Who do you think you are? Warning all Realtors who give advice to other Realtor's clients, it just is not an appreciated practice in Rhode Island real estate and you have no idea of the facts of these clients.
Yesterday an associate called me up right after an open house 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 he said but they loved it. His
sellers were totally excited. The selling Realtor (notice i emphasize SELLING) told his clients (who are also
buyers) that the house would be lower next week (just what Your clients want you to share today right?). The listing agent's clients would do a hubbard on their house and my associate's clients could get a
bridge loan until their home sold. Well my associate was beyond upset he could not contain himself.
What was that Realtor who did not represent his clients get off telling them what to do without understanding their indebtedness!? They own more than one house you see and need to sell both of them first. Well good Realtors sell homes right? Yes, but this listing agent was overstepping her bounds as a Realtor.
His buyers were so excited that they could get a bridge loan which he had not shared with them because it did not seem like the right financial option for them. They were all eager to make a higher offer on this home than he suggested because they wanted it and could lose it to another buyer. Perhaps...
Not so fast my associate says to them. You are house poor, retired and one of you went through bankruptcy in the last two years. Who is going to give you a bridge loan at a reasonable mortgage rate do you think? They stayed still and said well the other Realtor said it would probably not be an issue.
Well now you did it...put all your cards on the table and shared confidential information with the other party ( full disclosure: I am a cooperating agent with my associate on his clients property for sale). A true no-no. I wonder now where this transaction will go.
Please clients Keep Your Finances to Yourself when talking to other realtors that do not represent you. It is so important that home buyer's advice for you as a client comes from Your Realtor representing you if you trust them. Your finances are confidential and not to be shared with another Realtor then the one representing your interests. Revealing your personal information gives the other side an edge when negotiating the house of your dreams. Ms. Realtor Who Do You Think You Are?
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the waterfront RI real estate geographic area of homes for sale, schools, happenings and important tidbits of information well.
Waterfront, water view, ocean front, luxury and coastal Rhode Island real estate are my specialty. If your considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you! When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849.
This blog © and its contents is original to Ginny Lacey Gorman
Ginny L. Gorman a purveyor of Fine Waterfront RI Real Estate
Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich, Westerly RI and beyond ... I sell dreams! because there is no place like home...the RI Realtor in the Sparkly Red Shoes.
Looking for a terrific Rhode Island Realtor? Let me GOOGLE one for you!
cell: 401.529.7849 office: 401.884.4100 ext.268 Ginny Lacey Gorman, Realtor
www.RIHouseHunt.com
Good morning, Ginny.... I can't picture an agent doing such a stupid thing.... and I can't understand why a buyer would have any conversation with another agent who doesn't represent them....
Hi Ginny,
WOW,
This Realtor needs to keep his opinions to himself and let the buyers agent deal with everything they need for the buyers.
Telling the buyers the home will be cheaper next week? Why show the home at the inflated price in the first place? Waiting to see if a cash offer comes through the door before lowering the asking price?
Wow. I have never heard of this before. I hope you work it out and vent regularly.
Have a better day in North Kingstown.
Best, Clint McKie
Hi Ginny. Whew. I would be wanting to vent too!
Ginny: Realtors need to stay in their own swim lanes to avoid issues like this. Good post...suggested.
Crazy story Ginny, one of those "things that make you go hmmmmmm"............
Barbara, the agent told me his clients had met this agent many times in their open house travels...too much comfort here...
Clint, what buyers don't know will hurt them.
Carol Ann, me too!
Anita, thanks...it is like swimming with the sharks!
Roger, this business is about relationships too...I too now a little too much about this realtor which is a good thing for my clients.
That is an unbelievable story. Unbelievable that a buyer who had representation would talk to the agent for the seller regarding their confidential financial information and unbelievable that a licensed agent would encroach on the relationship of buyers and their agents when the listing agent KNEW they were represented. Amazing.
Talk about unprofessional. Good grief... Never show your hand in real estate! This one needs to be read by many... Suggested.
Ginny ~ Too many buyers (and sellers) still don't get the difference. They seem to think that everyone will help them make it happen and don't understand what it means to have one realtor represent them. Just when I think I have a client that does, they pull something ridiculous like this. So many think that what they read makes them the expert... Many just don't listen and with another agent out there willing to listen to all those details being volunteered by a buyer......hmmmm.. sounds to me that they will NOT get the deal they were hoping for!
Ginny, I could certainly understand the buyers seeing and wanting this home and just being excited about it. But I totally agree that buyers should not share any financial information with anyone except their agent and lender.
Reminds of a few old sayings.....loose lips sink ships.....better to remain silent and be thought stupid, than to open your mouth and remove all doubt.
Good post.
Rhode Island Ginny will give you the skinny on just what is or is not acceptable in the Rhode Island area...Listen up
Egads, you're right, loose lips will sink ships. I've seen it before that buyers will hop around to different agents and lenders until someone tells them what they want to hear.
There are far too many agents that want to be everyone's buddy. I have seen this happen too many times. I went into an open house with my clients and the listing agent had a loan person there. They loan person tried to talk to my clients about financing. Some people.
Great advice! It seems that telling the other agent's clients that your clients were about to do a price reduction would be bad enough in itself. Let alone the other information!
Ginny, sounds like loose lips all around, and what a mess! Real estate is never boring, and amazing every day the things you hear!
Ginny ...... just where do I start ......... OK I will keep it to two things.
This other Realtor not only over steped as a Realtor, but in also giving loan advise that they don't seem to have a clue about.
Geeze Ginny, unreal! We can't give any advice other than real estate. I don't blame your colleague for being angry.
It is best to focus on one's own real estate business and not others to avoid this issue
Sharing financial details of any kind between buyer or seller is a recipe for disaster. I've had sellers overshare and wonder why the information was used against them in negotiations. All information should be shared on a "need to know" basis only.
Huge problem to wag your gums out of school.
Janis Borgueta #9 had the perfect response. Buyers and Sellers think everyone is there to make the deal happen and they don't get the difference in agency. It's really not that unbelievable.
This is the kind of thing that is so prevelant, when agents talk out of school! (As I write that, I just looked up and say Nan having wrritten the same thing --- great minds!) Giving buyers a "what if" and then suggest a bridge loan? I don't even know where to start with this . . . so I'll re-blog!! :-)
Thinking you own the home when you don't. And telling the owner a pie in a sky price to get the listing who he or she represent. And then telling buyers the sellers are crazy, make an offer, you can but it really for ...(whispering hush hush sounds). Who do you serve, work for, have a fiduciary interest to? Daily reminders needed with a taser for a hopefully small percentage that will wash out, lose license for being unethical.
Ginny -- it is so interesting that the REAL ESTATE agent thinks he can provide FINANCIAL information to the clients. I am sure he would not appreciate a lender telling his clients the house he was selling was overpriced (without an AVM or appraisal).
As I read your post of warning, I thought the same as comment #12, "Loose lips sink ships". Yikes! Well, it was not your associate's fault.
Can't let clients out of our sight for one minute. Agents planting seeds of fantasy in buyers' minds because they want to be the one who says it can be done, when maybe it can't be.
Talking with another agent who doesn't represent them? That makes little sense, and they should have definitely been aware of what might happen when doing something like that.
The agent should be admonished for giving advice to someone who was not their client. It was totally irresponsible. That discussion, if any, should have been between he and the other Realtor.
I had another broker this week tell one of my sellers to "make sure the appraiser uses the following comps". One comp is a private sale, non MLS and I explained chances are this will not be used by the appraiser. The other one is not vaguely comparable but closed at a high price. Any good appraiser will throw that out. I want the appraisal to come in but at the same time tried to tell the seller that the other broker's advice is not good. BUTT OUT other broker!
You have to rely on yourself and your knowledge. If you are right and you know you are right, do not be intimited with other that think they know more than you do.
Great Post..
Ginny - I have not seen a bridge loan in many years. Do they even have such things any more. I have been told NO in my state.
Amazing -- I think Barbara # 1 said it all..." I can't picture an agent doing such a stupid thing.... and I can't understand why a buyer would have any conversation with another agent who doesn't represent them...."
Saw Carla's reblog. It's a very strange thing why buyers would want to give away information, I think they believe it's honesty that's going to be rewarded. Not
This is why buyers need representation. Too many people share sensitive information. I see this all the time with new construction. Buyers go into the sales office and tell the on-site agent their whole life story. The on-site agents then use that information to their advantage.
Ginny, my thought was the same as Gail - is there anyone doing bridge loans??? There are buyers who can quaify for two payments, but short of that, only hard money would give a bridge loan as far as I know. Aside from that, all I can say is WOW - overreaching Realtor and over sharing Seller/Buyer - a recipe for disaster!
Sharon
Ginny: Despite the fact that this is a total drag, there is one thing that is worse--when buyers and sellers take advice from parents, friends and relatives that have NO experience in real estate and buy that before listening to the liensed professional. If they hired you, they need to buy into what you say and do.
Buyers too often just do not understand when they share these details. The other agent, however, should know better.
Hi Ginny,
What an annoying and frustrating experience! Sometimes there is such a lack of common sense all-around you can only shake your head in disbelief. Keep your head up, show them how a top North Kingstown short sale agent conducts her business!
Ginny - This sounds like a mess. Mom taught me to keep my mouth shut from an early age on certain issues. Maybe there was a reason . . .
Thanks all for all good points and elaboration...especially the off shoots to this that can generate some other useful blogs for all of us to consider...who said real estate was easy?!
wow! this is one crazy story ,Ginny.I must say I learned something about this post.Thanks for sharing this with us.Best of luck to you and stay top notch North Kingstown Short Sale Agent.
hmm..what an interesting story here ,Ginny.Thanks for the post.Just dropping by to wish you Good luck as North Kingstown Short Sale Agent.