I've Moved!
The column is, as of two days ago, now being printed in the Greenwich Post on the front page of its real estate section. Since, like the Citizen, the Post is free, you can continue to get exactly what you pay for.
1 year ago
Saturday, October 07, 2006
Buyer Representative Agreements
A colleague of mine recently encountered a house-hunting couple she knew at an open house. They liked the house and they wanted her to represent her but, they confessed ruefully, they had signed a buyer’s representative agreement with agent that locked them in, for the entire state of Connecticut, for a year. They couldn’t stand the guy, had no intention of ever getting in a car with him again so they’d resorted to limiting their search to public open houses on Sundays. That’s ridiculous and it cost them the house because, by the time they freed themselves from the first agent’s tentacles the house was gone.
I’ve written about these buyer rep agreements before but it’s worth doing again. Our legislature mandated these be signed by buyers at the first face-to-face meeting with an agent. It was supposed to be a consumer protection aid, allowing us agents, in a departure from traditional agency law, to represent the buyer instead of the seller (before, buying and selling agents were considered to owe complete loyalty to the seller.) But the document was hijacked by my industry group and studded with provisions that favor us and hurt you. If you’ve worked with an agent before and are comfortable with that individual there’s certainly no harm in agreeing to work with them exclusively for, say, six months. But if you’ve never met the person before, why on earth would you lock yourself into a long-term relationship? Or agree to half the stuff in this contract? I drafted a simple agreement that contained no offensive terms and submitted it to the Connecticut Association of Realtor’s legal department for approval but was shot down, so we’re all stuck with the current form. But, by law, these things are negotiable so my advice is to, if you don’t know the agent you’re dealing with is to (a) realize that you’re being asked to sign a binding contract and not some meaningless form, (b) limit its duration to one day and one town and (c) cross out all the bad stuff. It’s your right.
Listen to Your Realtor
I saw a very nice house recently, which I intend to write about in a later column but there’s an object lesson worth pointing out now: the house and its grounds are immaculate and I was bowled over by the place. Until I headed for the master bedroom and noticed a worn, frayed runner. If the rest of the place had been in the same sorry condition I wouldn’t have picked up on this defect but, as it was, the owners might just as well have painted the thing Day-Glo orange. And, having been conditioned by that sight, I noticed that the master bath was a bit dated. Again, something I wouldn’t have cared about had the mood not been set by the worn carpet. The listing agent is one of the smartest, most experienced agents in town and I am absolutely certain she must have mentioned this to her clients. For whatever reason, they obviously declined to spend- what, a $1,000?- on a replacement runner. I think this was unwise. If your house is a wreck, don’t sweat it; price the thing as a dump and move on. But if everything about your house is bandbox perfect except for one or two glaring defects, fix them. You’ll more than make up the cost in the eventual sales price.
Lucky Me
When Greenwich Time ran an article about my finding a prehistoric spear head in Riverside photographer Bob Luckey was assigned to take my picture. He produced the first image of me that my kids were willing to admit being related to so, when I needed some new publicity shots I hired him. Amazing results. If you’re an ugly Greenwich native like myself or, more likely, one of the beautiful people, this is the guy to take your picture. And Realtors take note: Bob will photograph houses, too. If he can take this sow’s ear and come close to producing a silk purse, imagine what he can do for that crummy listing you’ve been trying to unload. Reach him at (203) 940-5593.
Good Read
Just finished “The Looming Tower – Al Qaeda and the Road to 9/11” by Lawrence Wright. Horrifyingly fascinating and brilliantly written, it’s received rave reviews from the entire political spectrum (heck, even Dan Rather liked it), which is a tribute to the author’s objectivity. He has no axe to grind here and contents himself with presenting a thorough history of Islamic terrorism from 1905 to date. Read it if you want an in-depth, fast-paced explanation of what we’re facing. When you finish, may I suggest a light- hearted digestive like my “Greenwich Mean Time”? Available at Just Books!
A colleague of mine recently encountered a house-hunting couple she knew at an open house. They liked the house and they wanted her to represent her but, they confessed ruefully, they had signed a buyer’s representative agreement with agent that locked them in, for the entire state of Connecticut, for a year. They couldn’t stand the guy, had no intention of ever getting in a car with him again so they’d resorted to limiting their search to public open houses on Sundays. That’s ridiculous and it cost them the house because, by the time they freed themselves from the first agent’s tentacles the house was gone.
I’ve written about these buyer rep agreements before but it’s worth doing again. Our legislature mandated these be signed by buyers at the first face-to-face meeting with an agent. It was supposed to be a consumer protection aid, allowing us agents, in a departure from traditional agency law, to represent the buyer instead of the seller (before, buying and selling agents were considered to owe complete loyalty to the seller.) But the document was hijacked by my industry group and studded with provisions that favor us and hurt you. If you’ve worked with an agent before and are comfortable with that individual there’s certainly no harm in agreeing to work with them exclusively for, say, six months. But if you’ve never met the person before, why on earth would you lock yourself into a long-term relationship? Or agree to half the stuff in this contract? I drafted a simple agreement that contained no offensive terms and submitted it to the Connecticut Association of Realtor’s legal department for approval but was shot down, so we’re all stuck with the current form. But, by law, these things are negotiable so my advice is to, if you don’t know the agent you’re dealing with is to (a) realize that you’re being asked to sign a binding contract and not some meaningless form, (b) limit its duration to one day and one town and (c) cross out all the bad stuff. It’s your right.
Listen to Your Realtor
I saw a very nice house recently, which I intend to write about in a later column but there’s an object lesson worth pointing out now: the house and its grounds are immaculate and I was bowled over by the place. Until I headed for the master bedroom and noticed a worn, frayed runner. If the rest of the place had been in the same sorry condition I wouldn’t have picked up on this defect but, as it was, the owners might just as well have painted the thing Day-Glo orange. And, having been conditioned by that sight, I noticed that the master bath was a bit dated. Again, something I wouldn’t have cared about had the mood not been set by the worn carpet. The listing agent is one of the smartest, most experienced agents in town and I am absolutely certain she must have mentioned this to her clients. For whatever reason, they obviously declined to spend- what, a $1,000?- on a replacement runner. I think this was unwise. If your house is a wreck, don’t sweat it; price the thing as a dump and move on. But if everything about your house is bandbox perfect except for one or two glaring defects, fix them. You’ll more than make up the cost in the eventual sales price.
Lucky Me
When Greenwich Time ran an article about my finding a prehistoric spear head in Riverside photographer Bob Luckey was assigned to take my picture. He produced the first image of me that my kids were willing to admit being related to so, when I needed some new publicity shots I hired him. Amazing results. If you’re an ugly Greenwich native like myself or, more likely, one of the beautiful people, this is the guy to take your picture. And Realtors take note: Bob will photograph houses, too. If he can take this sow’s ear and come close to producing a silk purse, imagine what he can do for that crummy listing you’ve been trying to unload. Reach him at (203) 940-5593.
Good Read
Just finished “The Looming Tower – Al Qaeda and the Road to 9/11” by Lawrence Wright. Horrifyingly fascinating and brilliantly written, it’s received rave reviews from the entire political spectrum (heck, even Dan Rather liked it), which is a tribute to the author’s objectivity. He has no axe to grind here and contents himself with presenting a thorough history of Islamic terrorism from 1905 to date. Read it if you want an in-depth, fast-paced explanation of what we’re facing. When you finish, may I suggest a light- hearted digestive like my “Greenwich Mean Time”? Available at Just Books!
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