Contacting sellers agent?

Question

I have an agent that has been finding properties for me. Is it ok for me to contact the selling agent with questions I have about the property? or do I need to funnel those through my agent?

Jon Holdman · Answer

If you have an agent, there's not much point in bypassing them.  Have them contact the seller's agent.

Jon Holdman · Answer

If you're going to go out on your own and try to find properties, and you don't want to have to pay your agent for such deals, you could include a provision in your buyer's agent agreement that it only applies to properties the agent presents.  But if you also want help on comps and such on properties you find on your own you'll want some way to compensate your agent for that work.

Sandy S Harris · Answer

Good replies all. Chad McDaniel, I agree w/everyone else: if your agent doesn't get back to you, then get another.  Agents are notorious for pulling a 'ghost' on their clients, and for the life of me, I don't get it: if you want the business-return your calls!! Good grief.

I'm w/Nick  J. on the shin situation. My brother is dealing w/a client who is going around him to speak w/the seller-against his advice-and it's turned into a total mess.

Very interesting info Don Konipol. I had no idea the rules had changed so drastically. A few years back I closed on a 3.5 mm deal where my clients purchased a business and the property w/seller financing. My clients subsequently ran the business in the ground, and the seller foreclosed. So, my clients decided to sue everyone involved-the seller, seller's agent and me. Of all involved, I was in the most vulnerable position because I had a fiduciary responsibility to look out for their best interest, a responsibility that was not shared by the seller's agent of course. I eventually was dropped from the suit because they couldn't prove that I had not done just that, but it was kinda scary for a while there.

Jake Kucheck · Answer

If you have direct access to REO inventory you probably don't want to involve agents until it is time to resell.

However... if some guy at a bank made a big deal about how cheap his REO inventory and pointed you in the direction of the REO listing agent... then you sir just got sold.

That's why you have an agent... to figure these things out for you and save you the time and hassle of dealing with the riff-raff.  If your agent isn't doing that... time for a new one.  Everyone has access to the same technology and can send you the same properties that are pulled from the same databases.

Steve Babiak · Answer

This is the sort of thing I wouldn't even involve "my" agent for.  And you state the very reason - can't get a hold of them, and by the time they call back it's sold if it's a good REO deal.

Brian P. · Answer

Chad

It is time to discuss the contact situation with your agent, and maybe some kind of code when it is actually a urgent situation.

Many years ago I listed the home of a Olympic Gold Medal winner, she was one terrific person, but she married the biggest jerk I ever met to this day. He couldn't go 5 minutes without trying to find out if anything new happened, a new suggestion on what I should do next, etc.

I finally sat him down in front of his wife and said I was never going to respond to any message from him ever, I would only talk to his wife, and if that wasn't ok I have a release from the listing that we can sign now. The wife told me it was ok with her, and I kept the listing and thank god found the right buyer the next week.

Chad McDaniel · Answer

Thanks for the info. I'll wait for my agent to call me back. Talked to a local bank this morning about a sfr and found out that they just got a Duplex in.  Ran the numbers and it looks like a good deal. I want to get more info on it however I can't get a hold of my realitor.

First deal gitters i guess.

Thanks again!
Chad

Don Konipol · Answer

50 year ago when real estate agents represented themselves, getting as much information from informed sources was a good idea. 30 years ago when both agents represented the seller, it still may have been a good idea.  Now, when one agent represents the seller and one the buyer, the only reason to speak directly to the seller's agent is that your agent is not providing adequate service.  If this is the case, find a new agent to represent you.  Otherwise, use your agent as your representative as you would your attorney.

As to those who have entered real estate in the last 20 years, yes there was a time when agents had no legal responsibility to reprersent their clients interests, and later their was a time when both agents had the legal responsibility to represent only the seller.  
We have come quite a distance.....

Nick J. · Answer

Unless you're very experienced and your buyer agents knows and is comfortable with you calling the listing agent, I would be very careful.

I you were my client, I'd kick you in the shins for calling the listing agent. I would require all communication to go through me. I wouldn't want to give the listing agent any ideas they'll be able to communicate back to you directly without going through me. If that were to happen, certain things that could be important, I simply won't know about. That can create obvious problems.

Now, if I'm the listing agent and you call me, I'll find out whether or not you've signed an exclusive buyers agent agreement. If not, I'll steal you from them with confidence and then, make you sign an exclusive buyers agreement and then threaten to kick you in the shins :)

All jokes aside about shin kicking. Everything else I would do. I'm a nice guy, don't mind helping out but RE can be very cut throat at times. If I serve no loyalty to another agent, I'll quickly teach them that lesson.

Sorry for the long response. Go through your buyers agent, protect yourself in the sense that if anyone wants to communicate with you, they have to go through your representative.

Andy Chu · Answer

The reason for agents is that you don't want to diclose too much. "Hey mr/mrs listing agent, I really really want your house and want to pay anything you counter me at." Your agent could ask the same questions without the worry of disclosure.

Contacting sellers agent?

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