Join me as we talk about how Agents are Holding Buyers Hostage, without the Buyers even knowing about it...If you've signed a Offer to Purchase a Home in the Last 12 Months with a Real Estate Agent... You'll definite want to see this.,. Don't get Caught hostage!

Hey, what's up everybody, Sean channels, 10 X real estate

marketing and coaching. Just want to reach out to you today. You know we were

talking to a customer that we helped over the weekend and we really saw

something that really was a little shifty. And, you know, I don't know if you

would call it unethical. I just call it unprofessional. But I think it's

important for a buyers out there to know about it. And it's really what's

happening is that there's so many people that are trying to make offers on

properties. Like we've been saying is that when we list a property for sale, we

usually have 8, 10, 15 people that are interested in our property and we'll get

two or three offers. So buyers have actually got a condition to figure out that

if they don't get their offering right away.

And if they don't put a strong offer and they're just not

even going to go look at, so there are some agents out there and some agencies

that are traditionally making practices of using what's called the buyer agency

agreement. And traditionally a buyer agency agreement is basically like a

listing agreement in reverse. It's when you're actually hiring an agent

specifically one particular agent in specifically, and you're saying, Hey,

whether you find me a house or I find a house on my own, I'm willing to pay you

a commission because I feel as though you're going to do the right thing for

me, and you're going to get out there and bust your home and try to find the

perfect house for me in reality. That's may not be your best interest in a

market like this because in a market like this many times, the agents that are

controlling inventory are the agents that are, are the agents you want to work

with.

And in some cases, those properties are being held as an

exclusive. And you're, you know, if your agent goes to go over there and

represent you in many cases, they may not get access to it until it goes to a

multiple offer situation, which inherently is going to cost you more money. So

how, how did this pan out and how did, what did this look like? And why am I

saying, be careful you don't get taken hostage. So when you do a contract in

the state of New Jersey, at least we actually may contracts. We, we create a

contract for the buyer in order to make the offer. And we actually do the

actual contract as a realtor. And when you get that information, it used to be,

I would go sit with you and I'll go through each document with you and you

would sign it.

Now we're actually using electronic signing services,

which I'm sure most people are aware of. And when the customer gets it, it's a

packet of, let's say 30 documents that are actually saying, yes, I want to

sell. I want to make an offer on this house. I want to make an offer. And one

of those documents is actually going to be in there and it's not always in

there, but this is what we saw and I'm not pointing fingers. I'm just saying

that, you know what? I thought this was a little bit of an unethical practice.

They actually had buried in the co in the contract, a buyer agency agreement.

That was, that was actually set out for six months. So that we're agreement.

That actually, it's a one page document that says from this date to this date,

you're my hostage. And if you find a house or I find you a house, or somebody

else finds your house, I still get paid.

And the funny thing that when the buyer questioned it,

because on this actual contract, the dates on the actual agreement for the

buyer agency were different than the dates in the contract. They happen to be

post date and she, Hey, you know, what is this? I didn't have to sign this

before. And the agent said, well, you know, we need that in order to present

your offer. So the buyer thought, my God, I got it. I have to get a house for

my family. I need to go sign this done. And she kind of went to get her against

her, better, better judgment, and against her gut. And I actually signed the

document cause she wanted to make sure she got her offer presented, you know,

and you know, in the real estate business, you have one responsibility it's

called your fiduciary obligation, which means that we are a fiduciary.

We're the person that's going to communicate between you

and the buyer or the seller. And that person has a responsibility that have a

license that says, I'm not going to mislead you. I'm not going to do something

that's unethical, or I'm not going to do anything that's going to hurt you. And

what's funny is, is that when we questioned that document the other agents

said, oh no, that's just in case I show you something. Well, it just turns out

that this particular buyer contacting us before the agent even knew this

property is on the market. And we said, Hey, you know, she said, Hey, I'm

working with an agency said, oh, all right. You know, well, you know, I said,

if you're working with an agent, you can come on Sunday when we have the open

house, she said, okay, great. So she called her agent and her agent said, well,

you know, I'm going to be doing open house from one o'clock to four o'clock.

I'm not going to be able to make it. But you can go there

and give them my name. And my agents are not at work with me on my team are

trained that if you come in our open house and you say, I'm working with

somebody, we go back to the front door to see if they came with you. Because if

they're your agent and they're showing you homes, you shouldn't be doing all

the work. You should be, the agent should be with you not down at their beach

house or something. So lo and behold turns out the agent was not with her. And

matter of fact, the buyer was very upset that over the past six months, she's

been trying to buy a home. And the, you know, she's doing all the legwork. And

she said, you know, and I said, well that's not a problem here.

We're going to help you and we'll show you the property.

And if you'd like, you can actually present it as a dual disclosed agent. You

could, my buyer agent will represent you and we'll represent the seller. And

she said, okay, you know, that sounds great. And she said, but you know, I did,

I think I did sign something. And when I got the document and I read through it

and I said, did you, were you aware that you even signed this? She goes, no.

She goes, I had, I was told that I had a sign that in order to make my offer on

the last property that we lost out on. And I said, were you aware that you're

still obligated to her for another five and a half months? If you find, if you

find anything and she's like, no, I wasn't aware of that.

And I said, well, there's a clause on here that says, if

you notify her within three days, you can cancel this for any reason, that's

what you're going to do. Right. She said, absolutely. But what's interesting

is, you know, the, the buyer, once I explained it to her, she knew exactly what

the girl was doing. I shouldn't say girl, the agent I said, you know, really

what they were doing was they were holding her hostage for all intents and

purposes because they feel as though once they do that. And then if you go find

something on your own, they can come back and say, Hey, we introduced that

property here because they, they, they had an auto, they had an automatic email

system setting up and sending them an email to notify them that that property

was in the market. So when start looking at it from that perspective you know, it,

it really one it's misleading.

Number two, when we questioned the agent, the agent said,

oh, you know, that's just on our properties. And the reality is, it's not, it's

actually on any property or they send you or introduce you to, which means that

it could be as simple as, as simple as taking somebody over there and telling

them about the property. But if they're not involved in it, then they shouldn't

get compensated. And what's the funny thing is in this case, the buyer was

actually the buyer. The buyer was actually doing all the homework and the agent

was hoping to go to their beach house, hanging out and get paid. And lo and

behold, we questioned it. But we did want it. We did think it was important

that you know, that other people out there are not caught up in that in that

little, in the oral agreement.

So when you're actually presenting an offer of you're

presenting an offer, and it's an, a written offer as an inbox, as in a contract

form, you want to read through it. And if you see something in there and it

says buyer agency agreement, you have to ask them specifically and say, are you

representing me? And for how long, and for what is this for? Is it for just

this property is a for anything? My suggestion is I wouldn't sign it at all. If

they made it mandatory, you can actually edit that document and make it a D

they make an addendum to it that says only for this particular property over at

1, 2, 3 Jones street. So I hope that helps you. If you are looking to find out

more about getting your home sold or finding out how to buy a home in this

crazy market, you want to come to a professional, w we're the only company at 10

X real estate marketing coaching.

We are the only company in the world. That's actually co

coaching. The consumer directly. There's printing on real estate agents out

there that are, that are coached, are coaching realtors. We're not coaching

realtors. We're actually coaching the consumer where it matters the most to put

thousands of dollars back in your pocket. If you want to find out how we can do

that, go check out our webinar. It's over at 10 X, R E m.com, w a the number 10

X, R E m.com. Check it out. I'll put it in the link and I'll put it in the

comments. We'll see, on the other side, if you've got any comments or if you

had an experience like this, and you're not sure what to do, just DME or tra

chat me and I'll look forward to seeing you on the other side. Sean's channel

is 10 X real estate marketing coaching. We're here for you. The only, the only

company in the, of its calling in the world where we're going to actually help

you to sell your house or do it with you, or do it for you, whatever you want

us to do, we're going to help you look forward to seeing you email. Thanks.