How a Buyers Agent can Let Down a Buyer

Frustrated Buyer

Perhaps one of the best ways to understand the value of using a buyers agent is to look at what happens when a buyers agent doesn’t do her job.

Before recently meeting with a seller I printed the previous listing sheet for her home. It showed that the home had 3 bedrooms and a full basement. When she gave me a tour of the home I was puzzled only seeing 2 bedrooms upstairs and knowing that there wasn’t a bedroom on the main level. Sure enough the 3rd “bedroom” was in the basement. Unless a basement is a walkout basement, you can’t count any rooms in the basement as bedrooms.

While discussing the bedroom discrepancy, she showed me the appraisal that was done when she bought the home. In addition to seeing that the appraiser described the home as having 2 bedrooms and a den, I also noticed that the square footage for the basement was significantly less than for the main level! Thus, the seller thinking she was buying a 3 bedroom with full basement home had really purchased a 2 bedroom with a partial basement!

The seller said she specifically told her buyers agent that she wanted to buy a 3 bedroom home. She showed me the “comparables” her buyers agent had run for her which was nothing but a dump of several properties of various sizes that had sold in the area.

Shame on the listing agent for mislisting the property. Interestingly, the property had previously been listed as 3 bedrooms and a full basement, so the listing agent may not have been deliberately misleading, but just lazy.

However, there is no excuse for the buyers agent.

She should have caught that the bedroom count was incorrect.
She should have caught that the basement wasn’t a full basement.
She should have produced comparables for a 2 bedroom with a partial basement.

A large part of a buyer agent’s responsibilities is to look out for her client’s best interests. Unfortunately, that didn’t happen in this case.

ABOUT THE AUTHOR

Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More