07/11/2024
What Age Should a Real Estate Agent Retire?
As a Realtor I try my hardest to not to get flustered or untethered when dealing with Buyers and Sellers. For the most part I am successful and pride myself on my laid back and calmness when inside I am a wreck and wrought with worry because I don’t like to fail. Failure is not an option in my book. As a Seller and a Realtor, in selling my Brothers Estate in upstate NY, I promised myself I’d let the Agent do the job they were hired to do without interference. I failed. I am sorry. I took control out of the Listing Agents hand and moved forward to resolve the routine mundane issues which laid before the buyer and myself.
I hired a National Brand Agent with 45 years of experience and awards to go with it. She certainly gave the right sales pitch. Everything went smoothly from the Listing Contract, the Showings, with the review of Purchase and Sales Contract to Ratification. But that is where it ended.
She did not follow up with the Selling agent as to what loan the buyer was obtaining and specifically the grant, he was obtaining for the down payment. My request was to find out incase the contract needed modifications on required inspections as the Purchase Agreement was Sold AS-IS with no contingencies.
We had initially 3 basic requests (see end of post)– the 1st one dealt with moisture in the basement. My brother’s house is at the base of a mountain which was modified to include Landscaping to grade around the house, so rainwater falls away from the foundation.
The Sellers Agent only needed to simply ask the Buyers Agent how the buyer wanted to proceed. The inspections were on the Buyers Side. However, the Listing Agent readily agreed the Seller would pay half of 2 & 3 and Buyer would pay all of 1. Laughable I know. But honestly, I knew I’d have to pay something because My brother made no real repairs or upgrades in this house since 1972.
The length of time it was taking to get these inspections completed before closing which was slated for 6/20/24 and now 7/11/24 along with the massive spin of potential solutions along with total confusion My Agent stirred it became necessary for me as the Seller and Realtor in VA to take hold to get this moved to a closeable solution. In addition, I do not have an addendum to address the additional up charges, only one that shows a fee of 650.00 for buyer and seller each. All total I expect to pay 4,500.00 on top of agent’s commissions and Attorney Fees.
Calling the Listing Side Broker was more frustrating that the actual situation because she is his top producing agent at 84 years of age (she certainly doesn’t look her age) that he wasn’t too willing to solve a problem until I raised ethical issues and damages would be forthcoming. It made the situation more focused but not resolved to the spin or justifications as to "Why".
I chose a different approach to a solution. Since I have been included in the group emails from the closing and settlement side – I just did her job for her and communicated how a Realtor should with all parties and in a timely manner. Since I found three of the four inspectors /vendors involved I was able to get reports in a timely manner and the new work required last Monday was completed yesterday. Now we can go to closing sometime next week one month later without an addendum to address all the changes. I paid for the new work upfront.
There are a host of issues from both Listing Agent & Buyers Agent but the one I want to address here in this post is – WHO DO THEY WORK FOR? They want to get paid – I assume so.
Neither Agent handled communications between their Buyer and or Seller in a timely manner nor was the information given very accurate and most confusing. Buyer complained his agent was slow to communicate and My Agent said she was unresponsive. I don’t care which Agent is at Fault because in my book – they both are. Given my Agents age – I’ll be respectful and fade away – but her Broker knows exactly how I feel, and she had better think about retirement seriously. Her interference in meddling with a contract is inexcusable. I may change my mind if I am billed additional Attorney fees because of her debacle.
While I did not go into details on all the spins on possible solutions which did not address the specific request from the Bank or how my Agents remarks "Let me try to do it my way - I know what I m doing". Suffice it to say it gave me insights as to what a Buyer and or Seller may go through when agents fail to communicate and execute contracts in a professional and timely manner and why some contracts fall apart before closing as well as the expenses.
It does raise another ethical issue and it is: At what Age should a Real Estate Agent Retire? Is 84 years of age too old to be a Real Estate Agent? You be the Judge.
Below are the three initial bank requests.
1. Satisfactory inspection of the basement by a licensed qualified inspector with regard to the dampness or possible mold in the corner of the basement. Inspection to identify material and indicate if any repairs are required. Cost estimate and who is responsible to pay for repairs would be required. Subject to review.
2. Satisfactory septic or cesspool inspection completed by an experienced, reputable, local provider for subject property to determine that the system is functioning property and no repairs are required. ( must be signed and dated by a septic inspection) NOT A DYE TEST**
2. Satisfactory well water test completed by a State certified Laboratory for subject property including Ecoli, Coliform bacteria, Lead, Nitrate, Nitrite, Arsenic, Sodium, Iron, Manganese, Turbidity, pH, Hardness and Alkalinity and meet EPA Standards. Must meet NYSDOH Potability requirements.
