Comments on: “114 Pounds of Absolute Perserverance” http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html Redfin Corporate Blog Sun, 22 Nov 2009 20:09:04 -0800 http://wordpress.org/?v=2.8.1 hourly 1 By: Jon Boyd http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-4456 Jon Boyd Tue, 11 Nov 2008 23:52:55 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-4456 One thing I hope we can all agree on is that it is worthwhile for a buyer to understand what kind of agent they are getting and what services the agent offers. This seems to have been missing in this transaction. Jon Boyd Exclusive Buyer's Broker The Home Buyer's Agent of Ann Arbor, Inc. One thing I hope we can all agree on is that it is worthwhile for a buyer to understand what kind of agent they are getting and what services the agent offers.

This seems to have been missing in this transaction.

Jon Boyd
Exclusive Buyer’s Broker
The Home Buyer’s Agent of Ann Arbor, Inc.

]]> By: Summit http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-3358 Summit Tue, 01 Jul 2008 00:06:04 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-3358 Oh, and their house has gone up in value since they bought it. Well thats pretty funny. Moot point indeed! Oh, and their house has gone up in value since they bought it.

Well thats pretty funny. Moot point indeed!

]]> By: Charles in Las Vegas http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-3108 Charles in Las Vegas Tue, 03 Jun 2008 17:45:08 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-3108 Well this is all a moot point now that the Ummels have lost their lawsuit. Oh, and their house has gone up in value since they bought it. Well this is all a moot point now that the Ummels have lost their lawsuit. Oh, and their house has gone up in value since they bought it.

]]> By: Give Me Price Discovery, But Not Yet | Redfin Corporate Blog http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-2693 Give Me Price Discovery, But Not Yet | Redfin Corporate Blog Thu, 21 Feb 2008 20:08:51 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-2693 [...] we think the solution to the price discovery problem is more information. Informed consumers are one of the basic prerequisites for an efficient market. In the bubble, [...] [...] we think the solution to the price discovery problem is more information. Informed consumers are one of the basic prerequisites for an efficient market. In the bubble, [...]

]]> By: Atlanta apartment http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-2670 Atlanta apartment Sat, 16 Feb 2008 23:09:03 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-2670 I don't agree with it being the fault of the buyer for not doing their homework. When you elect a Buyers agent to represent you, you should expect the agent to perform their fiduciary duty to represent your best interests in the transaction. This is the same way that you would with a doctor or lawyer. This is why they are paid fees. However, since the buyers agent is only paid a commission if a purchase is made, there is a conflict of interests in the buyer-agent relationship. Therefore if the client is not in a financial position to purchase a property, should the buyers agent advise them of this and forgo the commission, which is their source of income from the relationship. It would be equivalent to a doctor working 3 weeks on a patient and only getting paid if the patient survived. This conflict needs to be addressed. I don’t agree with it being the fault of the buyer for not doing their homework. When you elect a Buyers agent to represent you, you should expect the agent to perform their fiduciary duty to represent your best interests in the transaction. This is the same way that you would with a doctor or lawyer. This is why they are paid fees.

However, since the buyers agent is only paid a commission if a purchase is made, there is a conflict of interests in the buyer-agent relationship. Therefore if the client is not in a financial position to purchase a property, should the buyers agent advise them of this and forgo the commission, which is their source of income from the relationship. It would be equivalent to a doctor working 3 weeks on a patient and only getting paid if the patient survived. This conflict needs to be addressed.

]]> By: Three biggest stories in the past 7 days | Real Central VA http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-2489 Three biggest stories in the past 7 days | Real Central VA Wed, 30 Jan 2008 13:07:44 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-2489 [...] Buyer’s Agent sued by Buyer - if the agent really didn’t provide comps to the buyer, my opinion changes entirely. There’s absolutely more to the story, but come on. [...] [...] Buyer’s Agent sued by Buyer – if the agent really didn’t provide comps to the buyer, my opinion changes entirely. There’s absolutely more to the story, but come on. [...]

]]> By: V.M. http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-2487 V.M. Tue, 29 Jan 2008 17:56:13 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-2487 The fact that the buyer broker worked with the appraiser and kept the comparables hidden until after closing is not only unethical, but also could be deemed fraudulent. If Ummel had decided to cancel the contract before closing based on "fraud" or negligence, the seller probably would have tried to keep her to the contract and Ummel would still be in litigation... I can't stand the amount of people who have jumped to blame Ms. Ummel and her husband for not doing their "homework." The agent has a duty to disclose things that are material to the house and that affect its value. Seems like this agent did not do that until the house was purchased. Check out this article: www.bnglawyers.com/CM/Custom/cfa.pdf Has anyone heard if the judge has heard her case? The fact that the buyer broker worked with the appraiser and kept the comparables hidden until after closing is not only unethical, but also could be deemed fraudulent. If Ummel had decided to cancel the contract before closing based on “fraud” or negligence, the seller probably would have tried to keep her to the contract and Ummel would still be in litigation…
I can’t stand the amount of people who have jumped to blame Ms. Ummel and her husband for not doing their “homework.” The agent has a duty to disclose things that are material to the house and that affect its value. Seems like this agent did not do that until the house was purchased. Check out this article:
http://www.bnglawyers.com/CM/Custom/cfa.pdf
Has anyone heard if the judge has heard her case?

]]> By: Charleston Real Estate Blog : The all-Ummel Odysseus Medals, January 28 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-2486 Charleston Real Estate Blog : The all-Ummel Odysseus Medals, January 28 Mon, 28 Jan 2008 23:07:55 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-2486 [...] this week goes to Glenn Kelman at the Redfin Corporate Blog for his outstanding take on the story, “114 Pounds of Absolute Perserverance”. Jay Thompson, The Phoenix Real Estate Guy chimes in and [...] [...] this week goes to Glenn Kelman at the Redfin Corporate Blog for his outstanding take on the story, “114 Pounds of Absolute Perserverance”. Jay Thompson, The Phoenix Real Estate Guy chimes in and [...]

]]> By: Carlsbad Agent http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-2485 Carlsbad Agent Mon, 28 Jan 2008 19:40:42 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-2485 First, I would like to clear up one of the statements you made above... "Two nearly identical houses in the same, nearly new development sold at almost the exact same time for $105,000 and $175,000 less" The buyers agent had or should have had knowledge of the Sale price of only one of these homes. The home that sold for $105k less then the Ummel's home. The second home closed escrow on the Same Day as the Ummel's home and was not public knowledge until that home was recorded and the agent updated the MLS. Yes, the buyers agent had a responsibility to inform his buyers of all the comps. What none of the articles mention is that there were and are many other comps that justify the price they paid. A final note is that the Ummels home was marketed as having a view and the agent mentions that they were interested in having a private back yard. It is typical in that area of Aviara for homes with Views to sell for $100,000 or More then similar models. First, I would like to clear up one of the statements you made above…
“Two nearly identical houses in the same, nearly new development sold at almost the exact same time for $105,000 and $175,000 less”

The buyers agent had or should have had knowledge of the Sale price of only one of these homes. The home that sold for $105k less then the Ummel’s home. The second home closed escrow on the Same Day as the Ummel’s home and was not public knowledge until that home was recorded and the agent updated the MLS.

Yes, the buyers agent had a responsibility to inform his buyers of all the comps. What none of the articles mention is that there were and are many other comps that justify the price they paid.

A final note is that the Ummels home was marketed as having a view and the agent mentions that they were interested in having a private back yard. It is typical in that area of Aviara for homes with Views to sell for $100,000 or More then similar models.

]]> By: The Odysseus Medal: “A hopeless attempt to regain what she lost: her sense of trust and self-reliance” | BloodhoundBlog: Real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html/comment-page-1#comment-2484 The Odysseus Medal: “A hopeless attempt to regain what she lost: her sense of trust and self-reliance” | BloodhoundBlog: Real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments Mon, 28 Jan 2008 19:27:58 +0000 http://blog.redfin.com/blog/2008/01/114_pounds_of_absolute_perserverance.html#comment-2484 [...] start with Glenn Kelmann, who wins The Odysseus Medal this week for “114 Pounds of Absolute Perserverance”: Once a buyer’s agent begins making representations about price, it seems possible for him to [...] [...] start with Glenn Kelmann, who wins The Odysseus Medal this week for “114 Pounds of Absolute Perserverance”: Once a buyer’s agent begins making representations about price, it seems possible for him to [...]

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