A few evenings ago, I was in a meeting where an issue arose due to a misunderstanding. Misunderstandings are annoying at the best of times, but when it can cost someone money - then it is really upsetting.
My over 22 years in real estate have given me experience in all types of markets, negotiations and situations. It has afforded me the luxury of being considered an expert in my field. My background as a public speaker, makes it impossible for me not to want to share my knowledge, even sometimes when it is not necessarily in my own best interest. I cannot bear misinformation. That was one of the reasons, I did the radio show on 94.3 The Point, for three years. Many listeners called me with questions, many of them out of the area. I am always happy to help.
Imagine, how frustrating to be in a meeting where the other party is misinformed and given bad information. I am not talking about opinions like comps, but hard information. It is an awkward situation at best, it feels uncomfortable pointing out that they have been given wrong information, it is embarrasing to know that they do not have the correct information - but to correct them properly, it would mean embarrasing their agent.
In real estate information is so valuable, and if a client is misinformed or not educated- it ultimately can cost them money. Yet, some people choose an agent based on their eagerness to please, and which one told them highest price in the market analysis. STOP.
The public should demand so much more than that. It is so easy to get a real estate license, and so many agents never bother to get properly trained. With some, it is disinterest, some others it is lazyness or even ego. (You know "the first day on the job know it all types" )
I personally train all my agents so that they can share in the knowledge and experience that I have to offer. Those that do not get properly trained in this industry will utilimately cost their clients time and money. Those that do not feel it necessary to go to ongoing training and workshops are encouraged to leave the business - at the very least the office! Although that does not help the public when they take their lack of knowledge elsewhere.
For those agents that are not sure, please ask your manager the questions - don't fake it. It is ok to be new, it is not ok to be arrogant. For the sake of your client, for the sake of the other agent, and for the sake of the industry. GET IT RIGHT.
For the public that did not know this today - I apologize on behalf of the industry.
Here is information that should have been explained to you by your agent.
A First Right of Refusal is simply an agreement between a seller and a potential buyer allowing the buyer the option to purchase the seller's home within a specific time period. The seller generally keeps the home on the market, and if another offer comes in, the original buyer would have the right to waive the contingecy,and proceed to close. If the buyer is unable to waive the contingency the seller then has the right to cancel the contract and proceed with the second buyer. The seller is giving the right of first refusal to the buyer. If the buyer is not able to waive the first right of refusal contingency in the time frame, the seller can give the buyer an extension or not. Obviously, if the seller has another offer, he would not. If he has no other offers, an extension would seem logical.The seller is giving the buyer the right to purchase the property prior to anybody else being allowed to purchase it. The Buyer HAS the right of first refusal, the Seller GIVES the right of first refusal.
Therefore the seller, at worst case scenario,has if you will a last resort offer. If they cannot find another buyer they know they still have their original buyer - as soon as that buyer can perform.