Our buyer made this mistake that cost him the home of his dreams.
And the worst part is it was all avoidable.
I'm going to tell you exactly what he did and how you can avoid making the same mistake.
If you're new to our channel.
My name is Felix Chan with the LiveInnerCity real estate team in Calgary, Alberta.
And we bring you the best tips and tricks for home buyers, home sellers and investors.
And we also provide home and condo tours and community highlights.
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As a realtor, since 2012, I haven't seen this happen very often and I wanted to share it
with you guys.
So let's get right into it.
Now to provide you some context, I have to give you some background information on what
happened.
So our team is working with a buyer who refuses to sign an exclusive buyer's agreement.
And what an exclusive buyer's agreement is.
It's an agreement that you're working exclusively with each other.
All realtors are required to have this document signed at some point in the working relationship
with anyone.
In this agreement, we've explained our fiduciary duties to the buyer and our responsibilities
to each other.
Now, I'm not sure why he's not signing the agreement with us because we have earned his
trust.
Prior to calling us, he has been working with two other realtors and for the last few months,
every time he's been wanting to look at properties, he's called us.
As a result, we've explained to him that even though he doesn't have an official agreement
with us, which he would have to sign when we write an offer anyway, that all the communication
should go through us.
He should not be talking to the listing realtors.
Well, we went and took him to see a property that he absolutely loved.
What he ended up doing was calling the listing realtor and started to ask him questions.
And the listing realtor thought that he wasn't working with a realtor.
And so he gave the buyer some information that he probably shouldn't have.
The buyer then came back to us and said, he wants to write an offer on the property for
X dollars.
So we said, okay, cool.
Now at this point we did not know that he went and talked to the listing realtor and
the listing realtor doesn't know that he will be submitting an offer with a realtor.
Through our due diligence, and part of that is speaking with the listing realtor, we found
out that the buyer kind of went behind our backs with each other, which left a sour taste
with the listing realtor and the seller.
When we submitted the offer, the seller ended up getting another offer and they took that
offer because they didn't want to work with our buyer.
And you can't really blame the listing realtor because to the listing realtor, the buyer
seemed dishonest, was borderline unethical, and didn't act in good faith.
So even if they took our offer and something went sideways, the sellers wouldn't know if
it was a legitimate excuse if the deal went sideways, or if there was something happening
behind the scenes that no one knows about.
The moral of the story is if you found someone that you like and you trust, sign a buyer's
agreement with them.
They are representing you.
You guys are on the same team.
You're not fighting each other.
So sign the agreement, show the realtor that you are fully committed to working with them.
And you can avoid costly mistakes that could cost you your dream home.
This agreement is required at some point during the transaction anyway.
So be honest with your realtor, communicate with your realtor.
If there's anything that you're thinking about or something that's not quite working out,
make sure you let them know that way you have your own representation.
I would believe that most states or provinces would have something similar.
So if you have any questions or you want to read it over before you sign anything or even
hire a realtor, feel free to reach out to your realtor in your local market or us.
If you happen to be in Calgary, Alberta, we would be happy to kind of go through all of
the necessary points with you.
I hope this story was helpful and valuable for you, and that you can learn from his mistakes.
If you're a home buyer, we have two videos that will help you with your home buying journey.
The first video is the costs of buying a home.
And the second is how to choose the right home for you.
I'll have it either up here or in the description below so you want to make sure that you check
those out.
If you did learn something from today, we come up with videos every single week.
So feel free to hit the subscribe button and the notification bell so you know when we
have our next videos coming out.
My name is Felix Chan with the LiveInnerCity real estate team here in Calgary, Alberta,
helping you keep real estate simple.
And we'll see you in the next video.