July 2021
Bad experience:
I listed my brother's home for sale with John Sharkey - Iowa realty in 2021
The transaction was one sided from the beginning - favoring the buyer's side. My agent John Sharkey failed miserably in honoring his fiduciary duties to me as a seller.
I feel that Iowa realty's representatives' broker - Barry Frink and the CEO Kim Bakey were just as negligent in representing me with my transaction.
John entered my listing into the multiple listing service. That same evening at 8:00 pm (too late in the evening to do any business) John called me to tell me he received a full price offer and that he would be by at 9:00 am for me to sign it. John arrived and was very forthright with me and insisted I sign the offer. John also told me there were (2) other possible buyers wanting to see the property that day. I told John I wanted to show the property to as many people as possible. He said no that this would be the best offer I would receive, again I insisted only to be turned down again with my request. I was intimidated and felt I needed to sign the offer right then and there. (There were no other showings.) The signed contract included a septic addendum. I signed the paperwork. In hindsight the paperwork was not explained to me as I feel now it should have been. I say this because what I thought was a septic inspection only, turned out to be an agreement for me the seller to pay for all costs associated with the septic including any and all repairs and total replacement. This signing was before the septic was even inspected. This is where the transaction went sideways. The septic system needed to be totally replaced with an amount of up to 25,000.00. I was shocked! John and Barry 's response was "you signed the addendum, let's go to close" what?! No, we are not going to close! We need to negotiate this septic. I did not understand and you as the professional failed to inform me of what could possibly happen by signing the septic addendum. I was stuck! No one was on my side representing me! I was not going to allow this misrepresentation to happen to me. The buyers were not willing to negotiate. I asked John to submit an addendum reflecting a 50/50 split in costs (this should have been his suggestion) which he did reluctantly. I did not receive a response to this addendum ever. There were unanswered long periods of silence, leaving me wondering what was going on.
The buyers hired an attorney to send to me a "generic attorney letter demanding I proceed to close." I, in turn, had to hire my own attorney which cost me a substantial amount of money. This was so unnecessary. I hired Iowa realty and John Sharkey to negotiate for me at a commission rate of 3%. I never should have been forced to hire an attorney. I have a friend who is real estate agent in another state that assisted me through this nightmare! (I should have talked with her before I signed anything and for that I take responsibility.) I never thought for a minute I couldn't trust my agent and I thought fiduciary duties meant something. The end result was the buyers did indeed by the house. (I always felt John knew the buyers and their agent and he was on their side determined to get the house for them.) The septic was negotiated by me and my realtor friend to a fair and reasonable amount to both parties. My attorney had to write several letters. (Had the buyers accepted the initial addendum they would have negotiated a better deal for themselves. But I feel because of greed by all John, Barry the buyers and the buyer's agent they all failed the buyers as well. John Sharkey, Barry Frink and Iowa realty collected their unearned full commission. (John did not attend the septic inspection.) I called the CEO of Iowa realty Kim Bakey to file a complaint and to explain how her agents failed to represent me and the fiduciary duties were not adhered to. Kim Bakey responded "her agents were not negligent "and the property closed." The end! I should have not expected anything less! My realtor friend was the one who represented me. None of them! Iowa realty cost me daily frustration, immense anxiety and additional money needlessly. I would not put my trust in this company's realtors and management.
Please do yourself a favor and find another realtor and a real-estate company to represent you. Be sure to understand the contract you are signing and do not sign if you have any questions or concerns. A true buyer will buy the home when you are ready and when you are comfortable with your obligations in the contract. My first clue was at the very beginning when the (2) two possible buyers were not allowed to view the home even though I insisted they take a look.
I would not wish this expensive nightmare on anyone! read more
