Okay, I admit it. I know from personal experience that there are unequivocally more reasons then can be counted that agents such as myself wake up in the middle of the night tossing, turning and sweating. And, I certainly recognize that every transaction can be challenging in its own unique way. However, the latest transaction I handled was more than a challenge; it was a 10 on the stress-o-meter. In the spirit of sharing "tales from the trenches" with others who may have had similar experiences, and while it is still top-of-mind, here is my story.
Challenge One: The agent representing the Seller is their friend and he has another job. Real estate is a part-time gig for this person and must be squeezed in before 8am or after 8pm. We are in the midst of negotiating. Deadlines have arrived. Decisions need to be made. I cannot reach this person by cell phone live. I cannot get an email response within the course of the business day. I am tearing my hair out. Thank heavens for addendums.
Challenge Two: Our offer is reasonable but after one Seller counter and one Buyer counter, the Seller is done. My clients love the house but are cautious first time buyers and this is a huge leap for them. I urge the listing agent to keep the transaction in play. I represent my client's case via lengthy emails to him (remember, I cannot reach this person live). "Don't let this deal die...in the spirit of good faith negotiating...let's come together to make it work for both parties..." I wonder if the Seller is not motivated, or could it be their agent? I am tearing my hair out. Finally, after seemingly endless imploring, we reach an agreement.
Challenge Three: The Lender tells me to remove contingencies. The loan has been approved and everything is in place to fund on schedule. One day before signing, the second loan is sent back for further review. Thanks to the Bear Stearns meltdown, the underwriters are panicking. Now, I cannot reach the Loan Officer. She has come down with the flu and has handed off my client's loan to her assistant. Her assistant won't return my phone calls. I am tearing my hair out. Three days before close, the loan is still under review. I cannot get an answer from anyone on mortgage status. My phone calls are not being returned. My clients are asking me whether they should be worried. I am tearing my hair out. I go to the Mortgage Company and tell the receptionist that I am not leaving until the Loan Manager meets with me in person. Luckily, I kept all emails and phone messages stating the loan was approved and to remove contingencies.
Yes, after more than a few hairs lost (and a host of gray ones to boot!), the transaction did close. One day late, but it did get done. My clients are very happy indeed and also beyond appreciative.
What lessons did I learn?
#1) Never give up, even if the other side does -- because you just never know.
#2) Put everything (within reason!) in writing.
#3) To be successful in this business, you need to make a commitment to give it your all, full-time.
#4) Don't tear your hair out. Get a punching bag instead.
;)
;)
