One thing that I took away from GRI (Graduate Realtor Institute) was DISCLOSE DISCLOSE DISCLOSE. I also found a new love for disclosures and perfect contracts. I like things to be "perfect" and pre-GRI my standard buyer contract was around 30 pages and post-GRI my contracts inflated to about 80 pages. My final listing contract after the deal has closed easily is over 130 pages. My compliance manager says my paperwork is the best she has ever seen.
I closed a deal a few months ago with a cash buyer. I provided my client all my standard disclosures, advised them, and this was an older couple, and this was their fourth home. They had been looking for more than a year, and had gone through four agents. From start to finish I had found them their dream home in less than 14 days.
About six months after the deal had closed; I got a call from the buyer. He asked me the name of his insurance company because he had hail damage. I remember the client talking about getting a binder from an insurance company, but there was nothing built into my business system to cross check.
I contacted the insurance company and they provided me with the name and number of Old Republic. They knew exactly what I was asking, and they would not return my calls after that. It was clear that they saw a lawsuit coming a mile away.
My clients got an insurance policy, and paid for the shingle overlay, which in reality was less than what his deductible would have been, but the fact remains, had the buyer obtained financing for this home, the title company would have insured he had insurance on his home. This started me thinking, do cash buyers get the attention they deserve?
I believe that from the perspective of a Realtor, the service is the same. But, it is my opinion that fro m the title company, it is not. What are your thoughts?
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