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Upsetting The Apple Cart

By
Real Estate Agent with Transaction Alliance 513.520.5305 www.LizTour.com SAL.2002007747

You might think selling a home is pretty simple.  A buyer offers a certain amount of money for the home, the seller agrees or doesn't, rinse lather repeat until they come to an agreement on price, dates and other critical aspects.

But the reality is it's not quite that simple, not even close.  There are a lot of moving parts to successfully completing a deal, and if any of them goes sideways the whole deal can disintegrate right before our eyes.

Of course the buyer can do things to cause a deal to go up in a puff of dust.  Things like making a major purchase before closing that throws off their debt to income ratios and losing the ability to get financing.  Been there, done that last year on one of our homes for sale.

And the seller can break a deal by being unreasonable for market conditions.  For instance refusing to fix a safety issue that is very important to the buyer just might cause the buyer to walk.

But there are other players that hold influence too.  Of course either agent might do something that causes a problem, increases tension and contributes to emotions going nuclear.  (It's another reason to be careful about the agent you hire, it's critical to hire a pro that can set aside personal feelings and stay on task for the big picture).

The home inspector plays a part too.  Most issues can be expressed factually, or turned into major buyer stress, all based on how the home inspector describes the findings.

And the lender has a say too.  Perhaps an error made during initial preapproval means the buyer really can't afford the home after all.

And the underwriter?  I can't count the number of times they've injected themselves into the deal with demands that often don't make sense to anyone else.  What do you mean you want the cistern to be 10 feet further away from the septic system?  You do know that both systems were approved by the county and meet local codes?

And of course the appraiser has input too, and if they're not keeping up with market conditions, they can undervalue a home or even worse, make errors in the report and then refuse to correct them.  So while the buyer and seller totally agree on what is market value, the appraiser's opinion trumps them both. 

So as you can see, there's a lot of people that have say on whether the apple cart gets to closing, or the wheels come off and the deal tips over.

 

 

Ready to talk about buying or selling a Warren County area home?  Just call 513-520-5305 or email Liz@LizSpear.com.  We look forward to hearing from you!

Liz and Bill aka BLiz

 

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Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of Transaction Alliance
Elizabeth Spear, ABR, Ohio License SAL.2002007747

William (Bill) Spear, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

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Comments (14)

Mike Kelly,CRS,CIPS
The MJKelly Team - Santa Rosa, CA
"One of Sonoma County's Natural Resources"

Boy, ain't that the truth! What drives me nuts are the lenders who sell to Fannie and Freddie, all the big boys, who don't ask the "condition" of the property, if it's on well/septic are their any "issues", health and safety, etc. Now, granted, most agents who BS there way through a description to a lender but this just comes right around and bites you in the A**!

Jun 22, 2017 06:25 PM
Liz and Bill Spear

Mike, What drives me nuts is when the FHA appraiser asks for something to be "fixed" that the buyer doesn't even care about.  Had one last year for peeling deck paint.  The seller corrected it, but the buyer had planned to strip all the paint off the deck and go back to natural wood.

Jun 25, 2017 07:59 AM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I would always hire an real estate agent to handle the sale of my house. too many people to keep track of nowadays

Jun 22, 2017 07:09 PM
Liz and Bill Spear

It can get complicated.

Jun 25, 2017 07:59 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Well stated; we are conductors of very large orchestras aren't we?!

Continued success with your business and thanks for the post. From San Diego, CA  have a great weekend!

Jun 22, 2017 09:59 PM
Liz and Bill Spear

There are a lot of people to keep happy besides our direct clients.

Jun 25, 2017 08:00 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Bill -

I feel really bad that I haven't commented on your posts for the last several days, and even worse that I'm drive-by commenting today - but as you see, I have an excuse - today is moving day.

Moving
My back aches, and my knees are on their last legs . But tonight, we'll be in our new home, with a renewed appreciation of what out clients go through. I'll be back to commenting again soon. Have a great weekend!

Jun 23, 2017 09:27 AM
Liz and Bill Spear

Dick, That'a pretty valid reason to be offline.  Good luck with the move!

Jun 25, 2017 08:01 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Oh gosh YES, Bill! And, we're at the helm trying to keep every one of those apples in the cart!  I'm still trying to figure out how to keep that appraiser from rolling out! Great post, Bill.

Jun 24, 2017 10:57 PM
Liz and Bill Spear

Debe, Had to deal with a recent appraiser issue here.  Fortunately buyer, seller, and agents worked together to make it work.

Jun 25, 2017 08:02 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Bill, many clients have no idea what goes on in a real estate deal. It's like the peaceful duck on the pond. Beautiful and calm above the water, and feverishly paddling below. Real estate has a lot of moving parts.

Jun 25, 2017 06:53 AM
Liz and Bill Spear

That's an analogy I like and use.  Very apt description of what our business is often like.

Jun 25, 2017 08:02 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Bill -- some journeys seem fraught with detours of all sorts while others seem smooth until....

Being prepared matters.  Always.   

And it's good to remember it's not over, 'til it's over.    

Jun 25, 2017 10:58 AM
Liz and Bill Spear

Michael, And it's the knowing what to do when it gets rough is what we REALLY get paid for.

Jun 28, 2017 06:34 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Liz and Bill Spear  Everyone thinks our job is easy  -- there is so much involved -isn't there

Jun 25, 2017 03:09 PM
Liz and Bill Spear

Lots of moving parts.  If things go right, we anticipate everything that could happen and shield it.  But some things aren't foreseeable and we'll work it from there.

Jun 28, 2017 06:35 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

I often say to clients it is not the purchase or the sale which is why you hire me, it is what comes after, managing all the moving parts.

Jun 26, 2017 05:48 AM
Liz and Bill Spear

That can be the most challenging part.

Jun 28, 2017 06:35 AM
Melissa Spittel
Coldwell Banker Residential Brokerage - Westminster, MD
"Achieving Results Together "

I always enjoy it when buyers and sellers say "wow, you really do a lot". It's nice when they realize there is way more to their sale or purchase than my providing  forms for them to complete. I always say up front "Consider me your project manager". They don't understand at the time, but do by the end. 

Jun 27, 2017 08:03 PM
Liz and Bill Spear

That's a good description for what we do!

Jun 28, 2017 06:35 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

Hiring an experienced professional to represent your end of the deal is crucial to a successful sale. You never know what kind of crazy is going to have to be dealt with.

Jun 28, 2017 03:50 AM
Liz and Bill Spear

and just when you think you've seen it all, a new kind of crazy comes along :)

Jun 28, 2017 06:36 AM
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

Well, if it was easy, everyone could do it. But as many have found out the hard way trying to do it them selves, it's not. And if you don't know what you're doing, you could end up in court. If you need surgery, do you operate on yourself?? Of course not. You hire a professional licensed surgeon. Always hire a licensed professional Realtor to help you buy or seller the biggest investment most people have in their lifetime. Great post. 

Jun 28, 2017 04:48 PM
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

I went on a listing appointment last week and they started off with they might not need a real estate agent.

They allowed me to continue my presentation. I took them through the process and who all would be involved. I shared that I was like a project manager. When they saw all the details to try to keep track of an understand, they easily signed a listing agreement with me.

Jun 28, 2017 06:19 PM
Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear BLiz,

So true. For our clients, things eventually calm down after they settle & move, but we have to do it over & over & over. I guess eating your wheaties & running around the block from time to time are especially important for stress reduction.

Jun 28, 2017 09:16 PM