Another deal crashes and burns...and now the agent is humble

DS,

I always ask "Are you a Deal maker,or Deal Breaker" when the Sheesh begins to hit the fan.

It seperates the pro`s from th schmoe`s...

Dennis... This is a classic example of a good experienced agent v/s a poor inexperienced agent. People need to work together in this arena... It really makes you wonder...

We have not and probably never will get rid of the 3 card monte's in the mortgage business.  They feed new agents with a line of bull a mile long and they buy it hook, line & sinker!

It makes so much sense to work together and get all the bugs out up front.  A better and more reliable mortgage person/company would have been much better for sure! 

I have to say, yesterday I had to fill out a disclosure form for a HOA fee of $150 per year which was not disclosed by the very senior negligent listing agent.  Time in business is not equal to diligent and attentive business practices.

We need to work together or quit the business!    Sell hot dogs or something!!!

When a buyer's loan officer won't respond with status about the loan process, the house goes back on the market. 

Too many agents encourage their sellers to accept contract from buyers without sound financial information.  We don't even look at a contract without a signed financial statement.

If the buyer's mortgage company won't communicate with the agent for the seller, that is "not cooperating with the financing process" and cause for NOTICE to the seller to comply or the seller will void the contract and the buyer will forfeit the earnest money. 

The best procedure is not to accept contracts without complete financials on the buyer in the first place. 

Agents are often to anxous to get the contract and don't protect their seller.  I get calls regularly from agents and buyers who want advice about stalled contracts.  They are usually contracts that shouldn't have been ratified in the first place.

It always bothers me up front when I can't get my questions answered about financing.  In VA, our standard contract form has a check box that allows them to share info, and we won't take a contract without that permission. I've also taken to recommending to my clients that they only accept lender letters from lenders who have their own money.

Sorry to hear about your deal though.  Having been there, I know how painful it can be.  Unfortunately, right now its the nature of the beast.  Best of luck in the future.

Dennis - Your post is so true, and oh so real.  I think that the listing agent has every right to contact the financial institution to get a status update.  Agents who lack experience, sometimes have to feel like they are the negotiator or top dog, and it sets an unprofessional image for them.  I'm sorry that this happened to you, and I hope that when this buyer goes bye-bye then you can get a more qualified one in there.

Stan Barsch

Dennis- some agents old and new just don't get it, We are in this together. NOBODY makes money if the deal falls Thur. You are right, Ego must get in the way, I met a young lady at a brokers open telling me how great she was, on and on about her over priced house, until her friend told her who I was..Oh yes! I'm that DialDarin... duh... I guess some agents NEVER get it. I think it is lack of training in the begining. I am for more training in Florida to get your license. 

Dennis, you are absolutely right. Communication is the key to getting a transaction to the settlement table. Sometimes you have to take matters into your own hands and do the other agent's job.

Good Post!