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Are Your 08' Deals In The "Bermuda Triangle"?

By
Real Estate Agent with Network Real Estate, Inc. PB00001682

 

 

Are Your 08' Deals In The "Bermuda Triangle"?

 

 

  I've had my share of Good Deals Gone Bad.  For example I had a sale many years ago where the buyer, about 90 years old, was getting on a plane to come to the closing and DIED before the plane took off.  I use that example a lot in telling agents "DON'T spend the commission until it's IN HAND".  And everyone has had those newbie first time buyers that you show them 100 houses in 8 months just to find out they "Bought from another agent".

  See...they know something we don't know...."ALL Real Estate commissions nationally go into a "COMMISSIONS POOL" ... then the NAR divides the checks and mails them to all the agents equally" ...right?

  I have a real estate friend that had a great year in 2007 but in 2008 he's had the following happen:
   
L  A newbie real estate agent didn't disclose he was an "agent" and had my friend show him a house 4 times and then told him he wanted to make an offer and THEN wanted to know if he was getting "his" part of the commission"
   
M  Then he had a 3 house sale transaction where the 1st buyer in line lied about being preapproved and crashed 3 sets of sales all because he "thought" some "other" agent could get him a loan when he'd already been turned down.
 
ä Then he sold one of the same houses in this 3 transaction deal that involved 2 houses and the 1st buyer in line doing a VA loan backs out 3 days before closing because he said his "salary and position" changed and he no longer qualifies for the loan.  This is after my friends seller he represented paid for a survey and made a bunch of special request repairs.
 
… Then he had a listing from someone that lives out of the country and after going to hell and back over 4 months getting it sold, thought a second listing from this seller would be easy and he spent over 4 months just getting it on the market.  He figures IF it sells he'll wind up with less than McDonald's wages.
 
D  Then he gets a listing on some land that the owner said it was located in one place when all indications were from 2 separate surveyors that the land was in a totally different location.  It's taken almost 4 months now for him to get the seller to pay for a survey, but only after he sells off a small piece of the land for enough money to pay for the survey.  His commission on that is a whopping $300.
 
·  Then he has another land and mobile home sale between a relative and a seller client and what was supposed to be a easy, fast closing has turned out to be the deal from hell with all kinds of title problems to work out and after working on it for over 3 months and 3 delayed closing...he MIGHT get it closed.

WHEW...it gives me a headache thinking of the bad luck he's had this year alone!  It's almost like the Bermuda Triangle has shifted over any area he has been working on this year.  HAVE YOU HAD MORE DEALS GO "SOUTH" THIS YEAR THAN NORMAL?

Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR

David, don't you think it is rude of you to tell all this about my year?  LOL

Sep 13, 2008 01:43 PM
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

LOL....Barbara, I would have never thought you would have been having a difficult year!  Mine has been pretty good so far...why I don't know.

Sep 13, 2008 03:01 PM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

David, LOVE the title and the visual! What a great photograph --- just goes to prove how good great visuals are, right? Thanks for commenting on my blog. It made me want to visit yours. I know a lot of people who are having a really tough time. We have been very blessed and are having a decent year. Two of my real estate buddies have their homes on the market.

Others have secret parttime jobs. Buyers can be very squirrely. We had a contract on a listing and the lady went out of town, came back and canceled the contract for no apparent reason. Due to her agent's incompetence, there was no binder deposited as was specified in the contract, so there was nothing to encourage her to continue.

Sep 15, 2008 02:14 PM
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

Thanks Sharon.  Yeah...I know a bunch of real estates that are having an extremely tough time.  I guess my tenure of 34 years and the number of people I know don't have as near a negative impact as those that haven't been in the business a long time.  I feel for them.

By the way...I'm sooooo jealous you live in Florida!  That's where I've wanted to be for such a long time.  When my daughter graduates from high school in 4 years, we are seriously thinking about maybe her going to Gainesville and us semi-retiring in St. Augustine.  I haven't been there in years.  I never hear about hurricanes that far north, so maybe it's safe?

Sep 15, 2008 02:53 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

David,

I want to know more about that upside down house with the ladder alongside!

Mike in Tucson

Sep 16, 2008 01:34 PM
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

Hey Mike...you mean you want to know where it is actually located?  That I haven't a clue.  I think I got the pick out of iStock.com  It might have a write up about where it's at.

Sep 16, 2008 02:09 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Thanks, David!  What I'm wondering is whether the inside is upside down and livable.  It's pretty cool.

Mike in Tucson

Sep 16, 2008 02:16 PM
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

Mike...I am virtually positive that, that is a REAL house.  I think I've seen it before on Google pics. 

Sep 16, 2008 02:18 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Cool!  Over and out.

Mike in Tucson

Sep 16, 2008 02:48 PM