When we look at what is happening the last few weeks in our industry, what is the number one concern? If you were going to make an offer on a home to purchase it, what would be the one thing you would focus on?
- The financing
In the last three weeks I have received four of the worst contracts I have seen fired off by agents to my sellers.
The contracts were missing:
- A pre-approval or even a pre-qualification letter from a lender.
- Signatures stating they have an earnest money check.
- Signatures from their brokers stating that they reviewed the offers.
- Signature from the agent on the lead based paint addendums.
- Three did not have a cooperating broker's agreement. (I guess they did not want to get paid).
- Two of the contracts were marked N/A for special provisions and then had special provisions typed in.
- Two were expired before they even transmitted them and one gave my out of state client ½ a day to respond.
All of these agents must have attended or missed the same contract writing class.
With the lending industry going through their difficult times and real estate markets going through changes; it is not time for amateurs. If you do not know what you are doing, team up with someone who does or take up another occupation. I hear there are shortages in the hair cutting and fast food industries.
OK, I apologize for venting.