This post re-surfaced as I browsed my blog today. I'm struck by how timely this advise is to me today even though I first wrote the post 2 years ago. Yesterday, we celebrated the closing of a Short Sale transaction that began a year ago, almost to the date. The process included forestalling a foreclosure proceeding and repelling an attempt to prematurely condemn the property to abandonment by an overly zealous loss/mitigation team. Reading this post today reminds me that this counsel still holds true...perhaps, even more so today.
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"Time and chance happen to all of us" "I'm sorry, the buyer doesn't want to move forward." It's not the sort of call that any agent wants to get. Not after countless hours on the phone negotiating with less than cooperative loss mitigation reps and even more tracking a listing, arranging showings, getting feedback and marketing a home. And then... A simple call grinds the entire process to a halt. The buyer has decided to move on. The bank never got it's act together. And..we're on the road again. Back on the market. Anyone who has been in real estate for any length of time has experienced this scenario. So what do you do when the proverbial bottom drops out from underneath you? Well, may I suggest that you choose to MOVE ON! Because if you don't, rest assured that the train of life will move on with or without you hanging on to its caboose. We've all been there...or will go there someday...guaranteed! We're dealing with this type of disappointment on a recent transaction. But you know, more than once within the past couple of years, I've had to sell a home multiple times to get to the Closing table. There are multiple reasons why a transaction can go bust. In Michigan, life on Easy Street ceased several years ago. Our new real estate landscape is littered with the carcasses of many of it's former residents. But through the years, there are certain things which I have found invaluable in handling the strain and stress of moments like this. These Second Round Strategies can help you function on autopilot and land successfully when you're too numb to really think. Here are some of my survival strategies: Get Better...not Bitter! Getting angry and hurt about a disappointment which costs you time, energy, money does little more than deplete you of more of the same. It also has a way of getting you stuck in the moment and hinders your ability to gain perspective. It's good to bring to remembrance the old saying, 'When you're passing through hell, keep on moving.' Make a conscious decision to let go of blame and anger for your own sake, not necessarily the other guys. Look critically at all aspects of the situation and jot down at least one thing which you could have done better or differently. Lessons learned within the furnace of affliction are precious and will stand the test of time. Trust me on this one! Get Going! Don't allow the paralysis of analysis to imprison you. When a listing/purchase falls apart prior to closing, Go on the offensive online too. Don't forget your strategic network of alliances that you've been building. (You have been doing this, I hope??) Post the link on Twitter, Facebook, Youtube and anywhere else you're connected. Do not place all your hopes in expecting that someone will magically pluck your home listing from amidst the thousands of competing homes on your MLS Broadcast system. If you have a Reverse Prospecting option available through your Board, send out notifications. Don't forget your traditional e-mail contacts either. Send them a link with information about the home and ASK them to share it. Refresh your Internet marketing and real estate shows and posts on Trulia, Zillow and Craigslist. Like the saying goes...'When the going gets tough...the tough get going'! Expect Results! There is a real temptation to go negative in your thoughts and words. Resist the temptation. It's likely that in a situation like this, there's more than enough floating negativity to float a hot air balloon. This is when a cool head truly prevails. Choose to remain calm because anger and irritation are not guaranteed to change anything anyway. They also are likely to cloud your judgment. The FACT remains: the home Sold once so there's a good likelihood that it can sell again. Life sometimes allows false starts because second chances have an unusual capacity to deliver more than anyone initially anticipates. Expect good things, look for good things and be ready to Welcome them when they appear. Keeping this type of perspective is what separates TRUE PROFESSIONALS from all the others. Embrace the Opportunity! Sometimes opportunity knocks in a strange disguise. How we choose to handle setbacks often determines our future level of success. Making the decision to move forward, to remain positive and focused, will serve to align a number of elements in your favor eventually. These types of challenges also give us the opportunity to truly appreciate what it means to live with gratitude. For real joy is not dependent on outward circumstances, but in being able to remain calm and centered in the TRUTH that all things work together for our good. Life has a way of becoming what you make of it. Even lemons can become lemonade with the proper action and perspective. and above all remember..this too shall pass. As an old African proverb states it..."No condition is permanent in this world." Picture courtesy of Adampigotts photostream on flickr picture of kid courtesy of yogi's photostream on flickr Copyright 2008 Audu Real Estate All Rights Reserved
get into HIGH GEAR. Waste no time in getting the home back on the market. Initiate the mutual release immediately. Call EVERYONE who showed any interest in the home and ASK the homeowner for a price reduction to spur interest. Develop an immediate game plan to present to your clients which includes your proposed marketing, follow-up, Open Houses and networking calls.
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