I Thought This Would Be Easier

In a recent training session or what we affectionately call our "therapy" session, a new agent was recounting his first transaction.  He was the listing agent on a small condo with sellers who weren't overly motivated.  It was an investment property which didn't have a mortgage...so the sellers were willing to wait for their price.  Words we Realtors don't particularly like to hear.

As the second agent he was able to get the price reduced.  It turns out that the first agent didn't ever show the owners any comps, but that's another blog on its' own.  After receiving numerous low ball offers the agent didn't think this property would ever sell.  It seemed like every agent and buyer felt they could get this property at a steal because it had been on the market for such a long period of time.

Finally an offer was received that was reasonable and they were able to work out the price and terms to get a ratified contract...and as we all know, this is where the real work begins.  After the inspection, the buyer requested a few items to be repaired which the seller gladly did.  However, since the buyer was receiving assistance from a government program this meant another inspection had to happen.  Of course this inspector found additional items that needed to be repaired or the buyer would not receive the government funds.  Needless to say, the sellers were not pleased.  They thought that part of the process was over and said they weren't willing to do any additional repairs.

Thanks to the great patience and training of my new agent, he met with the sellers in person and discussed all of their options.  After a great deal of talking, the seller agreed to make the repairs.  Next up, the appraisal.  Thankfully that wasn't an issue, but the agent was still sweating it because you just never know.  Then a few days before settlement the agent gets a call from the government program informing him that the funds wouldn't be available for another two weeks.  Again, the agent meets with the sellers in person to deliver this not so good news.  After talking them off the ledge all seemed calm.

Settlement did occur and everyone was happy.  In recounting the transaction the agent felt that there should be more rules and guidelines to make the process run more smoothly..."I thought this would be a lot easier", he said.  I simply said, "it's the good agents who make it look easy".  If everyone knew what actually went on behind the scenes of a real estate transaction I think we would get a lot more respect. 

Candy Miles-Crocker

Real-Life Real Estate Training