11 Reasons Why Real Estate Is Not Easy

Reblogger Lenn Harley
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

CHECK JACKIE'S LIST BELOW AND FOCUS ON #7. 

"7.  Took 5 months to close on a house because the buyer switched his mortgage product without telling anyone right before he got his mortgage commitment on the first one."

Our contract includes a clause that restricts the buyer from changing lenders unless the sellers agree.

The sellers accepted the buyers based partly on the financing stated in the contract.  The buyers can't just change without the seller's cooperation.

Agents can usually avoid this problem by explaining this matter to buyers when the contract is accepted.

 

Courtesy, Lenn Harley, Homefinders.com, 800-711-7988, serving home buyers in MD and VA.

_______________________________________________________________________________________________________

Original content by Jackie Connelly-Fornuff

11 Reasons Why Real Estate Is Not Easy 11 reasons why real estate is not easy

  1. Buyer's bank gave us a clear to close on a coop and the bank said, "oopsie" we didn't get the insurance certificate for the coop development although we requested it 16 days ago. Bank never followed up but I spent almost 7 hours getting the insurance certificate for the bank. How in the world do you give a clear to close with paperwork missing? I guess there is a first time for everything.
  2. Buyer's agent went incognito and I had to deal with her buyer from beginning to end along with my sellers including the walk-through and being at the closing. Her buyer is a close relative too. Maybe I should have demanded her commission check since I never received even a thank you.
  3. Spent one month dealing with a seller that accepted my buyer's offer twice only to pull the rug out from underneath them a third time. Then they wanted them back. Three strikes, you're out. My clients moved on.
  4. Met with a seller a few years ago who had a hoarding house. Turned down the listing only because they declined my helping them to declutter. Cannot do a proper home inspection with a cluttered home and I certainly can't place a home on the market that just will not sell even when it would have been priced right.
  5. 1-1/2 years to get a dilapidated short sale with Spank of America to close. I spent at least a few hundred hours on this so my client could get on with his life.
  6. Spent six months with a listing that didn't sell because the seller's attorney, who is a criminal law attorney, forbade my client not to entertain offers in order to drag out the divorce. I was threatened once with an ethics violation because the selling agent thought I didn't present her buyer's offer. Thank goodness I had proof in writing that I presented the offer to my seller. Didn't see that one coming.
  7. Took 5 months to close on a house because the buyer switched his mortgage product without telling anyone right before he got his mortgage commitment on the first one.
  8. A buyer who purchased one of my estate listings decided to at the last minute extort $1,500 for having to rent a dumpster to remove items from the house. It was in the contract that the buyer agreed to handle the removal of those items but my seller didn't want to put the house back on the market so she gave in.
  9. Another buyer who purchased one of my short sale listings did the same thing as #8 did. I figured out it was the attorney since it was the same attorney for both buyers. Not exactly an ethical one and I'm leaving it at that.
  10. A buyer who purchased one of my listings through his agent, decided at the contract signing he wanted a bunch of little things fixed like replacing light switch plates and power washing the front steps or else he won't sign. Right at that moment I received a full price offer from another buyer's agent. The first agent said his buyer was hoping my seller would be loyal. Really? Bye-bye buyer #1. That is what you get for thinking you had my seller by the kahonas.
  11. My seller endured a buyer who wanted a monetary credit for an almost new HVAC system and water heater all because an incompetent home inspector said it was nearing its end of life. I saw the new HVAC system being installed and we had the warranty on hand. I told her not to give in. She didn't and a few weeks later received a better offer and we closed seamlessly.

If real estate agents got together to write a book it would be Volume I to Infinity.

I spend about 50-60 hours per transaction to make sure it gets to the closing table for my clients. Anyone who thinks real estate is easy should think again. Lucky for my clients that I love my job or else they would be working with a crazy person.

Call Jackie today 631.703.0201 when you want to sell your Long Island NY home with an agent that keeps it together for you.

 

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Jackie Connelly-Fornuff 
NYS Licensed Real Estate Salesperson
Douglas Elliman Real Estate
Babylon, NY

Cell/Text: (631) 703-0201
Office Direct: (631) 422-8216
Email: Jackie.ConnellyFornuff@elliman.com
Website: www.LongIslandRealEstateLady.com
Blog: www.JackieConnellyFornuff.com
Facebook: Lindenhurst NY Neighborhood News
YouTube: LIRealEstateLady

Serving Babylon Village, Deer Park NY, Farmingdale, NY, Levittown, NY, Lindenhurst, NY, Massapequa, North Massapequa, North Babylon, West Babylon, West Islip, Listing Agent, Long Island NY Short Sale Expert, & Experienced Negotiator

 

“Moving at the Speed of You!”  

                                   

Jackie Connelly-Fornuff with Century 21 AA Realty Lindenhurst NY

         

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Rainmaker
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Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

Lenn, this is a nice re-blog and explanation of the contract law in your state.

Sep 30, 2014 05:07 AM #1
Rainmaker
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Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I thought the same thing when I read the post.  We have language in our contract that states what happens, what to do if/when buyer changes lender and/or loans. 

Sep 30, 2014 07:27 AM #2
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lenn, that provision in your sales contract should be a part of every sales contract, it would keep some Buyers from playing games with the financing.

Sep 30, 2014 09:24 AM #3
Rainmaker
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Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist

Lenn, I can relate to your #11 with the buyer changing loan products midstream.  We have been the listing agent on a deal where the buyer switched lenders mid stream and the process had to start all over which was crushing for the seller.

Sep 30, 2014 11:24 AM #4
Rainmaker
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Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Thanks for the reblog, I missed this the first time.  Those are great examples of what makes this job so fun and challenging at the same time!

Sep 30, 2014 02:18 PM #5
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Lenn, All parties need to be on board 100% or a transaction can fail miserably! Great re-blog of Jackie's.

Oct 01, 2014 03:00 AM #6
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Wanda.  Yes, 100%.  A contract represents a "meeting of the minds" and can't be changed by one side.

Evelyn.  That's a good thought.

Sam.  Buyer's agents need to explain this to buyers up front.  Many of us have had to manage buyers who just can't stop looking for financing.

George.  I wonder why it is not.

Carla.  Good.  It helps.

Sybil.  The contract is the guide.

 

Oct 01, 2014 07:23 PM #7
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Lenn, Buyers will do some strange things that make our jobs even harder. I had one who switched jobs, and didn't tell anyone until the day before we were supposed to close. Then, the lender waited another a week to verify his new job and income. We could have lost the whole transaction because of that decision to change jobs.

Oct 01, 2014 10:18 PM #8
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Oh Jerry.  I've had that with relocating home buyers.  They usually can't settle until the lender actually SEES their first pay check on their new job.

NOW, I would have warned them about it but sometimes things are out of their control.

Oct 01, 2014 10:47 PM #9
Rainer
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Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Lenn.  Great list and #7 is so frustrating.

Oct 02, 2014 08:19 PM #10
Rainmaker
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Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I'm sorry Lenn, but you always have to introduce common sense into the equation.

Imagine, I have a letter from X saying I can buy this much, but I have decided to change to Y.  It might take a while longer for you to sell your house...  sorry.

Oct 02, 2014 08:39 PM #11
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Conrad.  It is and agents have to be pro-active to avoid it.

Jay.  Sorry indeed.  My common sense is simply experience.

Oct 02, 2014 08:58 PM #12
Rainmaker
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Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I knows it.

Oct 02, 2014 09:14 PM #13
Rainmaker
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Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I likes it.

Oct 02, 2014 09:15 PM #14
Rainmaker
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Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

More should haves it.

Oct 02, 2014 09:15 PM #15
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