Remembering the good old days when . . .

By
Real Estate Broker/Owner with Pareto Realty TN #251071

Do you remember the days . . .

of home Buyers and Sellers coming to agreement and, together with Lenders and Realtors, coordinate a smooth transaction with minimal “outside interference’?

This is not say that everything was hunky-dory (Utopian) absent any conflict, but most of the complications were derived from disagreements between the “Parties to the contract” (The Buyers and Sellers).

We had “normal” disagreements about value or property condition or closing and possession, and most of these issues could be resolved by some good old-fashioned negotiation.

In those days, our batting average of getting to the closing table was pretty high.

Since the Recession of 2007-8ish, I’ve noticed a shift towards over-reaching interference from actors who are not “parties to the contract and their representatives” (Loan originators and Realtors).

Much of this burdensome terrorist activity feels like sabotage to many of us Realtors who are essentially the “Quarterbacks” of the transaction. It’s unnecessarily decimating perfectly good transactions with ready, willing, and able Buyers and Sellers who are participating in this life-changing transition as they are attempting to move from one house, neighborhood, city, lifestyle to another.

Who are these “Terrorists?”

How and why do they have such magnanimous power over everyone else involved?

Most of these folks are involved in every transaction for their own piece of government compliance (RESPA). I don’t disagree with the need for compliance to the law . . . This rant is about “professionals” who go outside their lanes.

Appraisers who assume the unofficial role of “Home Inspector” and require repairs the Buyers and Sellers have already addressed in their negotiations in addition to their purpose to validate the value of the house selling price.

Home inspectors who alarm Buyers with “estimates for repairs” and comments of all the bad ramifications of systems functioning properly but “nearing the end of their life-span” and filling their reports with voluminous CYA disclaimers all of which invite “Further review by a licensed professional” all of which has potential to result in multiple “Expert Opinions” which vary in scope, approach, and cost.

Title Insurance underwriters who take it upon themselves to dig for information since the beginning of time in search of ANYTHING aberrant . . . find something “interesting” and call the Lending underwriter who conditions loan approval upon “fixing” it.

Lenders who decide to advise home Buyers and Sellers on real estate matters thereby interfering with the real estate transaction.

How much of this is ego driven?

What’s your lane?

Are you staying in it?

The rant continues in this morning’s Drive Time Video.

PS – This is an “if the shoe fits, wear it” rant – If it doesn’t fit, don’t wear it and don’t take offense

 
Published by Barry Owen 

Strategist-CEO of Pareto Realty Real estate sales Professional Inviter-Facilitator-Practicer of Open Space Technology Opening safe space for people & organizations to self-organize around issues & opportunities BarryOwen.US Invite-Listen-Love 

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Barry Owen

Founder
Principal Broker
Pareto Realty
Nashville, TN

615.502.2080
www.paretorealty.co  
Call me: 615-568-2123
email me: barryo@comcast.net

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Rainmaker
918,896
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

In our area we also have many municipalities who conduct use and occupancy inspections before settlement who then demand specific things be fixed according to their arbitrary list, rather than addressing an issue such as sidewalks across there municipality they only address it within those home sales forcing a seller to fix the sidewalk. They used to withhold these U&O certs but recent changes at the state level have removed their ability to hold up transactions and interfere in the transaction.

May 22, 2020 08:19 AM #1
Rainmaker
2,732,578
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Yes, I remember those days.  I was first licensed in November 1981.  Yes, interest rates were 18%, but we were a one page contract, with few disclosures.  Things have gotten better in some ways, but more restrictive and difficult in others.

May 23, 2020 10:11 AM #2
Rainmaker
1,605,550
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I'm so old that I remember one-page listing and purchase & sale contracts. The legaleze was on the back in fine print and very few people ever read it.

We had no inspections - no property condition disclosures - no lead paint or other discosures - no agency issues (everyone worked for the seller).

I even remember a few times when there was no money left to pay agents, so they got paid with things like a boat motor.

And then along came the terrorist you describe...

May 23, 2020 10:57 AM #3
Rainmaker
572,653
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Can you add meddling parents to the list?  Parents who act like inspectors while viewing the house the kids want to buy!!

May 24, 2020 07:23 AM #4
Rainmaker
1,557,707
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

... and add lawyers to the list too.  A sure way to kill any deal.

May 26, 2020 04:53 PM #5
Rainmaker
245,322
Janice Zaltman
United Realty Group - Boca Raton, FL
South Florida Residential Real Estate

It can be a tough road navigating from contract to close. There is no one person to blame. We need to put on the hat of being the calming voice. 

May 31, 2020 10:06 AM #6
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Rainmaker
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Barry Owen

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