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Is there such a thing as a "smoothe" real estate transaction anymore?

This morning I read a humorous article by Kris, Berg, broker-owner, of San Diesgo Castles Realty, where she talks about some of the Catastrophies that can happen. It prompted me to share a few of her thoughts that made me laugh so hard I almost fell out of my chair:

One area is that of the transactions themselves: getting the house, selling the house, closing on time, etc. 

Leave us feeling like we are running a half-marathon in stilettosKris explains, "This all sounds easy enough, except that the level of difficulty has increased in our profession to the point where even the most straightforward of tasks often leave us feeling like we are running a half-marathon in stilettos.

The lender accepted electronic signatures last week; this week he won't. On Monday, the bank approved the loan only to deny it on Friday, approve it again after the weekend, and -- "Whoopsie!" -- deny it yet again despite that fact that everyone has packed and moving trucks are idling.

Sometimes it's that the buyer who loved the home two weeks ago suddenly lost interest, that the county pulls the recording at the last minute because there was a smudge on page 142 of the documents, or that no one saw that cracked slab or toxic mold coming. Whatever the issue, the one thing we can count on as agents is having issues"

Now her comments made me reflect on my year of 2010, and all my contracts that DIDNT MAKE IT. 

Constant changing diretions make staying on track difficult Like one was at the beginning of the year where I had a pre-approved buyer for an RD loan, wrote a contract, and when I took it to the loan officer was informed, "Oh, I'm sorry but this week RD just raised credit score requirements from 580 to 620." The seller's agent was furious and demanded we go to her lender, which we did, only to find out it was the same lender that had just told me they couldn't do the loan".

Then there was another young man with credit scores at 700, who was approved and ready to close on a DSF, but decided a condo nearer work would be better so during the inspection period withdrew and switched to a luxury condo...whoops!  He was self-employed and only had 18 months of employment and 5% down.  All of a sudden they now required 3 years income tax returns and 20% down on condos.  He could have gotten a single family, but they changed the length of employment requirement and no longer counted those years of college and graduate school as employment!  By the time we went thru several changes and rejections he was so frustrated that he just decided to rent for 2 more years.

 Kris also throws in the second half of the puzzle all those diverse personalities we deal with and their "perceptions" and "expectations"  How do you deal with a seller whose subdivision values dropped 25% in the last 18 months?

If you'd like to read all of Kris Berg's article it was in Inman sponsered by Lowe's.

 

Selling homes in Baton Rouge Louisiana can be like a thrill rideWheee...2010 was like a roller coaster ride where the rules changes every 48 hours!  Those of us left in the profession (and numbers seem to be dropping like flies) must be adrenaline junkies!!

 

 

If you had any interesting experiences, please share them with me so we can laugh together.

 

 

Looking for information on Baton Rouge Homes?

Baton Rouge Homes http:www.BatonRougeAreaHomes.com

 

Comment balloon 6 commentsAnn Dail • February 02 2011 05:15PM

Comments

Ann - Luckily most of my escrows closed last year, but every single one of them was like pulling teeth from King Kong's angry mouth!
Garrigus Real Estate

Posted by Todd & Devona Garrigus, Broker / REALTORS® (Garrigus Real Estate) almost 9 years ago

It is definately harder to get things to the closing table around here.  We're all working harder for less.

Posted by Carol Clay, Broker/REALTOR, Brevard NC Real Estate Specialist (Looking Glass Realty) almost 9 years ago

Every closing is a bear these  days; even the cash ones seem to generate problems somewhere along the line. Hopefully this trend will iron itself out someday soon.

Posted by Toni Weidman, 20+ Years Selling Homes in New Port Richey, FL (Sailwinds Realty) almost 9 years ago

Unfortunately, real estate today is not a laughing matter.  I've sold one property three times, another twice. 

Posted by Jane Becker, CRS,ASP,ABR,CBR,CDPE,LMC,E-PRO,GRI (Keller Williams Home Team AdvantEdge ) almost 9 years ago

It's definately like it used to be.  Real Estate is tough nowadays...not easy to close deals smoothly.  Ah the good ole days....I hope those days come back soon....wishful thinking???

Posted by Tina M. Atilho (William Raveis Real Estate) over 8 years ago

I guess I'm not alone. Every transaction last year was difficult. On one that didn't, the buyer was pre-approved, but the day before closing the lender said he no longer qualified for the loan. On another, the short sale lender would only give $900 to the secondary lender (even though they could have still gotten the net they said they required) and the secondary wouldn't agree unless they got $3,000. BTW, the secondary was willing to discharge the rest of the debt to the seller who was in dire straits, but the primary stood firm.

Posted by Retired Notworking over 8 years ago

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