Category Archives: Closing Transactions

The Best Day Ever in Real Estate

Joy-ShameThe past few months have been quite busy for McBride Realty Group, LLC. Our office is having a fantastic year and this past month I was fortunate enough to have all of the stars align for three closings in one day and two more the following day. When my listings got contracts, I did not notice that they all had the same date for closing. When I did notice, I naturally figured that there was no way that everything would actually close on time.

I was never happier to be wrong. My disbelief is well founded. We all know that the probability of a deal closing on time can decrease as the closing date approaches. I spent the three days prior to the closings holding my breath and waiting for the other shoe to drop. I am an optimist, but admit that closings scare me. There are numerous things that must line up in order for a property to close. There are so many moving parts and variables in any deal that the fear is warranted and legitimate. My experience has been that a majority of deals do not close on time despite the best efforts of most of the parties involved.

Real estate professionals are well versed in dealing with Murphy’s Law. There have been plenty of times where deals have fallen through, or been delayed at the last minute due to the buyer, seller or lender. Sometimes getting paid feels like hitting big at a slot machine in Vegas.

The only thing that is guaranteed when working in real estate is the fact that nothing is guaranteed. I have talked to many other agents and we all have the same anxiety as a closing date approaches. On this particular day the title companies were on the ball, the lenders were excellent and the agents were all on the same page. The communication between the lender and the other agents was frequent and flawless. My sellers were a pleasure to work with and the one buyer that I had was arguably one of the most organized and on top of things that I have worked with. On that day, I achieved transaction nirvana.

As the newly created TRID statement is put into place, my hope is that the closing process will be even less frantic that it has been in the past. I am sure that there are some wrinkles that will need to be ironed out, but overall I am optimistic. I may not know what to do with myself when the final closing statement is in the buyer and sellers hands days before the closing. There is nothing more stressful to buyers than getting the amount of funds they need to wire only hours before the closing.

Often buyers, especially first time home owners, are already anxious enough about the biggest purchase they will make in their lifetimes. This advance notice will definitely help to make closing day less hectic for them. I would love to see buyers feeling the excitement that purchasing a home brings without the emotional exhaustion and anxiety associated with receiving their final figures at the last moment possible. Remembering and telling the tale of my perfect closing day in real estate will definitely help carry me through the holiday home sales slowdown that most of us experience this time of the year.

Real Estate Rollercoaster Ride

real estateSelling real estate is one of the few careers where on any given day anything is possible. These possibilities are great when it means waking up and getting that unexpected phone call from a buyer who has a pile of cash and needs to find something today.

These phone calls are the holy grail of real estate. If you are lucky the buyer is also an easy to please type who finds exactly what will work for them in only a matter of hours. A regular day can turn into a wonderful day just like that.

Unfortunately, there are also those days when things blow up and fall apart. Just last week I had one of those days. A seller that I had been working with for a few months listed her home with my brokerage and we received multiple offers within a week. She accepted the highest and best offer and we were on the way to getting her home sold.

During the inspection period, the seller, yes, you heard that correctly, the seller decided she did not want to sell. For a variety of reasons, she changed her mind. This is never a good thing, and in fact, had never happened to me before. A seller backing out? Seriously? This was not a great situation, but it was compounded with the fact that the buyer was rather difficult to deal with. Her agent was a super hero and I was impressed with how she dealt with this.

The negotiation for this sale included an argument over curtains that almost killed the entire deal early on. Yes, curtains. My seller cancelled the contract before the buyer inspection period had ended. She had to pay a cancellation fee to my broker and I had to tell the selling agent that the deal was off.

The seller reimbursed the buyer for the cost of the inspection that had taken place the night before she decided not to sell. I felt like that selling agent got the worst of this unfortunate decision because she had to tell her buyer.

It is frustrating when people change their minds and infuriating when it pops up out of the blue. Working with buyers and sellers can be joyful and exciting when the stars align. I have learned over the years that nothing is for sure until I am walking away from the closing with a check in my hand when it comes to a transaction. We have to be resilient, patient, and able to put up with the inherent uncertainty that working with a variety of personalities brings each day.

Real estate professionals have to be thick skinned and able to roll with things as they happen. Sure, I was not happy that my listing was cancelled in mid transaction. I was equally upset when later that same day a buyer I had been working with nonstop for three weeks called to let me know that she was going to buy a For Sale Buy Owner from a friend. Time is money.

Remembering the importance of letting go of the frustration and disappointment when things happen is critical to keeping a positive outlook. We need to recover quickly and remain determined as we move forward. Becoming gun shy and suspicious of working with people who are not sure of what they want to do is not an option.

No matter how professional and accommodating we may be with our clients, the truth is they will decide what they are going to decide and it is our job to do as they ask. Our goal should be to minimize risk where possible and to make sure that we make good decisions about who we choose to work with.

This may not always protect us from all bad outcomes, but it will go a long way to help reduce the odds of it happening. In both of these instances, my gut was uneasy. Neither one of them did anything obvious that would lead me to think that they were not quality clients.

They were demanding and a little flaky. I just got a vibe that these were going to be challenging deals base don their personalities and how they communicated with me. If nothing else, I have learned that listening to my instincts about people saves me more time and money in the end every time.