I have read several blogs and discussion threads lately in which real estate professionals complained about each other. In some cases it is Buyer‘s agents complaining about lack of communication from Seller‘s agents. In another thread the discussion was about the way multiple offers are handled by all parties. In a recent office meeting we had a discussion about commission inequality. As a fairly new REALTOR it has made me wonder exactly what kind of profession I have entered.
Perhaps I am old school, but that old Golden Rule has always served me well in all aspects of my life. I really do try to take a moment to consider the other side in a transaction while safe-guarding my clients’ interests. We all talk about win-win solutions but do we all practice what we preach? Have we become so self-absorbed and inter-directed that we are failing to treat each other with respect? Have we stopped finding ways to satisfy our clients without slamming the other side?
I have a transaction going on now that has been a bit of a test, aren’t they all lately? In this transaction I represent a buyer who has found a great home. The home is a flip with less than a 90 day turn-around and a more than 20% profit mark-up. If you have ever done one of these you know that they have all kinds of problems from the get-go. They have to go FHA no matter the down payment or credit worthiness of your buyer. This means 2 appraisals, an extra inspection, extra scrutiny from the lender and lots of lost sleep worrying about the appraisals. It means trying to reassure you client, even while you aren’t sure. It means finding ways to protect your clients’ interests and deposit while allowing the transaction to follow normal processing.
In this transaction the sellers have been dragging their feet about responding to our request for repairs. We asked for a credit to cover items that need attention and we haven’t heard from the seller in over 1 week. I could be yelling and complaining about the lack of response but rather than that, I simply held back on some of the contingency removals to protect my client. If I were in the seller’s shoes, I would wait to see the appraisals to see if I am going to have to reduce my price to match the appraisal and then figure out what, if any, of the repairs I can also afford. Should the appraisals come back with a significant reduction in price, I plan to counsel my client to accept the lower purchase price and forego the repairs, he would still get a great home at market price.
I am not saying this is the only solution possible, but I can see a win-win at the end of the road for both sides and it keeps the listing agent returning my calls.