Attention Buyers: This Ain’t Your Mother’s Market Anymore

This year has been a real struggle to get transactions closed. I have been thinking it is me. That in some way I am not working hard enough, anticipating problems soon enough, covering all the bases fast enough. In short somehow I am not meeting my high standards of service to my clients.

We had a discussion in my office meeting today about ways to help our clients realize their dreams of homeownership. During the discussion I found that others are struggling with the same issues I am.

Lenders who make what seem to be outrageous demands of buyers, sellers and agents. Most recently the buyer’s lender wanted a letter describing the relationship, if any, between the buyer and the seller because they had the same last name. The same lender wanted a letter from the listing agent and the seller describing their relationship because they were related. After all who among us hasn’t helped a family member with a home sale or purchase? Ultimately the lender refused to give my client a loan because the seller and listing agent were related; how that impacts my buyer’s creditworthiness I have no idea.

Lenders who demand, and not nicely, preliminary title reports and then never bother to read them. I had clients buying a home with condo ownership which was noted 3 times in the prelim but the lender claimed not to have known until her tardy appraisal noted the ownership arrangement.

Lenders who lead the buyer to believe nothing is wrong only to find 2 days before the close of escrow that there was a laundry list of issues preventing the lender from completing the transaction by the close of escrow date.

Sorry to ping on lenders, I am sure they have their horror stories about incompetent agents, but how many of them are getting calls from upset clients at 10PM or 5AM?

Then I have buyers who know so much more than I. They purchased a home 20 years ago and are sure they never signed so many forms and disclosures. They all sold perfect homes that never needed a repair, unlike today when there are laundry lists pages long of requested repairs. They all just put in an offer and it got accepted with no issues, unlike today when every home has multiple offers and lots of disappointed clients and agents. They never had any issues with a lender; this one I believe since we closed my last home in 21 days of course this was 19 years ago.

I work with agents who never return phone calls or emails asking for information. I work with agents who dictate how much my buyers make, their debts, their deposits and how those deposits are recorded, their ability to place offers on multiple homes with or without proper notice. I work with agents who feel my work as a buyer’s agent is only worth 2/5’s of the seller’s agent’s work.

I will leave my soap box now and return to the trenches in hopes of a brighter day in which buying a home is the fulfillment of a dream rather than a battle. To those of you who are struggling as I am, you have my thanks for your hard work.

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About catherinetalksrealestate

I am a San Diego native who loves everything about San Diego. I enjoy camping, hiking and reading. I am a licensed real estate agent in San Diego working with Coldwell Banker.
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