Every new buyer prospect brings hopes of finding the perfect property, writing the cleanest offer, working with the most professional and cooperative of co-op agents, attending the most jovial and pleasant closing and collecting a nice commission check.
Likewise, every new listing brings hopes of the sunniest of Open House days, receiving the cleanest and most serious of offers, working with the most honest and hard-working co-op agent who represents the most reasonable and considerate buyers with solid financing already arranged. Oh, happy days!
Helloooooooooo??? Sorry to wake you from your pleasant dream, but reality does rear its ugly head, often and at the least convenient times.
You KNOW your deal’s in trouble when:
1) The co-op agent begins any sentence with, “I’ve (only) been doing this for over 20, 25, 30, 35, 40… 100 (pick one) years and I know what I’m doing!” This is a dead giveaway that the real estate relic is either “grandfathered” and not required to take any CE courses over the past 30, 40, 50 (pick one) years and is not up to speed on recent GAR forms changes, license law updates, etc. or that they slept through any CE classes they did attend.
2) The co-op agent’s car is broken down/repossessed and you have to do all the “leg work”. Prepare to do 90% of the work, but that’s what a conscientious agent does anyway, right?
3) The buyer met his/her lender at the gym/yoga workout/coffee shop/jail and is totally committed to working with this new BFF who promises the loan will be a cinch and only take a couple of weeks. If you haven’t already heard about Metro Brokers Financial’s free “Second Opinion” service, take advantage of it!
4) The seller pleads health reasons for not being able to arrange/pay for/schedule/comprehend repair issues. This seller is dumb like a fox and is trying to shirk his disclosure and contractual responsibilities onto the agents who are “making way too much money”.
5) The seller occupies the property but refuses to provide a Seller’s Property Disclosure Statement and wants to sell the property “as-is”. Uh, huh… better wear galoshes, spray down with insect repellant and put a clothespin on your nose.
6) The appraiser selected by the buyer’s lender calls you for directions to the property, saying they aren’t familiar with this part of town. Offer to meet them at the property, whether you are the listing or the selling agent and bring well-researched comps with you. (“Oh, I know you’ve done your research, but wondered if these could help you?”)
7) The buyer wants to move “just a few boxes” into the “garage”.
8) The buyer’s lender says they need an additional 30 days to “get the loan processed”. What were they doing the past 45 days?
9) The loan has been “in underwriting” for six weeks.
10) The buyer’s home inspector is at the property for eight hours.
11) The locks have been changed or there is a sticker on the keyhole and a yellow sign in the window.
12) The water/gas meter has/have been pulled or locked.
13) Either the buyer or the seller disappears for several weeks and cannot be reached.
14) The co-op agent informs you that, “I AM the broker!” when you diplomatically suggest that he/she seek further advice on some issue. There is a reason they are now their own broker – perhaps their rogue behavior made any previous brokers nervous?
15) Someone claiming to be the buyer’s or seller’s ex spouse calls and demands to know what’s going on.
What are some of your sure-fire signs that the deal is in trouble? Sound off below!
Tags: ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, contract, georgia, home inspection, listing, loan, Metro Brokers, open house, property disclosure statement, Real Estate, real estate agent, Realtor, seller, trouble