Experience in Real Estate is Valuable!

Experience in Real Estate is Valuable!

When you are a listing agent, you can’t always predict who will be the buyer, nor who the potential buyer’s agent will be. Most of the time, things go very smoothly, communication is like butter and closing is seamlessly fast. Every now and then, there’s a transaction that really tests your metal and you know why your paychecks make you worth every penny. As a Realtor, we are held to very strict ethical standards and frankly, they don’t just hand out your license and you’re on your merry way. Attention to detail is paramount at every step of your client’s deal and dotting i’s, crossing t’s means the difference in making costly mistakes. Having said that, there are still times when small details are lost, assumptions are made and before you know it, that mistake is now front and center. 

Case in point, I just closed on a listing recently that would try the patience of Job and I had to continuously reign in an overzealous buyer with an under experienced agent that did not want to have difficult conversations with the buyer nor felt the need to laboriously comb over their contractual documents for mistakes, omissions and timelines. The property was on a large lot with a lot of shrubbery and trees surrounding it. There was obvious fencing in areas that you could see and what I call hidden grottos. It was a lovely park-like setting in a suburban neighborhood. I completely missed that it was missing a very small section of fencing towards the back of the property. The listing went forward as “fully fenced” and was signed off by the seller’s as such. After the home was under contract, the demands began. That buyer made their offer look better than a higher priced offer by promising a quicker closing. What ensued was nothing short of a constant nightmare. After inspection, there were demands for numerous things. After all was agreed to, the buyer wanted to revisit the home to measure for something and that’s when they found the fencing error. They demanded $7,000 to fence off the rest of the yard. There’s a portion of the purchase and sale agreement that states you have a certain amount of time to discover these mistakes, but they were out of time frame. Because we felt terrible, each of us agents offered part of our commission to offset the mistake. Then we were held up by the county on the septic inspection. Due to Covid, the county can take up to 15 business days to complete their reports. This is where things are out of our control. Because an extension was needed to close, the buyer decided to demand the upgraded appliances that the seller was keeping, the $7,000 for the fence and an additional credit for outstanding punch list items that the seller was unable to do for lack of a qualified contractor and the money myself and the buyer’s agent were offering. That’s where I called on a contractor in my arsenal who was able to get the job done in time and under contractual timelines. Because the buyer was being absolutely unreasonable, both agents rescinded the monetary offer from our commission. When the county couldn’t certify the septic before closing, the buyer demanded, once again, that they wanted the upgraded appliances in lieu of signing an extension or they’d back out. Lucky for us, we had a backup offer who was willing to move forward and the bluff was called. Guess who didn’t back out? 

The last straw was that the seller agreed to let the buyer take early occupancy, however, the buyer’s agent failed to include that stipulation in the extension agreement. Once more, here’s where carefully going over your documents means the difference between pleasing your clients or having to have the difficult conversation with an already difficult client. 

It is so important to choose the right Realtor for you. Even if they’re not experienced, at least find one that will be detail oriented and will help you navigate through the biggest transaction of your life! Lessons learned and noted.