So many moving parts . . .
So many people in the mix . . .
So many emotions . . .
Fertile grounds for a CLASH of a Diversity of personalities . . .
Huge potential for miscommunication . . .
High stakes, Complex, Financial scenarios . . .
The promise of Innumerable SURPRISES along the way . . .
Urgent conditions that require time-bound action . . .
Requirement for FAST, High level thinking and decision making . . .
Navigating unfamiliar terrain . . .
All of the above are descriptive of potentialities in any Real Estate Transaction.
Buying or Selling a house can be extremely stressful and even nightmarish if the players don’t play well together.
Yep! Throughout the average Real Estate Transaction, somewhere in the neighborhood of 42 people have significant roles in accomplishing all that needs to be done after the Buyer and Seller reach mutual agreement of the terms of the deal.
Just think . . . . Buyer, Buyer’s REALTOR, Seller, Seller’s REALTOR, Mortgage Loan Originator, Loan Processor, Loan Underwriter, appraiser, Home Inspector, Termite Inspector, Repair Professional, Title company, Insurance Agent, Warranty Company . . . all of their staff members . . . and the partridge in the pear tree. It makes my head spin to think of the planetary alignment that must happen for all of this to go smoothly, yet many REALTORS are able to make it all happen with regularity.
There are LOTS of things that can go wonky at any given moment, and frequently those things emerge within days of the scheduled closing.
Often, it is the REALTORS who act as the “Conductors” as if this is a symphonic production. We play many roles – Strategist – Guide – Consultant – Psychologist – Mediator – Conflict Resolution Specialist – Negotiator and any number of other roles (Sometimes fixit person or lawn care provider or window washer). We take this “job” VERY seriously, and most REALTORS I know all have the same goal: “Represent the best interests of our clients with the least amount of hassle and conflict and orchestrate a closing with smiles all around the table.”
This doesn’t always happen.
The largest differentiating factor between “Peaceful” or “Combative” seems to be in direct correlation with the degree of “Spirit of Cooperation” present between the Buyer and the Seller.
Once they make it through the negotiation during which each has “won some and lost some” ground, they have this wonderful opportunity to be willing to do whatever it takes to move the deal through the “Contract to Closing” process.
Everyone is on the same team with a goal to CLOSE the deal ON TIME!
Of course, there can be emergent issues that could cause the deal to die – Maybe house condition issues the home inspector discovers or financing glitches (Appraisal or Buyer qualification) . . . Let’s assume in this post that we’ve made it through the big obstacles.
Now it’s time to do whatever needs to be done to get it CLOSED.
Here’s where “compassion” comes into play, and every so often we see this SHINE.
In a recent sale 5 days before closing, the appraiser required installation of a handrail on the front porch of the house (an FHA Appraisal Requirement). Our Buyer learned of this and instead of throwing it as a demand for the SELLER to do (as often happens in these cases), this buyer told us that he felt the Seller had given enough and that he would install the rail himself.
Within 5 hours, he had done it!
During a Real Estate transaction, we REALTORS toke on this mindset that there’s NOTHING we can’t handle as long as we can keep relative peace between our Buyers and Sellers.
It is those rare times when the Buyers and Sellers “go toxic” that we experience “System Failure” and the closing doesn’t happen.
The good news is that those times are relatively rare, and the key to keeping them rare is that of encouraging the Buyers and Sellers to maintain proper perspective . . . and foster a reasonable dose of compassion.
Don’t worry so darned much!
Let your REALTOR do the heavy lifting and be willing to participate when needed.
Getting a Real Estate Transaction to the closing table isn’t rocket science after all.
Do me a favor . . . comment on this post and tell your best and worst real estate closing experience.