Do you remember the days of home Buyers and Sellers coming to agreement and, together with Lenders and Realtors, coordinate a smooth transaction with minimal “outside interference’?
This is not say that everything was hunky-dory (Utopian) absent any conflict, but most of the complications were derived from disagreements between the “Parties to the contract” (The Buyers and Sellers).
We had “normal” disagreements about value or property condition or closing and possession, and most of these issues could be resolved by some good old-fashioned negotiation.
In those days, our batting average of getting to the closing table was pretty high.
Since the Recession of 2007-8ish, I’ve noticed a shift towards over-reaching interference from actors who are not “parties to the contract and their representatives” (Loan originators and Realtors).
Much of this burdensome terrorist activity feels like sabotage to many of us Realtors who are essentially the “Quarterbacks” of the transaction. It’s unnecessarily decimating perfectly good transactions with ready, willing, and able Buyers and Sellers who are participating in this life-changing transition as they are attempting to move from one house, neighborhood, city, lifestyle to another.
Who are these “Terrorists?”
How and why do they have such magnanimous power over everyone else involved?
Most of these folks are involved in every transaction for their own piece of government compliance (RESPA). I don’t disagree with the need for compliance to the law . . . This rant is about “professionals” who go outside their lanes.
Appraisers who assume the unofficial role of “Home Inspector” and require repairs the Buyers and Sellers have already addressed in their negotiations in addition to their purpose to validate the value of the house selling price.
Home inspectors who alarm Buyers with “estimates for repairs” and comments of all the bad ramifications of systems functioning properly but “nearing the end of their life-span” and filling their reports with voluminous CYA disclaimers all of which invite “Further review by a licensed professional” all of which has potential to result in multiple “Expert Opinions” which vary in scope, approach, and cost.
Title Insurance underwriters who take it upon themselves to dig for information since the beginning of time in search of ANYTHING aberrant . . . find something “interesting” and call the Lending underwriter who conditions loan approval upon “fixing” it.
Lenders who decide to advise home Buyers and Sellers on real estate matters thereby interfering with the real estate transaction.
How much of this is ego driven?
What’s your lane?
Are you staying in it?
The rant continues in this morning’s Drive Time Video.
PS – This is an “if the shoe fits, wear it” rant – If it doesn’t fit, don’t wear it and don’t take offense