It is common knowledge that the way business is conducted in the real estate arena has drastically changed over the last few years. The difficulties encountered during the home finding process can really test one's mettle.
It starts with attempting to find an available property. It takes time and patience to actually determine if a property is available for sale or not. It should be as simple as looking at an MLS printout but that is not the case. It's an endless game of phone tag during multiple attempts to get the information. And it's frustrating.
If a suitable property is found, it is probably desirable enough to produce multiple bids and then you must compete with other buyers for the property. You can work long and hard on making your "highest and best" offer. In many cases, even after offering more than the list price, the bid is lost and it's back to square one. More frustration!
If you are fortunate enough to go under contract, there are endless numbers of hurdles to overcome. Utilities that must be activated, increased documentation for lenders, and trying to coordinate everyone within the time frames allotted in the contract. It doesn't always go as planned, requiring call after call trying to get things done. And it produces more frustration.
And then there is the appraisal crapshoot. No one is ever happy with this part of the process. An appraisal can kill the deal by being too low; disappoint the buyer who thought that they were getting a great deal by coming in at just above the sale price, or throw up a red flag to the lender if it is evaluated too high. This is the one part of the process where you NEVER win and it's frustrating.
And finally, after you get everything done to the point of exhaustion the seller often has a last minute problem clearing the title for property. "Yes, we know your lease is up and that you have to move, but we just need a few more WEEKS!" Is there a word beyond frustrating?
Yet even with all of this stress, we persevere. After all, we are professionals and this is what we do. And we will work hard until the job is done.
It's all we can do!
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Richard, would love to see you take this blog and turn it around and make it positive, with a positive headline.
Richard
Same is true with other aspects of the business such as lending appraisal etc.
Richard you forgot the last minute conditions that the lender forgot to get so that the Underwriter will sign off on the loan. Yes its frustrating and a challenge.
Richard, you had me at the title!
There are all sorts of issues that come up during the course of a transaction. I do get frustrated, so do the clients, mostly in Short Sales. Waiting on the banks to get the package uploaded, waiting on a negotiator, waiting on the BPO, then the buyer walks.
errrrrrrrrrrrrrrrrrrrrrrrrrrr
We work 10 times as hard to get to the closing table.
Bravo to you for your honestly.
Challenges bring out the best of us and we will persevere! :-)
Janice...
Right you are ... how's that? Is it better? THX.
Moshe...
I think that it's worse for lenders because the rates and rules change daily! THX
Laura...
I was up against my 8 A.M. deadline! So I counted on you to mention it! lol and thanks as always!
Having a good professional to work with adds to the success of those who persevere.
I love challenges. Sometimes I feel they make me work harder, better, and more efficiently. There's always something to learn and add to your toolbox of knowledge and experience. Persevere in everything and you will be successful. Slow and steady wins the race!
Richard, you are so right! I try to tell myself that not only is this a time of frustration and challenge, it's also a learning experience. When we come out on the other side, we will have more knowledge than the new agents, and be more savvy with our business. Because we have perservered, we will be rewarded in the end.
Richard,
This business is not for the faint of heart! Details..details..check..re-check..all in a days work but you are right with perseverance and a good check list closing will occur!
Richard so true. It seems we are working twice as much these days for half the money.
Yes Richard, it is frustrating, but hopefully this too will pass. I have not worked this hard since 9/11/...
Helping you live your American Dream...
Richard - the story of real estate, sounds a lot like the story of life
Richard, I think there is a word beyond 'frustration'! I like to think of this as the "new normal" to remind myself that, unlike frustration, it will very likely not end and we need to adapt and change in order to keep our heads in the game! Great post!
Richard: Not only do you take beautiful landscape photos, but you are a roving reporter as well. Perfect pic for this post. The path to a successful settlement these days is like what I imagine a police training set to be with pop ups of good guys and bad guys. They spring up and you have to make a spur of the moment decision to shoot or not shoot.
There's no doubt about it that the days of things running smoothly and easily is gone for now. Maybe at some point it will settle, but I don't see it happening too soon.
Hi Richard, it is so true. I think you have a "few" more foreclosures than we do here (at the moment) but even a "regular" deal is fraught with all sorts of pitfalls.
You really have to have your big boy/big girl pants on for THIS market.
Yea...this is what we do. Really easy job isn't it. :-] It is a special enjoyment that many do not understand.
Just one foot in front of the other on the journey to the closing table. That's how we get there.
When everyone is stressed and looking to blame someone. Look no further we take the brunt of it and have to find a way to keep everyone happy or at least reasonable during the most stressful period of their lives.
It does take a LOT more work these days for the same result. But our reputation (and our paycheck) depend on the outcome. A great journey with an explosion at the end ... nah, not good.