I had a showing appointment today where I was interviewed throughout the entire appointment. Usually, people interview agents prior to working with them, so this was a little unusual for me. I obliged as we went along. One of her questions caught me, but I think her reaction caught me even more...
She asked what the most common reasons were of why one of my buyers or sellers had walked away at the closing table. My response was that I had never had a buyer or seller walk away at the closing table. Her response was one of shock and was a little taken aback. I repeated myself and said, "Knock on wood, but I've never been in that situation before."
Basically, if my buyers and sellers are at the closing table, they're closing. It means all the issues, if there were issues, had been resolved prior to getting there. I feel my negotiating skills come into play in those situations. Here are a couple of examples:
I did a walk thru with my buyers and we stood in the kitchen thinking, "something's missing"... The house was vacant when we looked, so it wasn't that furniture was gone. We had negotiated the fridge to remain, as it was a nice fridge, but the seller "forgot", and she sold it! I negotiated a $850 gift card to be given to my buyers at closing by the listing brokerage since we were past the time to make changes on the HUD-1 and get an additional credit towards closing costs. Gift card received the next day...
Another issue that came up with a buyer is that after the inspection, there were some repairs that needed to be made, and when negotiated, the seller decided to take out the washer and dryer that were previously already negotiated into the contract. My buyer was furious. We talked about the situation and whether or not he would really throw the house away over a 15 year old set of washer and dryer. He said no. They were old, and he could get a better set on Craigslist for inexpensive. He was being a good sport, so I contacted the listing agent and asked him to throw in $100 with me to credit the buyer at closing so he would have $200 to go towards a new washer and dryer. The listing agent agreed!
Just three weeks ago I had a closing where the buyers were doing their final walk thru. One of the sellers was home and welcomed us. We talked and said what a lovely home it was. We met the neighbor since she was outside helping the seller. Then, along comes Seller #2. She was huffing and puffing about how we were trespassing in her home and how she was going to report me to every real estate agency out there and get my license taken away, blah blah blah. She threatened to not show up at closing. I pointed out that it's not trespassing when the owner says it's ok to enter the house and also pointed out that she needed to look at the end picture and just show up for closing tomorrow.
I called her agent when I left and told her how I was just completely yelled out and threatened and how she needed to contact her seller and remind her why she's selling and why she just needs to get on with things and show up to closing. She called me back an hour later and told me it was taken care of. We also rearranged closing times so the parties would not pass in the lobby as we didn't need either to have a reason to not be happy that day. We closed!!
I guess I'm just pointing out that even though there is drama in most real estate transactions, with a good agent on your side, those issues can become non-issues and settled out well before closing.
I wrote a follow up post you can read here: Deals Can Fall Apart that Are Beyond Our Control.
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Copyright© 2013 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* I said, I Have Never Had a Buyer or Seller Walk at the Closing Table * was first published on donnahomesblog.com.