The industry has changed – that goes without saying. But due to these changes, you’d think that by now, agents and lenders alike would be used to dealing with the challenges and issues that sometimes – and unfortunately, often – come up during a deal.
As shown in our By the Numbers graph showing data from LeapRE on page 19, the number of homes that took 90 or more days from contract to closing has increased by almost 50 percent. Three months used to be the usual time a buyer and seller would wait for a deal to go through – not anymore.
But not every deal is a sticky situation. Rather, there are steps within a deal that, if they go awry, the deal could, too. In this issue, we took a look at some of these steps that cause agents the most grief – the most difficult and most important forms agents need to fill out and have their clients sign; how buyers with less than perfect credit can obtain a loan; how to get a listing when the realistic listing price for their home isn’t what they want to hear; what to do when the appraised value of the home and the sales price don’t match; and, of course, how to manage a short sale – and talked to the people who deal with those situations every day. In our cover story on page 12, read their tips and how they themselves manage those deals.
In addition to making sure the deal closes successfully, agents have to be careful to avoid legal issues. We highlighted a few situations to be mindful of for you and your clients, including how to collect if you think you’re owed commission (page 13) or making sure your clients aren’t stuck paying a previous resident’s assessment fees (page 14).
I hope there are a few more tips and tricks you can tuck away for when you’re involved with challenging deals. And nowadays, every agent will be involved with a challenging deal at least once – at the very least.