I knew when it snowed on Easter we wouldn’t have a traditional spring in terms of weather.   We went from freezing to the heat wave in a matter of one month!   Hopefully, mother nature will want to effect some balance and give us a cool, colorful Fall down the road.

On the real estate end, this has been a very busy, typical spring market.   Perhaps the hot weather is a metaphor for the market.   HOT.   Not complaining…at all.   However, when one has 5 transactions all going on at the same time,  a little humor (and patience) is in order, and more than one alcoholic beverage.

Inspections have been the bane of my existence this year.   Trying to negotiate with the buyer/seller,  running into issues being covered up,  and last minute predications from an FHA loan that no one bothered to inform me (the sellers agent) about until the day before closing!   And then, there is the dreaded sewer lateral!    I have both a seller and a buyer on whom the irony of the flushing of money literally down the drain is not lost.

Let me explain.   One seller’s agent tried to tell me and the buyer I had that the professional sewer lateral report was in error.   That the sewer was just fine (I didn’t realize the agent was a sewer professional) and that regardless, there was an excellent sewer lateral program in the municipality.   They didn’t bother to note that anything directly under the home (as this issue was) is not covered by municipality program.   The same agent also denied the termite report which found activity that needed mitigating.  Again, didn’t realize the agent was also a termite professional!    Needless to say my buyer terminated that contract and moved on.   The agent was from an small “mom and pop”  agency and I have to wonder about the education these people get from their company.  I also wonder once we terminated,  if they disclosed issues found to next potential buyer if they were not repaired as is required.

Ironically, about the same time,  came a buyers agent from the same brokerage that didn’t understand the need to get a copy of the appraisal for her buyer and see if there were any FHA (read: Govt) requirements for inspection.    As a seller/agent, I am not privy to appraisal info unless there is a problem and home does not appraise at sale price or higher.   But on FHA or VA loans, even if the home appraises at sale price or higher, there are often fixes that are required above and beyond the normal building inspection items.  I heard nothing and to a listing agent, no news is good news.   This agent did not follow up with lender and the day before our scheduled closing, the appraiser called me to see that work required was completed.  Imagine my reaction?!  Those of you who know me well are probably laughing thinking of me having an aneurysm!    Guess what?  Closing was delayed.   Thankfully, my seller was not purchasing another home and awaiting funds for that.   Buyers agent did not recognize that perhaps she had dropped a ball or two.   SMH.

These examples ended up adversely affecting my buyer and seller in the money spent on inspections as well as carrying costs past the originally scheduled closing date.   It’s especially frustrating as an agent that I cannot count on the other side to know their stuff.  I expect this when dealing with FSBO’s or transaction brokers who only put your home on the MLS and don’t really provide any seller support otherwise.   More and more, I am finding that I have to be concerned about the other side’s responsibilities as well.

When dealing with the sale or purchase of your largest asset, folks need to consider carefully the brokerage/agent they hire.   In the end mistakes such as the ones I often discuss in this blog cost people more than the savings on commissions.   Not to mention the stress involved for everyone.