From Contract to Close – When the Stars Don’t Always Align

Most of us who are reading this have bought or sold a home in our lifetime. Unfortunately, I’m willing to bet many of you remember that experience while muttering things under your breath, cursing the process or even the other people, and thinking how glad you are that it’s over. This is a shame but a harsh reality that often, living through a transaction with such enormous financial and emotional impact will bring with it some heartache and stress. The key to dealing with all the hurdles and challenges is working with an agent who is passionate about the process and the people. Stick with me, I have a good recommendation I’ll share later in this post.

I’ve been in the business for a combined total of close to nine years. I can count on one hand the number of transactions that have had zero issues. This is the nature of the business. Let’s break it down. You have two parties who must come together with a meeting of the minds. Both parties are making what is probably the largest financial decision to date for their families. Not only is it financial, but it’s 100% emotional. The decision involves where they will call HOME. What schools their kids will attend, leaving neighbors and friends behind, sometimes it’s due to job changes or divorce, sometimes husband and wife are far apart in their wants and needs. There are so many factors in choosing a home or deciding to sell a home. And the truth is, very rarely do the stars align and everyone is in total agreement about every piece of this complicated puzzle. It has happened for me a few times, but “few” is the key word there.

Let’s add in some more layers to this. Not only is the decision to buy or sell a meeting of the minds, it’s also a very complex business transaction. Getting both parties to agree to terms and a price is just the tip of the iceberg (and sometimes, that iceberg is the one that sank the Titanic). A real estate transaction hinges on a successful loan and appraisal, or the transfer of cash funds. A pre-approval is just that – a PRE approval. Buyers have many steps to take after that initial process to become truly approved to purchase a home. Inspections and repairs are a big part of the dance as well. Lately they are having less of an impact in our market because sellers are in the driver’s seat and buyers are placing less importance on these results. We also have closing attorneys working on things like title policies, surveys, insurability and documentation. I list these things out as a reminder that when the contract is signed and the parties agree, that doesn’t mean it’s over. What follows needs to be a careful coordination of details and perfect execution of the process in order to get to the closing table. Is it easy? Absolutely not. Is it manageable when you have a seasoned professional to steer the ship? Absolutely.

Ask any real estate professional to share some stories, and plan to pull up a chair and get comfortable. We all have some war stories and battle wounds to share. My point is to hone in on the importance of having someone you trust to run your side of the transaction. Not to be Chicken Little, but you should be prepared that something will probably go wrong when you are buying or selling a home. It may be small or it may be catastrophic, but there is usually something you didn’t expect. It may be on your side of the transaction, or it may be on the other side and completely out of your control. What I’ve learned through the years is that most deals can be saved, most problems are fixable, and dreams can still become a reality IF I dig in and passionately work on behalf of my people and this process. There are some things I can’t fix. I can’t make someone get qualified for a loan. I do have an understanding of the loan process and some ideas and lenders in my back pocket that could help. But occasionally, a buyer just can’t get qualified and I can’t fix that. That’s beyond the scope of my superpowers. I can’t force someone to buy a house they have changed their mind about. But there are many things I can do leading up to that point. When I think about some of the roadblocks I’ve worked through on behalf of my clients, I can’t imagine how anyone could do this with an agent who was inexperienced or not business savvy.

I’ve had closing delays due to my clients’ loans and closing delays due to the other party’s loan. I’ve had a seller’s septic tank bust open in their front yard while the buyers were inspecting it, and then both parties thought the other was responsible for a very costly repair. That one was messy. Literally. But it closed! I’ve had buyers back out of a contract once my sellers were packing up and moving. I’ve had an inspection return a crumbling crawl space that was news to my sellers. Very expensive news, at that. I’ve had arguments over fence gates, a survey that revealed my clients’ driveway encroached on their neighbor’s property, and pet damage discovered right before closing. I’ve had issues with title insurance and liens discovered on a home. I even had a builder come to my new construction clients demanding a $25,000 increase to the price of the home because the soil was discovered to be unstable and would require costly foundational changes. That one was tricky but I’m happy to say I got the builder to make those changes and my clients did not foot the bill.

If you know me, I hope you agree that I’m not a pessimistic or doomsday kind of person. I share these scenarios because they are just real life and they are a part of this process. I have lived it, and my clients and I have all survived. I walk away from each of these situations with new experience under my belt, a fresh resolve to go to bat for my clients, and a sense of purpose. My job is to facilitate these transactions. I don’t believe I’m a salesperson. Houses sell themselves and I certainly can’t talk someone into buying a house. I’m there to figure out what my clients want and how to make it happen. The “how” is rarely easy, but the reward is highly satisfying. To risk sounding like I’m patting myself on the back, I have walked alongside many clients in tricky situations and come out with happy clients, happy homeowners, and remained friends. That, to me, is a testament to my business and why I do this.

If you want to hear some good stories, I’ve got them. If you want to buy or sell a home, let’s talk. Not because I want you to be my next story. Because I want to use my experience and my knowledge to walk alongside you and get you to the finish line. I’m passionate about this business and the responsibility placed on me as an agent. Please don’t find an agent that thinks his/her most important job is getting you under contract. Find someone who realizes that our work begins in that moment. (Hint: I’m that someone). Going from contract to close is a journey that requires the orchestration of many, many complicated details. I got you. I’ve done this. I expect hurdles and I’m ready to jump them.