The “SOLD” Sign Often Means Pressure

Some people pay attention to real estate, and some don’t.  That said, you may be the type that pays attention to the real estate signs that dot downtown Columbia.  If you do, you may have noticed we’ve put together a nice little run of listings that enjoy the coveted red lettered, “Pending Contract” or “SOLD” sign riders.  You may have noticed, too, that we love signs!

To list a few, the pics above are Delano Dr., Martha’s Glen, N. King’s Grant Dr. and Churchill Circle. 

What many don’t understand, is often times the marketing process isn’t the most difficult facet of the job.  Sometimes, it’s the “contract to close” part of the sales process that takes the most creativity, tact, finesse, and work.   For instance, two of the homes in the pics above have potentially sticky moisture issues, but a very quick closing date.  One has an easement issue, which is a legal problem.  Further still, one of the homes above didn’t appraise, falling $50,000+ short.  UGGH!  Some of these issues may not seem like big whoops, but considering the super fast closing dates, of eight total buyers/sellers involved, four face the possibility of being homeless.  You can imagine the pressure.

How do we deal with these situations?  Well, we just do.   The one that came up “short” was a terrible problem for the buyer and seller, for different reasons.  After writing a letter appealing the original appraisal, the VP brass of the bank agreed to allow a 2nd appraisal.  Since I was confident in our product, knew the neighborhood, and most of all, ravenously competitive about making it work, I gave the bank my CC# to pay for the 2nd appraisal.  

Thank goodness this was, “in compliance” as all lenders are different.  As a nice gesture, the lender agreed to pick up the tab if the 2nd appraisal came in 10% higher than the first.   BoOM.   We’ll be closing in two weeks, and the sellers are now fiercely looking for a home to rent in order to make it happen.

I can’t type through this keyboard how intense some of these transactions can be.  Not knowing if a sale is going to happen can be an incredibly stressful feeling for any family.  The pressure is overwhelming, and we can feel it from our clients.

Getting back to the seeing all the red “Pending Contract” and “Under Contract” sign riders, all is not as it seems.   Don’t get me wrong, when Amanda, Amy, or I put the rider on the sign it’s a great feeling.  That said, sometimes the challenges and pressure ahead is much more difficult than the marketing process projects.

While some think we’re pretty good at marketing, it may be the “contract to close” part of the transaction we excel the most.  After all, it’s June, and we’re closing in on 100 transactions for 2012.  I can’t verify, but I’m pretty sure this isn’t because of our snazzy photos, “status updates,” blog posts, or tweets.

Thank you!  FJ

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