Dear Client...An open letter to buyers and sellers
Thank you for choosing RE/MAX Properties East. It is our hope that we exceed your expectations in providing caring, timely, knowledgeable professionalism throughout your real estate transaction.
But……..THERE IS A PROBLEM!!
In the world of real estate today you may, and probably will, experience some problems. Some of these problems you will expect and know ahead of time, others will be unexpected. Some of these may seem major to you, but are, in fact, typical and will be easily and routinely handled by our agents. Others will be major and/or unanticipated because of the massive change in the real estate environment over the last few years.
Like those of today, most transactions in the past had their share of problems. Many of the previous problems were similar in nature and we merely applied the best solutions we had developed over time with adjustments for the specific situation. Now we are seeing challenges which we have never seen before, and cannot be anticipated. They continue to be created by changes in rules, regulations, and guidelines. These things can happen after you have entered into a contract or even a few days before closing.
This is particularly true as it applies to financing. For decades the main situation which angered clients and agents alike was: After being told the lender had everything they needed and things should proceed smoothly until closing, at the last minute the lender asks for two more things before they will make the loan. In most cases this was the result of the borrower omitting or forgetting about a past loan or obligation. For example: a student loan or something they co-signed for a friend or family member.
Over the past few years the situation has become much more complicated. Lenders and each of their loans are being scrutinized closer than ever before.This coupled with constant changes in guidelines and what is required by governmental regulations has created many angry borrowers and sellers. Ironically, most of these problems were created by trying to protect buyers and sellers, as well as the general public.
- Under present conditions there are few perfectly smooth transactions. Even if a buyer is paying cash, there are opportunities for frustration created by inspections, closing dates, possession dates, appraisals, title issues and many others.
- Be prepared to be irritated by some things that happen.
- You should not take any of this personally. Even things that may seem ridiculous. We have seen buyers with an annual income of hundreds of thousands of dollars asked to write a letter of explanation about a disputed $12.00 Sear's bill from 3 years in the past.
- Do not assume that you will close on a specific date even if the closing date has been set, unless you are given a "clear to close" by the lender's underwriter.
Remember, the agent, the loan originator, the lender, and the closing attorney are all working hard to make this happen in a system which has been in great turmoil. They all must work under a strict set of rules. They have no choice and it is nothing personal. Also remember, if things don't work out and you are put in a bad situation and are angry, these same hard working, caring people will be disappointed and angry for you...AND they will recieve no compensation for all of their hard work on your behalf.
The buying and selling process is an exciting time, a new beginning. Understand that things will go wrong, and allow yourself to enjoy this life changing process.
Harrell N. Tague