When S!*$ Hits the Fan in Your Real Estate Transaction

If you have ever been out there looking for a new home, finally come across the perfect property, negotiated the deal, and had a closing date set then you know just the amount of excitement you are feeling at this time in your life! If you haven’t experienced this yet, still read along as this is going to be great info to carry with you when the time is right.

So back to the excitement phase… It seems like all is right in the world and the future looks bright. Then your agent phones and leaves you a message that sounds something like this; “Hello there, this is your agent calling, can you please give me a call at your soonest convenience?” ERRRRRRRR! Everything stops, your blood pressure rises, you get this ball in the pit of your stomach, and a nervousness sets in. Upon calling, you have been informed that something is happening with the deal that may mean your new home dream is in jeopardy. So what do you do?

First and foremost, do not panic and do not allow yourself to go down the rabbit hole of jumping to conclusions. It’s important to get all of the facts and run through scenarios with your agent. The first question to ask is what is the remedy? Can this be fixed? What is the cost or ramifications to have this fixed? Your agent likely will have a game plan in mind long before he/she has called you.

The next most important step is to be flexible. If this is the house that you truly want and are willing to sacrifice for (which it should be if it is the perfect home for you) then you need to be willing to look for a win/win in the situation. 90% of the time this truly does exist. 10% of the time there may be absolutely nothing that can be done due to extenuating circumstances; financial fall-through, changing in status, contingencies not being able to be removed are a few more common.  

Sometimes it can be something as small as a remedy or repair needing to be made to the house so that it will pass at appraisal. Sometimes it may be that the appraisal didn’t come in as needed and a new round of negotiations need to take place. It could also be that the financial set up of the transaction needs to be modified to allow that transaction to continue to be financially qualified.

Regardless of the scenario at hand it is vital that you hold your s*!& together even if a curveball is being thrown your way. If you are working with the right agent through this journey they will be your number one support and assistance in navigating the situation at hand. But always remember, the cooler heads always prevail; even if it isn’t in the way you had initially intended. Buying and selling Real Estate is a huge endeavor so always go into it with the proper support and guidance and it will always turn out for you!