Announcements‎ > ‎

How I Saved the Deal: Relationships Matter

posted Oct 20, 2017, 4:16 PM by Joyce Evans   [ updated Oct 20, 2017, 4:17 PM ]
By PSAR Member REALTOR® Jeff Campbell

The client was a first-time homebuyer and a veteran. He had finally decided to pull the trigger and go for it. It was a thrilling time for him, as well as nerve-wracking because it would be the biggest purchase he had ever made.
He was trying to do everything the right way. He had built a good credit rating. He had listed his monthly expenses and calculated his monthly payment. He had remained firm to a price point that he could afford. He had collected all the necessary documentation and was pre-qualified for financing through a lender he selected. He had shopped around, talked to family and friends, collected recommendations and selected a lender who he thought would do a good job.
He had prepared himself that some things could go wrong during the home buying process before he was handed the front-door keys. But what happened was a total surprise and disappointment to both him and me: the lender failed to order an appraisal.
The lender’s excuse was weak. They said their corporate processer who worked in another city didn’t get the proper notification. Whatever the reason, the appraisal was not ordered in a timely manner. Some surprises are great, such as an unexpected bonus or a hotel upgrade. But, when it comes to closing on a home, a surprise is almost never a good thing.
The lender’s mistake would result in a delay. My client’s offer was contingent due to a number of factors, including a limited timeframe. Only a certain number of days were available. And the window of opportunity was quickly closing. The client was disheartened and despondent. He felt like his back was against the wall and the time was up.  No one wants termination of an entire deal because a delay isn’t acceptable” to the seller.
Here’s how I saved the deal. First, the message I gave to the client was “don’t give up just yet.” Second, I contacted a lender friend in the industry who I knew would perform. Clearly, the key to saving deals on thin ice is to keep warm and close friendships in the marketplace. An agent can resuscitate a deal that may be hanging by a thread by relying on their friends who are professional, friendly and honest.
In this case, we dismissed the buyer’s lender who had dropped the ball. Then, on one business day, I connected my lender. My lender was an experienced professional with whom I had done many previous deals and had a solid track record for coming through in hardship situations.
In the morning, my lender pre-approved the buyer. In the afternoon, we met with the listing agent and made a compelling argument to hang with us so we could save the transaction. Fortunately, I had done previous transactions with the listing agent so there was a level of trust already in place.
The advice I can give to any REALTOR® who wants to save a deal is to have your ducks in a row and the members of your team already groomed, wearing tuxedos and ready to step up to the plate to hit a grand slam. Also, treat other REALTORS® with elegance and courtesy. The relationships I had developed and fostered ahead of time with other professionals who knew the ins and outs of the local real estate market were crucial in saving this particular deal.
Escrow closed on time. I was able to make good on my promises and save the transaction because of synergy and teamwork. There may be nothing worse for an inaugural homebuyer than getting into the weeds of buying a home and realizing that his lender and real estate agent aren’t on the same page and are incapable of working together on their behalf.