
While speaking with a client today they asked me a simple but yet complex question, "What do you consider to be a bad transaction". I had honestly never really been asked something along these lines before but proceeded to inform them that there are several things which could make a transaction a "bad" one, but it all depended on the individuals involved in the transaction. Every transaction is different and unique in its own structure. Each buyer and seller are different in their goals for the property and trying to meet their goals.
For me it is simple, when an escrow becomes adversarial between the parties involved and each side feels like the other is trying to take advantage of them. I can deal with the minutia of paperwork and dealing with the other side, lenders and escrow. It is my job to protect my clients from getting involved in issues which I can handle for them. If I can do that they have had a good transaction and this is what is truly important. To deal with the other stuff is my job.
So my question to the AR community is at what point do you consider one of your deals to be a "bad" deal?
Is it when:
- A buyer backs out
- A seller or buyer becomes difficult with a repair request
- Problems with a loan funding
- A cloud is discovered on the title
- Not getting your disclosures on time
- A tough home inspection
- Unrealistic buyers or sellers
- Clients forcing the deal through and feeling screwed after they close the deal
- Problems getting the keys
- The other agent is non responsive to any and all contact
The possibilities are endless as we all know. But when do you consider it a bad transaction? Is it one large thing or the combination of many small things.
Kinda' broad I think, but thought provoking, I think a deal goes "Bad" when one side or both are poorly educated by thier respective Realtors. I mean most people only by once, so they need to be educated by "US" as professionals on how it works, and what to expect. If they have thier eyes open the entire time, there is nothing to complain about in the end.