Gary White FlexIt Realty~Real Estate & Updates, Grand Rapids & West Michigan

I was invited to share my experience with you on my AR journey.  It seems like yesterday I signed up for the site and now months have passed and the reason I joined and why I stay have changed immensely.

I initially joined to increase my website presence and create more opportunity for search engines to link me and my website with real estate.  That happened...and I am easy to find on the web...more than easy to find actually.  So mission accomplished...sort of.

Then as I continued blogging I met Cyber friends, as I call them.  These Cyber friends are really the cream of the crop.  They listen, answer, help, console, even coerce you into doing more than you wanted to do because they are out there.  They will mentor a few "newbies" so they can enjoy AR without the wrath of being a "newbie" and making a mistake that unleashes the gods of criticism.  Luckily I have found very few that lash out...the rest of the group keeps them in check....and they just go away if they don't like the forum.  The forum has grown and with it has brought new ideas, fresh approaches and more opportunities to create new Cyber friends.  Some of the Cyber friends actually use the forum as a reason to have a party and meet!

So yes my reasons for joining were self serving and probably still are butI can tell you the reason I stay and contribute certainly is not.  I have this little fault that says if I can post something that will help people in our profession as much as they have helped me by being here....we all win!  I stay very active don't concern myself with being "featured" which has happened 13 times and I can tell you it is a real honor every time considering the calibur of contributors on this forum.  I don't even blog for points anymore...in the beginning I was obsessed with making sure I took advantage of all the point opportunities.  Now I blog because it helps me relax....it hopefully contributes a bit of useful information too.  The invitation was because I passed the 50,000 point milestone and in a week I'll probably eclipse 100,000 and just think there are those out there nearing 300,000+, hard to imagine.

Thanks AR for letting me contribute and be part of such a wonderful forum and group of people.

  Sincerely,

 Gary White

Here is an interesting thought....when sellers do not follow the purchase agreement.....who pays?  That is a pretty complex question.  On the surface without information or seeing the purchase agreement, I would usually respond "good luck" especially after the close.

Just think your client had time to perform inspections....any and all desired as long as they were specified and within the time frame agreed upon.  You have had a walk through before the close....so another opportuntiy to view, verify and communicate problems.....so why do you think your client has an issue....the deal is closed.  A little more detail please.....

The purchase agreement outlines everything that is supposed to stay with the property.  The purchase agreement outlines the terms and conditions of the sale.  So did the seller follow all these terms and conditions?  What's the problem....

The seller didn't disclose some material facts correctly and the realtor puffed the property by using words that by themselves are not actionable....but words that can be taken or believed to have one meaning in normal presentations....then later told to mean something else is a problem.

Not being a lawyer or giving legal consultation or information is where my client and I parted company.  I could no longer offer any more advice than for him to seek legal counsel.  We are still in communication and have not issues with his representation....that's a good thing!

I spoke with the seller's agent concerning the sellers removing property that should have stayed with the property.  Little things that were not noticeable until the buyers moved in.  The big issues were caught during the pre-closing walk-through, light fixtures, plants, trees....then tie racks, shoe racks, built-in speakers.  The speakers were not noticeably gone until the surround sound stereo system was activated once the buyers moved in....the sound of silence is a dead giveaway.

Then a little matter of a repair in the basement floor under the vinyl flooring in the bathroom.  The uneven floor and the buyers redecorating the area caused the vinyl to be removed....and oops, another problem.  A undisclosed problem.  Again a call to the selling agent and the reply...."OH, that....it was a repair that was done by the contractor before the sellers purchased the property in the beginning.   A follow-up call with the builder revealed....the repair was done 6 months after occupancy....I was able to obtain a copy of the repair order.  The repair wasn't the problem, the type of repair and the actual repair was sloppy and not completed properly.

Here is the real issue....the seller's alerted the buyer's attention by doing little things wrong....the agent also did enough wrong with knowledge and shielding and puffing information to mislead buyers into thinking the materials were more than what they actually are.  Builders may be able to spot issues like this but the average buyer will not.  Even a very experience agent asking the right questions who is given misleading information in writing can only report to their client what is reported by the sellers agent.

So who pays?  We all do....the reputation of our industry, the buyers pays attorney's both agents will be bought into the case and the sellers will be the focal point.  Now they could settle without court action but the damage has been do to our industry.  The sellers and buyers will always discuss these issues with anyone who will listen.

So who pays?

I just left a clients home tonight after my forth meeting.  I knew she did not feel comfortable with the purchase transaction but she just wasn't saying or asking any questions.

Sometimes you have to ask the questions and offer the answers too!  I asked if she understood the purchase process.  I asked if she was comfortable with all the information.  I asked if she understood the numbers, each time I received a smile or nod of confirmation.  Finally I asked the big one.....do you really understand any of this or can I put it in different terms to help you.  Because if I asked you to recap what I have said to make sure you understand could you do it?  She look terrified and said, "I have no idea what all these numbers are about and feel really stupid so don't ask me to tell you what they mean".

Now I smiled and said, that makes me feel a whole lot better.  She asked why I felt better, she didn't have a clue what was going on other than she wanted this house and I was helping her get it.  I feel better because now we can start over and you can just be honest and ask the questions and I will answer them in a way you can understand each and every step of the purchase process.  Then she smiled!

She then opened up and told me she had gone over the numbers at work and had no clue how I arrived at them or what they meant.  The only thing she knew was the bottom line of what her monthly payment was going to be because the lender told her!  All the rest of this was just numbers!

How many times have clients not asked key questions and acted like they knew what was going?  All this so you would not think they were uninformed or as knowledgeable as they should be.  For many the buying and selling process is a fog of information and they only hope they have is having an honest professional take them through the transaction to the close.

My client is not so far removed from others that I have served.  She is single, divorced has a good job and does not buy and sell property.  She still deserves to understand what she is buying and how the numbers are calculated.  She is by no means a stereo type of who needs our services or lacks the expertise to understand the process.  I have had some very well educated gentlemen put on a very good front only to find at close they hadn't understood a word of what the documents meant.

So the questions that are never asked are the ones you want to worry about!  Sometimes you have to ask and answer the questions.

Have you had questions that should have been asked but never where until you probed a little harder?

Seller's usually have a well defined reason for selling and moving.

Seller's have many reasons for selling, some are:

1. A new job which requires them to relocate.
2. A pay increase that allows them to purchase the larger home they always wanted.
3. Downsizing when children leave home and the size is not necessary anymore.
4. Retirement...and the size is just to large to maintain.
5. Travel has become a priority and to maintain a home is just to much.
6. Health issues force the sale.
7. Lost employment and can no longer afford the home.

The issues are many and diverse.  This is a partial list but covers most issues.  The "Seller's Remorse" sets in when they just were tired of the home and wanted a change or a change in lifestyle.  More than once I have had clients call me after they have accepted an offer and say, "do we have to sell"?  They have had that little cloud of doubt creep in just after the realization that they really have accepted an offer and will be moving.

Sellers have been in the home for more than 10 years in most cases.  The sellers have become very comfortable with the home and know all of its faults and short comings.  They also know all the reason they have stayed so long....they like it!  So now they have a fear of the unknown.  What if we can not find a house like the one we sold!  What if's are the creator of all doubts.

So as a listing agent I talk my sellers though these issues and find out why they are selling.  It is extremely important to eliminate this anguish before it happens.  If this is not addressed the sellers will face these issues sooner or later.  They are not the typical sellers.  Usually they do not have to sell, they want to sell.  That is a big difference in motivation.

I hope this gives you a little insight into "Seller's Remorse".  Career professionals face these issues day in day out and can help identify a selling strategy to meet the needs of sellers.  Professionals also can make sure you are selling for the right reason so "Seller's Remorse" does not happen to you.

Have you had an interesting situation where "Seller's Remorse" creeped in?

Buyers Remorse....you loved the house, you made the purchase!

It isn't long after making a major purchase like a home that a little cloud creeps over and says.....I hope I did the right thing!  That little cloud of doubt is known as "buyers remorse".  Why dose this happen?  For each of us it may be triggered by a different reason...but it happens.  Soon after we sign on the dotted line! 

Some of the reasons:

1. You made the purchase on an impulse with your heart instead of your head.
2. Extended your budget a bit more than you are comfortable.
3. The area that you purchased in was different than you had been looking.
4. The home has most of the features but is lacking one of the key features so now you have second thoughts and the papers are signed and the deposit is already placed.
5. You had to talk yourself into the purchase so now you are talking yourself back out of the purchase.

These are only a few of the reasons for "Buyers Remorse".  I am sure you can add many more reasons to this list.  99% of the time your gut instinct was right and the house is great and you are just like everyone else....just having a case of the jitters.

So now you know what "Buyers Remorse" is why does it happen?  The main reason it happens is when buyers make a purchase without fully reviewing the reasons for the purchase.  This means the buyer has not fully investigated all the features, homes available and reconciled the impact the purchase is going to have on his/her/their life.

Professionals take clients through the steps, identify the reasons and help you finalize your goals with a well thought out purchase plan.  It dose not mean that little cloud of doubt will not creep in but it does mean clients will be confident of their actions and purchase.

I hope this helps you understand "Buyers Remorse".

How many more reasons can you add to the list?

Do you know how to move or do you just wing it? 

As a service I provide an outline of key points to remember when moving.  I also provide a written sheet of key phone numbers like the phone company, post office for change, trash hauler and addresses for professional services like movers.

I recently moved and used my own information to help me.  I was delighted to find my information really hoped more than I had thought....that being a good thing.  I also found out that it is much more than having contact information, phone numbers or even a good list of do's and don'ts.  It takes understanding the process of the move.  The preparation to move.

The preparation is understanding your current home and your new home.  That means you must know what you own or intend to purchase for your new home to blend with your current belongings.  Here is what I mean.  Take a bedroom.  If you know all the items and when they are going to be placed in the new home labeling the boxes is a snap.  Take for example your new home has 3 bedrooms and a master (4 total).  Label your boxes bedroom 1, bedroom 2 etc.  Now take it a step further and place on the box location...for example if it is a dresser....north wall or east wall.  The movers know exactly where to place your items and by room.  This little trick says you all kinds of time.

We had a formal living room and a family room.  We also had an eating area and a formal dining area.  It is easy to mix pictures, furniture, vases and other accessories if the items are not labeled properly.  The movers do not know your new home.  The people packing and the people unloading are likely not to be the same people! 

I have just added some information to my moving sheets for clients.  I am providing more information on the moving process and will print labels, that will not hurt furniture, for my clients to mark items to reduce confusion and make their moves easier.

Movers will also mix items from other areas within the same box.  So we had "what nots" in with dishes.  My wife looked at me and said, "what are what nots"?  Of course my answer was a big help, "I don't know, open the box"!  That caused a wrinkled nose look! 

Moving is stressful enough so having a system of identification and location predetermined will make you like a whole lot easier.  Moving is wall to wall boxes and if you plan a bit you can take some of the chaos out of the mvoing process.

So do you plan or wing it?

As many of you know I have just sold a home (mine) in Florida and purchased a home in Michigan (mine again, unless the wife is in the room then it is hers!).  I have been out of the loop with a variety of issues of selling an buying with only 1300 miles separating the properties.

Let me relate part of my self representation issues.  I wrote the purchase agreement....just like I would for a client.  Now I represent myself and wife so do I do things differently....not at all.  I cover all the issues and even confirm in writing within the contract the items that are to remain with the property.  I get an "as written" acceptance.  That makes me smile.  My offer was accepted and no addendum's or counter offers....on to the inspections.  The home is just over a year old....I did not expect any issues and none were found.

Financing was a none issue.....we were all set so just setting the close and possession.  The possession was at close, not a common practice in Michigan but a very common practice in Florida.  So my Florida home was possession at close and I wrote my offer in Michigan with a possession at close too.  I also added a pre-closing walk through as a condition of the contract.

The day before close all has gone somewhat OK....the sellers have made us a bit nervous with gestures, body language and little statements.  We are cautiously optimistic everything will be fine......wrong!  We wrote into the contract all window treatments stay....some were missing.  We wrote into the contract all pond accessories also stay.  The contract already covers light fixtures and other attachments so this should not be a problem.   WRONG again!

The seller had removed an $800.00 light fixture, also he had removed the pond heater that keeps the fish alive in the winter months...the seller had removed exterior plants and shrubs.  I am in Florida my wife along with a designated agent call me asking what should we do?  It was simple for me.....I called the agent and said we have a breech of contract.....the seller has removed and listed the items for the seller's agent.  She said she could hardly believe it....and would call and have it taken care of immediately.  OK, was my response.  I added one other little thing...."we are not closing until this is resolved".   The agent says, "you can't be serious, closing is in an hour".  I said, "it was.  When these issues are resolved we can reschedule the closing and any costs we incure for rewriting or delaying the close caused by your sellers actions will also be at his expense.  The seller's agent says, "they will never go for that"....my response, "no problem, we have a contract that they breached....we will store our belongings and add it to the bill.

I offered a simple option for the seller.  We can put the items on a "bill of sale" and they can pay us with a check for the items they took at close.  This does not change the HUD 1 and all is right in the world or they can go to court and spend a lot more money....they have a choice and I need an answer in a half hour!

We closed, the seller's made the right choice!

Now would you like to know the reason for them removing items?  We got such a good deal on the property that they felt they were owed some of the items they took because of the lower purchase price!  They were shocked when we objected!

They understood the contract and thought they could do as they please.  The seller's agent was willing to just let it go to close and handle it at close....we all know that doesn't work....surprised she tried that one.  My question to the agent was "did you think the contract was just a guide or was it really a contract"?  Her response, "I see this type of stuff all the time, most people let it go".  I see it too but I follow the contract so each party to the transaction gets what they expect not what one is willing to give or take.

So do you follow the contract or do you let it go?