Hiring a professional, was critical. A professional who would tell us what to do and one who would negotiate like a roaring lion!
Our realtor was a true professional and we were excited to hire her. After several multiple offers and disappointments, we had an executed contract for our new home. We were on our way to a successful closing… until the day of closing.
I was saddened to hear this story, and will share it the best I can.
On the day of closing, the buyer and seller excitedly gathered around the closing table, feeling anxious yet knowing they were still under advisement of professionals. Two realtors, a lender and the closing attorney.
Here’s the glitch…The seller had agreed to make repairs, however for various reasons, the agreed upon repairs had not been completed. The buyer was upset, yet still wanted the home.
The seller’s belongings had been loaded carefully into the moving van and had departed to the new location. The car was packed, and the seller was ready to hit the road immediately after closing. The seller had a lot to lose, if the sale fell through.
Everybody was feeling uneasy, and agitated, knowing this was a sticky situation. “How will we get this resolved?”, the buyers ask.
The sale was now in jeopardy, there had to be a “work around.” One realtor suggested the seller pay the buyer for the repairs after closing. “My seller will write a check for the remaining repairs”.
The professionals agreed and told the seller to get out his checkbook. Did the professionals know this was illegal, or did they think it would be okay? I don’t know the answer to that question.
After the closing, the buyers and sellers went to their new homes, and the professionals will either continue to practice this way or will decide to stop if they know it was illegal. I suspect one of the professionals were not comfortable with the “work around”, but essentially permitted it.
I don’t know which is worse, not knowing you’re doing something wrong, or knowing you’re doing something wrong and continue doing it anyway. Both are damaging and can be detrimental to you and others.
Professionals tell people what to do, give advice and are held to a higher standard despite making tough decisions in critical situations.
Hopefully you won’t say, “I can’t believe what this professional told me to do!”
I share stories inspired by actual events, and speak passionately regarding ethical and compliance behaviors in the professional workplace, with emphasis on real estate and the mortgage industry.
Please share your stories with me, the good, the bad and the ugly here