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You had multiple deals like this??!!! Did that buyer have any money in escrow?
My coworker also had someone bail on him after an offer was accepted. But he never got a formally signed contract or deposit from the buyer's realtor to begin with. Not surprised the deal fell through.
I've only had one ever where the buyer just didn't show up. I have a couple of deals a year fall through but we normally know well in advance it isn't going to close. If you do enough transactions you'll have a few not close for one reason or another (lost jobs, financing, relocation changed, inspections, etc.) What stinks is the time invested.
I've only had one ever where the buyer just didn't show up. I have a couple of deals a year fall through but we normally know well in advance it isn't going to close. If you do enough transactions you'll have a few not close for one reason or another (lost jobs, financing, relocation changed, inspections, etc.) What stinks is the time invested.
In many ways RE is a numbers game isn't it Brandon? You can statistically predict how many deals will fail just by the numbers alone. I guess when you have been in it awhile you just know that and it is not as devastating as it was for me in the first 3 years; I had two deals go south and it really shook me up!
I guess it is that way in all sales, I just have to get a grip of it.
The ones that make are the ones that are mentally tough enough to take the lumps and move forward. I've a few that were tough but you have to keep moving forward. My FSBO neighbor that listed with a competitor after I helped him, and exception by a crooked RE agent that cost me a commission on a 425k home, things like that. You just have to pick up the pieces and move on. The best lessons are always expensive.
First of all, you need to do what you need to do.....Life is too short to waste time where you feel you are losing.
Periodically I have taken a "job" when times were tough, but it wasn't permanent.....I am NOT an employee type person. And at my age, I can't think of anything someone would hire me for except a "Welcome to ___ ____" type job......and I came out of accounting also.
Of course, I like appraising........it isn't the kind of work that appeals to everyone (thankfully) and in bad times like this we are busier than ever.......
Its even more difficult now than in 1991 when I got my license. Been through a few cycles now and this one absolutely takes the prize! The boom of the past 6-8 years was truely not representative of the real estate market for agents, a real golden parachute period. A second career to fall back on now is a lucky blessing for many.
I continue because I love what I do and fortunately don't have debt that turns me upside down. Without a mountain of bills it is easier to survive between times when closings are fewer and farther between. That being said, just a 10-20 hour a week part time job would be nice right now!
WOW we are a tough bunch and I think it is safe to say that CASH MANAGEMENT is a must!
Thanks for the input. I too have been thinking about taking the appraisal certification classes and going that route, like you Good I like the numbers.
WOW we are a tough bunch and I think it is safe to say that CASH MANAGEMENT is a must!
Thanks for the input. I too have been thinking about taking the appraisal certification classes and going that route, like you Good I like the numbers.
If the real estate market is slow, appraisals are going to be slow too. Just a thought to consider. Having that certification would definitely help you in your real estate career, but that may not be the answer you're looking for.
If the real estate market is slow, appraisals are going to be slow too. Just a thought to consider. Having that certification would definitely help you in your real estate career, but that may not be the answer you're looking for.
Although when the real estate market is slow, many people are staying put and refinancing (if they can). Since the new housing plan will make re-fi'ing easier, I would think the appraisers would have their hands full with those. . . . Now that I think about it, maybe I should look into becoming an appraiser. (Actually the licensing and apprenticeship process here in AZ es extremely lengthy, so maybe not.)
If the real estate market is slow, appraisals are going to be slow too.
no its not.
I have done more REO appraisals in the past month than I did in the past 10 years. I have done a lot of land appraisals recently, I still do appraisals for attorneys for divorce, for estates, etc. And I do the occasional condemnation report. Not all reports are for sales or refinancing, you know? And any time a bank forecloses they need to know the actual value of the property. I still do a substantial number of reviews for PMI companies. If they have to pay out 20% on a foreclosed house, they want to make sure it is worth that $300,000 it was financed for instead of the $200,000 it might have been worth at the time of sale. That $20,000 is worth paying me $500.
When I first got started in appraising, we were getting RTC appraisals and ERC appraisals. We had a group of about 60 houses in southern New Mexico that we had to reappraise every 4 months, values were dropping that fast and the bankers had to know what their assets were worth. Nothing was selling, bumber stickers said "Last one in Hobbs, turn off the lights," and we were snowed under with work.
(Actually the licensing and apprenticeship process here in AZ es extremely lengthy, so maybe not.)
It's that way across the country
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that is so true
(Actually the licensing and apprenticeship process here in AZ es extremely lengthy, so maybe not.
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