Long Beach Housing Market

The stress of selling in this market
September 14th, 2010 9:44 AM
I'm close to the end of a sale on my listing on Village Drive in Lakewood Village.  It has been a difficult sale even though we received offers within a few days of listing the property.  It became stressful when the appraiser refused the offer price and reduced the value by $20,000.  Even other appraisers I speak to were shocked because the house was so 'perfect'.  But we can't argue or even discuss appraisals anymore.  Unfortunately the sellers are retired and they have no opportunity to 'make up' that $20,000 unlike a young couple who have years to re-earn the money.  But that isn't even the stressful part.  The other end of the transaction is a purchase out of state.  They 'insisted' we close almost 14 days earlier than we originally agreed.  My poor clients have made themselves ill trying to get this done.  The buyers agent has been great and so has the lender at pushing and trying to make things happen.  I don't know if we would ever have gotten it done if there was another lender involved.  But it hasn't reduced the stress or anxiety on everybody.  We are now within 3 days of closing and the seller still does not believe the sale will happen.  I tell you this, not to release my frustration, although it helps but let you know if you are the buyer or the seller - there is so much out of your Relators control in a final days of a transaction.  It takes time in underwriting and there is no information to be had, time to verify bank accounts, verify employment, recheck credit and be sure the lender is protected.  Please if you do nothing else work with a Realtor that you feel you can trust that will share honest information with you and keep you informed.  And if you trust them enough, don't badger them and blame them and make them feel incompetent.  You have to let go and let the Relators and lenders do their jobs.  Otherwise it causes stress and anxiety on everybody involved.  And really it's not worth it.

Posted in:General
Posted by Heather Burke & Sarah Ireland on September 14th, 2010 9:44 AMPost a Comment

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