Back to Articles
A couple I recently worked with from Australia have a saying which I couldn’t understand when I first heard it. The saying is ‘no worries’. The phrase is usually used in parting and essentially means don’t worry. In Jamaica they say no problem man (pronounced mon) or don’t worry be happy. Here we say don’t worry or take care or have a nice day.
Whenever I hear the words don’t worry there’s no problem...., I start to worry. As a seller or buyer working with a realtor, many of the worries in a real estate transaction are handled by the agent you use. If you are not working with an agent - plan on having a high threshold for worry and problem solving.
Yesterday I received a call from an agent in Colorado informing me the buyers, who had "no problem" with money were rejected for financing the purchase of a property I am marketing. As a broker/partner of a thirty plus agent office, problem solving is a way of life.
When preparing buyers and sellers in our initial meeting one of the central topics is always problem preparation and risk management. If you are planning to buy or sell a property without the assistance of a agent your potential for problems are multiplied. Most problems occur within the last ten days PRIOR to closing. It is wise to understand that at some point in every real estate transaction, everyone operates on faith and risk management ends.
One of the primary utilities of a real estate agent is to insulate buyers and sellers from problems. The base contract used today in the KC metro market contains four pages. After adding the finance addendum, the seller’s disclosure(2 or 3 pages), the legal description and any kind of contingency addenda, a typical contract I author contains nine or more pages. NO Problem.
Assuming your offer is accepted, several ancillary services are launched into action. A few of these services are a title company who searches the title, a survey company surveys the property, a mechanical inspector, a wood destroying insect inspector, a structural inspector, a loan officer and a processor. If your new home passes inspection an acknowledgement is signed. If the property does not pass inspection an addendum is signed. NO Problem.
After the inspection process, an appraiser, a surveyor and an insurer are soon to be your next visitors. The appraiser, for all intents and purposes is the final arbitrator in every real estate transaction. The appraiser must prove to the lender (assuming the buyer is securing a mortgage to purchase) the property’s worth. The surveyor determines there are no encroachments or encumbrances and the insurer decides whether the house is insurable and at what cost. NO Problem.
When you are ready to transfer your real estate worries, problems and anxieties to someone who deals with them every day, I am your man. I won’t guarantee you ‘no worries’ but I make every effort to eliminate as much worry as possible.
Whether you’re thinking about buying or selling or merely seeking information, rely on me to provide accurate up to date information about the marketplace today.
Send me an e-mail message and ask to be added to my Real Estate Matters e-mail mailing list. Every two weeks, you'll receive a copy of my most recent issue automatically in your e-mail.