Real Estate in Utah

Empathy in Real Estate: Delays and Communication

Have you purchased property?  Have you sold property?  If you have experienced both it will be easier to have empathy for those on the other side of future transactions.

One of the most frustrating things about Real Estate is working with lenders.  Trying to determine when the lender will get all the necessary information submitted to the underwriter and when your client will receive approval to purchase the property is often a shot in the dark.

I have a client for whom a third addendum was sent requesting a third settlement deadline change.  The lender has not given a specific date when they will have paperwork ready for the title company to write up the HUD’s for approval.   When the best deadline dates are determined and included on the contract there is a push for everyone to meet those dates, and the lender, more often than not, struggles to meet the deadline.

Sellers are usually concerned about the time their property is off the market while under contract. If the contract fails, the seller has missed the opportunity for other potential buyers.

Representing a seller in this situation, the most common advice would be for them to accept the extending of deadlines when requested due to lender delays.  Otherwise, the seller is back to square one, waiting to show the home and receive an offer.

With the ease of communication, in this era of technology, the best way to have an empathetic seller is to keep them updated.

“The less people know, the more they yell.”  Seth Godin


posted on  1/2/15


Posted on January 6, 2015 at 11:31 am by Brian Olsen

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