When should an Agent be there for their client?
October 17, 2011, 5:00 pm
Filed under:
Agent Information,
Buyers,
General Comments,
Sellers | Tags:
buyer,
Closing,
piggy back,
Professional Realtor,
real estate,
sellerRecently I had piggy back closings…for those unfamiliar with the term…”Piggy Back ” sales are closings that depend on the previous sale closing the same day so that the funds from one sale are used in the next. I will use a recent example to explain. The Sellers from the first closing, out of state, were buying my Seller‘s house who was then a Buyer buying a third home.
This is not unusual in the world of real estate, but does take careful planning, attention to detail and constant follow up. The first Sellers had one spouse out of state to sign at the first closing with a Power of Attorney to sign for both parties. The money from the sale was being wired so the other spouse could use their Power of Attorney to sign for both parties for the house they were buying. My seller was using the funds from their sale to purchase the third home. Not unusual, but also not a simple transaction. Three piggy backs takes careful handling and attention to detail. All 3 agents knew the scenario involved.
To plan ahead, I had our Title company call the Closers out of state to determine how early in the day they could close and wire the money to know when to schedule the second closing. The day before closing the Attorney’s office (they did not use a Title company in the other state) called to ask our Title company to bump our closing to an hour later, which we did and notified the 3rd Title company also. The following morning when the Buyer and their agent did the final walk thru of our Seller’s home the agent said she would not be coming to the closing. The agent for the Seller my people were buying from was not coming to that closing either, since his Seller signed off early. Surprise, surprise….I was the only agent to show up at either closing…and of course it was a Friday closing.
Were there any hic-ups or problems…..naturally. The funds wired for the first closing didn’t show up on time. To shorten this story, our 1:30 closing finally closed after 6, and I delivered keys to everyones Buyers by 7:30 thanks to 2 professional closers at both Title Companies who stayed late to work with me, finally getting the out of state wire transfers and getting both Buyers into there new homes for the weekend.
The first agent’s comment was if it had to close on Monday it was “no big deal”, their buyer would be OK with it. When I explained the additional cost the Buyer could be liable for, since my Seller’s furniture was already on the moving van waiting to be unloaded at their new home, which would have to be kept in storage for 3 days, the other agent felt their was no liability or responsibility. As of 5:00 she was off duty and did not work weekends. Now I respect each Realtor’s right to choose their schedule and set their priorities…BUT the punch clock philosphy does not apply in the middle of a closing. Sometimes problems can’t be solved the same day but it is our professional responsibility to do all we can to try to make things right.
I was the one sitting with her Buyer, who was almost in tears, frustrated and wondering why her agent wasn’t there with her. I couldn’t answer her….because I wondered the same thing. Plain and Simple agents should always accompany their Buyers to their closings. If it is a mail away on both sides or a mail away with a REO seller, that’s about the only time you don’t you need to go…because no one is there!
I just went through the a similar scenario this week. The Buyer’s for my Seller’s home were closing on a home out of state and buying this one contingent upon that closing. My Seller found a vacant home she would be able to purchase and move into, “piggy back” scenario again, so that she would not have to make two moves. In this scenario the other local Professional Realtor stayed on top of her Buyer’s out of state sale communicating with the other agent. We knew there might be a few days delay in the northern home’s closing and addressed it in both of our Florida contracts, allowing for the potential delay and keeping all parties informed. This meant the Title Companies, utilities, HOAs, insurance companies and lenders. This also allowed the Buyers to prepare their respective moving companies and arrange for a potential delay of a day. All 3 homes closed with happy Buyers and Sellers on both sides of the table. A Win Win situation, the way we like Real Estate sales to be….AND I was not the only Professional Realtor at the closing table. Thank you Darlene and Kathy, a pleasure working with both of you. I am passionate about my profession. I enjoy AND appreciate working with others Professional Realtors that feel the same way and take their job seriously!
How many Buyer’s and Seller’s out there feel it is important for your agent to be there with you. How many agents have been in my position? I would love to get your feedback. Am I over reacting or do you think this is unprofessional?
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PamCohn's Blog
Filed under: Agent Information, Buyers, General Comments, Sellers | Tags: buyer, Closing, piggy back, Professional Realtor, real estate, seller
Recently I had piggy back closings…for those unfamiliar with the term…”Piggy Back ” sales are closings that depend on the previous sale closing the same day so that the funds from one sale are used in the next. I will use a recent example to explain. The Sellers from the first closing, out of state, were buying my Seller‘s house who was then a Buyer buying a third home.
This is not unusual in the world of real estate, but does take careful planning, attention to detail and constant follow up. The first Sellers had one spouse out of state to sign at the first closing with a Power of Attorney to sign for both parties. The money from the sale was being wired so the other spouse could use their Power of Attorney to sign for both parties for the house they were buying. My seller was using the funds from their sale to purchase the third home. Not unusual, but also not a simple transaction. Three piggy backs takes careful handling and attention to detail. All 3 agents knew the scenario involved.
To plan ahead, I had our Title company call the Closers out of state to determine how early in the day they could close and wire the money to know when to schedule the second closing. The day before closing the Attorney’s office (they did not use a Title company in the other state) called to ask our Title company to bump our closing to an hour later, which we did and notified the 3rd Title company also. The following morning when the Buyer and their agent did the final walk thru of our Seller’s home the agent said she would not be coming to the closing. The agent for the Seller my people were buying from was not coming to that closing either, since his Seller signed off early. Surprise, surprise….I was the only agent to show up at either closing…and of course it was a Friday closing.
Were there any hic-ups or problems…..naturally. The funds wired for the first closing didn’t show up on time. To shorten this story, our 1:30 closing finally closed after 6, and I delivered keys to everyones Buyers by 7:30 thanks to 2 professional closers at both Title Companies who stayed late to work with me, finally getting the out of state wire transfers and getting both Buyers into there new homes for the weekend.
The first agent’s comment was if it had to close on Monday it was “no big deal”, their buyer would be OK with it. When I explained the additional cost the Buyer could be liable for, since my Seller’s furniture was already on the moving van waiting to be unloaded at their new home, which would have to be kept in storage for 3 days, the other agent felt their was no liability or responsibility. As of 5:00 she was off duty and did not work weekends. Now I respect each Realtor’s right to choose their schedule and set their priorities…BUT the punch clock philosphy does not apply in the middle of a closing. Sometimes problems can’t be solved the same day but it is our professional responsibility to do all we can to try to make things right.
I was the one sitting with her Buyer, who was almost in tears, frustrated and wondering why her agent wasn’t there with her. I couldn’t answer her….because I wondered the same thing. Plain and Simple agents should always accompany their Buyers to their closings. If it is a mail away on both sides or a mail away with a REO seller, that’s about the only time you don’t you need to go…because no one is there!
I just went through the a similar scenario this week. The Buyer’s for my Seller’s home were closing on a home out of state and buying this one contingent upon that closing. My Seller found a vacant home she would be able to purchase and move into, “piggy back” scenario again, so that she would not have to make two moves. In this scenario the other local Professional Realtor stayed on top of her Buyer’s out of state sale communicating with the other agent. We knew there might be a few days delay in the northern home’s closing and addressed it in both of our Florida contracts, allowing for the potential delay and keeping all parties informed. This meant the Title Companies, utilities, HOAs, insurance companies and lenders. This also allowed the Buyers to prepare their respective moving companies and arrange for a potential delay of a day. All 3 homes closed with happy Buyers and Sellers on both sides of the table. A Win Win situation, the way we like Real Estate sales to be….AND I was not the only Professional Realtor at the closing table. Thank you Darlene and Kathy, a pleasure working with both of you. I am passionate about my profession. I enjoy AND appreciate working with others Professional Realtors that feel the same way and take their job seriously!
How many Buyer’s and Seller’s out there feel it is important for your agent to be there with you. How many agents have been in my position? I would love to get your feedback. Am I over reacting or do you think this is unprofessional?
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