Saturday, June 27, 2015

What challenge did you have at your settlement?

It appears that I have had some challenge or the other with all my settlements recently.  I had to keep telling myself, patience is a virtue.  Clients are stressed and emotional, disappointed or perhaps even angry at circumstances beyond their control.  It is their Realtor's job to help resolve the situation and pull it together.

Some of my recent challenges
1.  Water leak and non working refrigerator at walk thru before settlement.  Seller paid to fix the leak, but refrigerator part ordered did not fix the refrigerator.  Fortunately for my client, the title company as able to escrow funds and I was able to negotiate funds in addition to the escrow amount, so my buyer could simply replace the appliance.  Can your real estate agent negotiate escrows at settlement?

2. New construction sale and client not happy with a long punch list at pre-settlement walk thru.  Constant follow up with the site agent and manager to ensure that the punch list is taken care of before final walk thru.  Did you use a Realtor for your new construction purchase?  Did they disappear after the contract was signed or did they stay in touch through the entire time that your home was being built?

3. Opening a new line of credit before settlement.  It was very tempting for the client to get a store card to save some money on new purchases.  However small the amount, an additional line of credit has to be recorded and mortgage paperwork updated and ratios worked out again.  Fortunately it was a mere formality because it did not affect client's ratios - but settlement was extended for hours until the new paperwork was processed.  Does your Realtor leave for their next appointment or do they stay by your side just in case there are any further complications?

4. Previous year's tax transcripts were needed by underwriters but international client did not have them because they held expatriate position for the company in another country that year. Last minute switch to a new lender - settlement extended by 10 days , new lender paperwork pulled together last minute - great team effort with help of the title agent - made settlement at 5 pm on the day the extended AOS contract was to expire.

Oh I could go on.. maybe I will write a book shortly....

Bela Vora, REALTOR®,
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
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