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Unexpected Challenge? Problem Solved

Problems – sometimes weird and always unexpected – can arise between a listing and closing. Four NAR members describe theirs and how they responded.

CHICAGO – In complicated financial deals, problems often arise. And many times an agent’s first response is, “They did what?” or “You’re kidding!”

Four real estate agents with the National Association of Realtors® offer their own experiences in meeting clients’ expectations when unexpected problems arose.

  • Florida-based agent Klaus Gonche recalls a closing disruption two days before closing: They received notice that the seller had multiple outstanding homeowners association violations related to property maintenance. However, Gonche was able to correct the problems and the sale closed on time.
  • Divorce can also be a potential quagmire. Denise Supplee with Long & Foster in Doylestown, Pa., says it’s important not to console one party more than the other. Even a remote appearance of favoritism can upend a transaction.
  • Compass agent Jennifer Reddington in Rye, N.Y., helped sellers fully remediate a flooded home following Hurricane Ida in 2021. To sell the property, she said she was fully transparent with buyers and their agents, working “especially hard to demonstrate that the sellers and myself were not hiding anything.”
  • Last January, Alejandro Franqui with Solo Real Estate in Philadelphia had to contend with an appraisal that came in $39,000 below the property’s agreed-upon sale price, which prompted him to voice his concerns to the lender. As part of that, he also presented comparable properties to the appraiser. “The appraiser came back and said the house was actually worth $3,000 more than the contract price,” he says. “He actually used two of the three properties that I sent him as comps. Both the seller and the buyer were happy with the outcome.”

Source: Realtor Magazine (01/25/23) Bortz, Daniel

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