Anyone who thinks this business is easy has never really done it. For every transaction that goes smoothly, there are many more that run into problems somewhere along the way and many times they go south.
There are tough deals and then there are really tough deals. Sean Elliott's had a couple of really tough deals over the past week and it sure looks like he's pulled two rabbits out of the hat.
The first came about when a home we had listed at 765 Monticello Circle in Allen and priced at $399K didn't appraise after it was under contract. Agents work so hard bringing a buyer and seller together first on pricing, then the request for repairs, working through the other details like closing dates, earnest money, seller leasebacks, etc. The last hurdle is usually the appraisal which is ordered by the buyer's lender.
Every agent out there will tell you a horror story they've had with appraisals. I won't belabor the point, but there are appraisers who just don't "get it", and if you're unlucky enough to get stuck with one, they can kill the deal.
The first appraisal ordered came in substantially below the actual contract price, but fortunately, the buyer, seller, and both agents were astute enough to realize the appraiser just missed it. There was no other option than to start over.
The buyer switched lenders who brought in another appraiser and sure enough, the second appraisal came in well above the first appraisal. If our seller had listened to the first appraiser and dropped their price, it would have cost them a lot of money. But the buyer and seller came to a mutually acceptable agreement on the final price and the home is now moving towards closing.
The ultimate rabbit out of the hat was this home located in McKinney. It had been priced at $2.475 Million. I say "had been" because our listing had just expired on the home when this deal started heating up.
The negotiations were very rapid over a two day period. When that happens without reaching a final agreement, quite often one side or the other just gets tired of negotiating and throws in the towel.
It didn't help there a couple of surprises popped up along the way, any of which could have easily killed the negotiations. But everyone remained calm and worked their way through them one by one and it went into title today. When the buyer, seller, and both agents are all pulling the wagon in the same direction, it usually results in a good outcome, but even so, this was a tough one.
We never count our chickens before they hatch, and it's never a "deal" until the property has closed and the money is in the seller's account, but we feel pretty good about this sale too. Just to get this property into title from where it started was a major accomplishment, so kudos to Sean for a job well done. I feel confident a newer and inexperienced agent simply could not have pulled it off.