So, Ari's home closed. You probably knew this because you may have heard the rejoicing from the Heavens.
The house Ari bought was not on the MLS, which means I wasn't owed a commission. However, the agent was gracious and paid me a reasonable commission anyway. For this, I am grateful. In fact, the commission was higher than I expected, which was a nice surprise.
Yesterday my check was couriered over. I went to the bank, cashed the check and immediately spent every last dime.
I paid Buckaroo's car insurance and the forced increased premium on my umbrella policy.
I bought two books for my Kindle.
I put aside the prerequisite money for Uncle Sam.
I paid off my business expenses (advertising, fees, and other sorted real estate related expenses I had been accruing for a few weeks)
I took the family out to eat last night.
Did I mention Buckaroo's car insurance?*
Our savings is in infant stage. Our vacation is pre-paid. It was nice to have this bonus cash come in and take care of some of the lingering expenses we had. My next commission check should be here in the next few days. Hopefully that one will just sit tight in the bank.
Starting over is difficult.
*Want to know how expensive it is to insure a teenage boy in Maricopa County? Polly got her license/car insurance and her braces on the same day. It was still cheaper than Buckaroo's car insurance.
Friday, May 10, 2019
Thursday, May 9, 2019
Maybe the Cat Eats the Brownies
"How much do you love me?" I asked Jane today, after I left my listing appointment.
"Why?" she replied.
Jane is no fool.
So I explained how my new clients have a tenant they are asking to leave. Originally they were going to give the tenant a 60 day notice. At that point, I offered to help the tenant find a new rental. After all, why not? I just love rentals--especially in the summer. I love helping folks who need to move ASAP when I have no idea of their background, ability to pay and credit score.
My new clients, now excited at the prospect of selling their home sooner than later, suddenly had a change of heart. Why give 60 days when the law only required 30? That would be better for them. And, even better, it would ensure the tenant would not waste any time looking for a new place to live. They thanked me for being willing to help their friend--she's now a friend, not a tenant who seems to like her herbs smoked or baked into brownies. And gosh, thanks a bunch!
Of course 30 days might be a bit difficult as I am leaving town soon. No worries! As a sales person, I always have a contingency. I explained to my new folks the timing might be off, but never fear, I have a colleague who would simply be delighted to help the tenant/friend find a new place to live.
It is going to cost me a lot of goodwill, but Jane has agreed to help this tenant find a new place to live. I may have forgotten to tell Jane about the tenant's pet cat whose fur smells like pot and was walking around with a bit of a contact high. Perhaps I will just omit that little tid-bit.
"Why?" she replied.
Jane is no fool.
So I explained how my new clients have a tenant they are asking to leave. Originally they were going to give the tenant a 60 day notice. At that point, I offered to help the tenant find a new rental. After all, why not? I just love rentals--especially in the summer. I love helping folks who need to move ASAP when I have no idea of their background, ability to pay and credit score.
My new clients, now excited at the prospect of selling their home sooner than later, suddenly had a change of heart. Why give 60 days when the law only required 30? That would be better for them. And, even better, it would ensure the tenant would not waste any time looking for a new place to live. They thanked me for being willing to help their friend--she's now a friend, not a tenant who seems to like her herbs smoked or baked into brownies. And gosh, thanks a bunch!
Of course 30 days might be a bit difficult as I am leaving town soon. No worries! As a sales person, I always have a contingency. I explained to my new folks the timing might be off, but never fear, I have a colleague who would simply be delighted to help the tenant/friend find a new place to live.
It is going to cost me a lot of goodwill, but Jane has agreed to help this tenant find a new place to live. I may have forgotten to tell Jane about the tenant's pet cat whose fur smells like pot and was walking around with a bit of a contact high. Perhaps I will just omit that little tid-bit.
Wednesday, May 8, 2019
I Take It Back
Maybe it does take a village to close a real estate transaction.
This morning I met Ari, his loan officer and my title agent in South Chandler for Ari's signing. In Arizona, one generally doesn't sign and close on the same day. If there is a reason for this to happen, it has a lot more to do with the lending side than any other reason, but I digress.
As agents, we should attend our client's signings. Most of the time I sit there, hanging out and smiling, glad my folks have done whatever they need to do to get to what led them to the chair in the title office. Sometimes (rarely) the loan officer comes and most of the time, he has nothing to do either.
Except today. Today we were busy.
Let me just say this: the loan officer drove 77.4 miles (I googled it--he lives on the way West side of town) to be at this 8:30 a.m. signing. And I want this on record: I take back almost everything I said about him.
Ari's settlement statement had a few errors on it. They were items the loan officer and I caught at signing, and because he (the loan officer) was there, he was able to call his folks at the bank and get everything immediately fixed. There was also a problem with the promissory note. Had the loan officer not been there, I would have advised Ari not to move forward--not that Ari needed any encouragement to sign an incorrect promissory note. However, once again, the loan officer was able to take care of the issue and another one was issued. Neither of these tasks could have been handled without hands-on assistance from this guy.
Now then, these are both issues that should have never gotten this far, but let's just overlook that. The point is, if the loan officer hadn't been at Ari's signing, Ari would still be homeless. I would also be calling the other agent and begging for another extension.
Anyway, if all goes well--and what could possibly go wrong?--Ari will be a home owner by 5 p.m. today.
This morning I met Ari, his loan officer and my title agent in South Chandler for Ari's signing. In Arizona, one generally doesn't sign and close on the same day. If there is a reason for this to happen, it has a lot more to do with the lending side than any other reason, but I digress.
As agents, we should attend our client's signings. Most of the time I sit there, hanging out and smiling, glad my folks have done whatever they need to do to get to what led them to the chair in the title office. Sometimes (rarely) the loan officer comes and most of the time, he has nothing to do either.
Except today. Today we were busy.
Let me just say this: the loan officer drove 77.4 miles (I googled it--he lives on the way West side of town) to be at this 8:30 a.m. signing. And I want this on record: I take back almost everything I said about him.
Ari's settlement statement had a few errors on it. They were items the loan officer and I caught at signing, and because he (the loan officer) was there, he was able to call his folks at the bank and get everything immediately fixed. There was also a problem with the promissory note. Had the loan officer not been there, I would have advised Ari not to move forward--not that Ari needed any encouragement to sign an incorrect promissory note. However, once again, the loan officer was able to take care of the issue and another one was issued. Neither of these tasks could have been handled without hands-on assistance from this guy.
Now then, these are both issues that should have never gotten this far, but let's just overlook that. The point is, if the loan officer hadn't been at Ari's signing, Ari would still be homeless. I would also be calling the other agent and begging for another extension.
Anyway, if all goes well--and what could possibly go wrong?--Ari will be a home owner by 5 p.m. today.
Monday, May 6, 2019
Monday's Adventures
Ari and I met on Saturday to do a final walk-through on his house. Hopefully loan documents will be showing up today or tomorrow. Hopefully.
Last Friday I texted Ari's loan officer the following micro-managed question: "Has the CD been acknowledged yet? Please don't think this text has anything to do with your competence. I am always like this."
Inga and Liam, to the surprise of nobody other than Inga and Liam, are still not ready to list their home. I just cancelled the photographer. Again.
Yesterday morning I got a text from her saying saying she didn't "have time" to plant flowers (I told her to buy pots with flowers in them) and clean the kitchen, so she needed me to prioritize. I told her to do both. I have seen her kitchen, it isn't big or messy, so I wasn't buying it. But then again, I am not sure anyone will be buying her house because it isn't on the market yet. Again.
Ask any agent, they will tell you the real trick to getting busy in real estate is to book a vacation. The more complex the trip, the more likely their phone will ring. My phone is ringing. It is a happy problem.
_____________________________
Last Friday I texted Ari's loan officer the following micro-managed question: "Has the CD been acknowledged yet? Please don't think this text has anything to do with your competence. I am always like this."
_____________________________
Inga and Liam, to the surprise of nobody other than Inga and Liam, are still not ready to list their home. I just cancelled the photographer. Again.
Yesterday morning I got a text from her saying saying she didn't "have time" to plant flowers (I told her to buy pots with flowers in them) and clean the kitchen, so she needed me to prioritize. I told her to do both. I have seen her kitchen, it isn't big or messy, so I wasn't buying it. But then again, I am not sure anyone will be buying her house because it isn't on the market yet. Again.
_____________________________
Ask any agent, they will tell you the real trick to getting busy in real estate is to book a vacation. The more complex the trip, the more likely their phone will ring. My phone is ringing. It is a happy problem.
Merry Christmas Mr. Miller
Joe Miller was the agent for Mary and John Smith. Herbert Hill was the loan officer. Herbert was bilingual, which was a benefit for Mr. and Mrs. Smith, because English was not their first language. Herbert prequalified these folks for $250,000.
Joe Miller showed the Smiths homes for three months. He wrote three offers. All fell out of escrow for a variety of reasons. As of last May, the Smiths said they were going to take a month off from looking at houses. Joe Miller said OK, talk to you soon.
In December Joe Miller went into Mrs. Smith's place of business. This is the first contact he had with the Smiths since May. He found out the Smiths bought a house in July from agent Jill Hill, the loan officer's wife. The house sold for $450,000.
Joe Miller sent a grievance up the chain of command insisting to the grievance committee Jill Hill acted unethically and he is owed the commission on the house the Smiths bought.
Mr. Miller said finding out "right before Christmas caused a lot of emotional strain and stress on his marriage and children. Money was tight and it was a direct result of (Jill Hill's) actions."
The grievance committee spent quite a bit of time on this particular case. On one hand, there is the indication that that Jill Hill "stole" Joe Miller's client. After all, the loan officer recommended his wife and they purchased a home for $100,000 more than they had been prequalified for before.
On the other hand, why didn't Joe Miller follow up with his clients in a timely fashion? He had them sign nothing indicating he was their real estate agent. He abandoned them. They didn't want to be homeless and they moved on.
The grievance committee unanimously sided with Jill Hill. But I have to tell you, I am very pleased there was a discussion about it. We took the case seriously and studied it from many angles. I had never had a case that wasn't forwarded to the High Inquisitor Squad before. I can honestly say true consideration went into our decision.
Here is what I think truly happened. The Smiths were frustrated with their agent (Mr. Miller). They had already lost out on three homes. It is the agent's fault (it is always the agent's fault, right?). They complained to their loan officer who said his wife was an agent. She spoke the same first language as they did and could communicate better.
The Smiths probably had "mattress money" (excuse the stereotype, but a lot of folks who are not originally from here have mattress money. It is more common than you think) and when the homes they were interested in that Joe Miller showed fell through, they decided to splurge and get what they wanted. It just so happened the Smiths did not call Joe Miller back and took his silence that he was done. Apparently they were done with him too.
It seems to me, if you are in commission sales and the only way you get paid is by selling a house, you might be more inclined to stay in touch with your clients.
Joe Miller showed the Smiths homes for three months. He wrote three offers. All fell out of escrow for a variety of reasons. As of last May, the Smiths said they were going to take a month off from looking at houses. Joe Miller said OK, talk to you soon.
In December Joe Miller went into Mrs. Smith's place of business. This is the first contact he had with the Smiths since May. He found out the Smiths bought a house in July from agent Jill Hill, the loan officer's wife. The house sold for $450,000.
Joe Miller sent a grievance up the chain of command insisting to the grievance committee Jill Hill acted unethically and he is owed the commission on the house the Smiths bought.
Mr. Miller said finding out "right before Christmas caused a lot of emotional strain and stress on his marriage and children. Money was tight and it was a direct result of (Jill Hill's) actions."
The grievance committee spent quite a bit of time on this particular case. On one hand, there is the indication that that Jill Hill "stole" Joe Miller's client. After all, the loan officer recommended his wife and they purchased a home for $100,000 more than they had been prequalified for before.
On the other hand, why didn't Joe Miller follow up with his clients in a timely fashion? He had them sign nothing indicating he was their real estate agent. He abandoned them. They didn't want to be homeless and they moved on.
The grievance committee unanimously sided with Jill Hill. But I have to tell you, I am very pleased there was a discussion about it. We took the case seriously and studied it from many angles. I had never had a case that wasn't forwarded to the High Inquisitor Squad before. I can honestly say true consideration went into our decision.
Here is what I think truly happened. The Smiths were frustrated with their agent (Mr. Miller). They had already lost out on three homes. It is the agent's fault (it is always the agent's fault, right?). They complained to their loan officer who said his wife was an agent. She spoke the same first language as they did and could communicate better.
The Smiths probably had "mattress money" (excuse the stereotype, but a lot of folks who are not originally from here have mattress money. It is more common than you think) and when the homes they were interested in that Joe Miller showed fell through, they decided to splurge and get what they wanted. It just so happened the Smiths did not call Joe Miller back and took his silence that he was done. Apparently they were done with him too.
It seems to me, if you are in commission sales and the only way you get paid is by selling a house, you might be more inclined to stay in touch with your clients.
Thursday, May 2, 2019
Getting Closer
On my way across town yesterday to meet Bonus Dad for lunch and then to see Inga, I called the ^*%&$&! Loan Officer on Ari's sale to get an update. As we were talking, my other line was ringing. It was the selling agent. Given what mood I was in, it was best I waited a few hours to get back with the selling agent anyway.
My real problem is the final underwriting portion of a loan should take a day. It has taken 2 weeks, with no discernible reason, other than the loan officer was lazy and unproductive. I didn't use those words during our chat yesterday but I may have had a bit of exasperated impatience in my voice. The Loan Officer caught on to my implication that he was incompetent. He informed me he had been doing this for 20 years.
I am pleased to say I held my tongue and did not say that I suspect he has been repeating his first year as a loan officer 20 times.
As I write this--a day later--Ari's file has been back to underwriting and lo and behold! We have final approval. Now there are a few administrative items that need to happen on Ari's part (like signing loan documents), but it looks like Ari is getting his house sometime next week.
My real problem is the final underwriting portion of a loan should take a day. It has taken 2 weeks, with no discernible reason, other than the loan officer was lazy and unproductive. I didn't use those words during our chat yesterday but I may have had a bit of exasperated impatience in my voice. The Loan Officer caught on to my implication that he was incompetent. He informed me he had been doing this for 20 years.
I am pleased to say I held my tongue and did not say that I suspect he has been repeating his first year as a loan officer 20 times.
As I write this--a day later--Ari's file has been back to underwriting and lo and behold! We have final approval. Now there are a few administrative items that need to happen on Ari's part (like signing loan documents), but it looks like Ari is getting his house sometime next week.
Wednesday, May 1, 2019
Mayday
The selling agent for Ari's sale has given us three days to get our act together or he is going to pull the sale so his client can get boatloads more money for his home. Frankly, I would do the same thing if I were him. However, I wouldn't necessarily give the three extra days. That is a gift and I think it was a courtesy to me. By the way, when I say, "us," I mean the @*$^#)! loan officer. A couple of days ago, I suggested to Ari if his mother has any (true) pull at the bank she insisted her son use for his loan, now is the time to play her cards. So far nothing positive has come of this, other than the marvelous amounts of self control I am currently exhibiting.
I explained the obvious to the loan officer: if Ari loses this house, there is little possibility of finding anything else in his price range. This one was a gift from Heaven. Ari has done everything asked of him. It is the loan officer who can't seem to find a sense of urgency over urgent items from weeks earlier that are still urgent and outstanding. Plus, most likely Mr. Loan Officer and I are fired. Mama will insist--and she holds Ari's inheritance. There will be no third time around with Ari.
Now, I don't know about the rest of you, but is there anyone out there who wants to work and not get paid in the end? I estimate I have about 90+ hours into this project (not including the other sale he lost partially to the loan officer and partially because the other agent was unprofessional). So, even at the going minimum wage, that is a chunk of change I am out. Worse, it is a lot of good faith I am out with the other agent and Dee, who keeps referring folks to me. Plus--and this is the most important part--I work to satisfy my children's pesky grocery and electricity addiction. So, yea, I'm a little hot about this.
As of 8:35 I have managed to hold off calling the loan officer to ask for a status. I am not sure I want to hear "I am working on it." Because I am not sure I can continue exhibiting marvelous amounts of self control.
I explained the obvious to the loan officer: if Ari loses this house, there is little possibility of finding anything else in his price range. This one was a gift from Heaven. Ari has done everything asked of him. It is the loan officer who can't seem to find a sense of urgency over urgent items from weeks earlier that are still urgent and outstanding. Plus, most likely Mr. Loan Officer and I are fired. Mama will insist--and she holds Ari's inheritance. There will be no third time around with Ari.
Now, I don't know about the rest of you, but is there anyone out there who wants to work and not get paid in the end? I estimate I have about 90+ hours into this project (not including the other sale he lost partially to the loan officer and partially because the other agent was unprofessional). So, even at the going minimum wage, that is a chunk of change I am out. Worse, it is a lot of good faith I am out with the other agent and Dee, who keeps referring folks to me. Plus--and this is the most important part--I work to satisfy my children's pesky grocery and electricity addiction. So, yea, I'm a little hot about this.
As of 8:35 I have managed to hold off calling the loan officer to ask for a status. I am not sure I want to hear "I am working on it." Because I am not sure I can continue exhibiting marvelous amounts of self control.
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