Re: ‘Rookie Realtor’s first deal collapses‘ (June 8)
Dear Rookie:
As a loan officer for 12 years, I have recently seen this behavior in two deals for one borrower. In this case, it was the seller that simply didn’t want to sell after we had loan docs at escrow. The second of the two failed sales is quite possibly going to end up in a lawsuit against the seller. But the seller knows how hard it is and how expensive it is to sue for specific performance, so they take their chances and bail on a perfectly good contract because maybe they know they can get more money from someone else.
The only thing I could say is: explain to all clients – a contract is just that – a contract. Careful screening upfront and clear communication can sometimes screen out the flakes.
In this industry, it is live and learn…unfortunately. All we can do is keep going.
You will have that great sale soon…You just have to keep plugging away and try not to let one deal get you down. Keep your integrity and try to align yourself with clients and business partners that mirror your beliefs. Create those partnerships. Having a team approach will set you apart from those who are just in it to make a quick buck.
Cristie Champlin
Senior loan consultant
Dear Rookie:
I have followed your story since day one. You acknowledged my previous e-mail about switching to the mortgage sales end of the business. I must say you have really been positive and upbeat in the face of adversity. That’s definitely a necessary trait in any kind of sales business.
Having said that, at what point does persistence become counterproductive? Think of the time, money, and effort you have expended so far for what results? I can say I am persistent and will bang my head against a concrete wall until it falls down. But my determined persistence won’t knock down the wall; it will just bash in my head. For what purpose? To say I am not giving up?
It’s real easy for everyone else to tell you to hang in there because they are making money.
I wish I could tell you what direction to go in, but that is ultimately your call. I honestly believe it’s time to move on. Why not get some 9-to-5 salary position and work the business part time? If you start to make some sales down the road, you can always go back to it full time. Perhaps another sales position with a base salary and a commission override?
Bill Salamone
Wilmington Finance
Dear Rookie:
Face it. Most “consumers” are complete idiots. That sounds harsh, and I don’t let it cloud my effectiveness in business, but, truth be told–it’s accurate. There is a tremendous amount of empirical evidence to suggest that the majority of “sheeple” out there don’t pursue decisions with a tremendous amount of logic or consciousness. I just do my best to be detached and amused, rather than upset or frustrated by it.
I can’t tell you how many times:
- People request to change the loan amount by some petty amount after they have already agreed, the loan is locked, the docs are drawn, and the lender is about to fund.
- People excitedely “sign on the dotted” line and then piss and moan later about the outcome.
- People, facing imminent foreclosure, will do nothing, expecting the money to fall out of the sky into their laps. Whereas, if they were proactive, they could work with someone to cure, reinstate, and refi, sell on open market (which actually works now because of this “hot market”), or sell to an investor. They may still have to move, but at least they won’t have foreclosure or bankruptcy on their records.
One last thing–when you witness how irrational people behave in their purchasing decisions, I think you can appreciate that this current housing boom is not going to have a pretty ending.
I think many people get into real estate only because they lust after how much money they think they can make. Like anything, it takes passion and commitment–the money follows. But only you can make that determination.
Christopher G.
Got tips, ideas or advice for the Rookie Realtor? Send them to Rookie@inman.com.
