Real Estate Board Games
November 30th, 2009 categories: Real Estate Buying, Real Estate News, Real Estate Selling
The holiday weekend provided time away from Cincinnati real estate. The good news is that very few people I crossed paths knew that I’m a Realtor. Better news, they openly talk about problems with the market and, their Realtors. I really don’t know the “real details” but most of the problems seem to stem from raggedy process that a lot of home sales seem to follow these days.In the good old days, most purchases (sales) were like a fairly predictable board game-think Monopoly. You shake the dice, moved around the board and eventually the game concludes with a winner. Occasionally there were some bumps- players sent to jail or a competitor with so many hotels on a property that you begged for mercy.
Playing Monopoly is fairly orderly and many real estate transactions play out the same way.
Unfortunately many of today’s deals are play out more like “Chutes and Ladders”. You remember ”Chutes and Ladders”. No orderly path, just on the verge of crossing the finish line and whoa….down the chute only to start the process all over again. No amount of plotting or partnering saves a player from their fate.
If you remember “Chutes and Ladders” you have some insight into many of today’s real estate transactions.
Everybody (sellers, buyers, title companies, inspectors, lenders) all moving along -then somebody hits a “chute” and we get to start part of the process all over again.
“Chutes” can appear when:
- inspections are not completed in a timely manner
- title issues
- lenders change their minds about the loan halfway (or 3/4 of the way) through the process.
- buyers or sellers don’t communicate with their agents
- agents don’t communicate with buyers or sellers
- relocation company intervention
- short sales- lender(s) dragging their collective feet
Understanding the rules and the type of real estate board game you are playing could help reduce some of the frustration.
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