Home > Blogs > New York > Nassau County > Bethpage > From "Before A Day In The Life" To My First Deal...Or NO DEAL!!!
3,941 views

Ed Hodkinson's Blog

By Ed Hodkinson | Agent in 11714

From "Before A Day In The Life" To My First Deal...Or NO DEAL!!!

Well as my journey into real estate has been very exciting...I learned a very valuable and hard lesson as many people on this forum have told me. The deal is NEVER done untilyou're shaking hands at the closing table.

So I left off here by getting both sides (the buyer and the seller) to come to an agreement on the price and overall deal for a house. The sales agreement was signed, financing was attained by the buyer, great credit scores were shown. I thought it was all done.

Then we had the inspection. We are walking through the house. As we go through each room the smiles were getting bigger and bigger as we went from room to room. Then we went to the bathroom to inspect. That is where the deal fell apart. As we (and theinspector) go into the bathroom...we find the big T. TERMITES! The wife says as soon as they see the dead swarm..."thats a deal breaker". My stomach fell 50 stories. I could not believe I came this far (or so I thought) and it was all going out the window. We concluded the home inspection and the buyers needed some time to talk. They said that they needed to talk to a family friend and see what he thought since he was an engineer.

I got a text from the buyer saying sorry Ed, we are going to walk away. There it was, the deal fell apart. So all the excitement went out in the drop of a hat. NO DEAL.

So being the type of person who always see's the good in a situation I did pull some goodlessons from this. First, I was able to get a buyer and seller to agree on a price. I went through the process of back and forth negotiation and even dealt with a sellers concession. I was able to gather all paperwork and see step by step what putting a deal from the paperwork side entailed. So there was some good.

For anyone who reads my blogs that is new I can now advise you as the people on here did to me. Don't get to high or to low...just get it done at the closing table and then  enjoy the moment.

Ed

Comments

By Allan Erps,  Wed Apr 27 2011, 20:37
The word Termites is a scary but repairable subject. There are many that just cannot deal with the "T" word. Sometime it really is a minor fix. Regardless, there will be better days ahead for you and some more bumps in the road as well! Welcome to our Real Estate world!!!
By Donna Kunzig,  Thu Apr 28 2011, 07:16
Ed, Hang in there. Termites can be eradicated, the damage can be repaired, and that would be the time to re-negotiate. Today, due to stricter mortgage rules, often times, Banks will require the repairs be done before closing. So if the seller wants to sell their home, they need to make if mortgageable. Your buyers can have a licensed contractor check to see if the seller corrected the work properly, and Voila! Problem solved! Real Estate is an Emotional Roller Coaster, but once you get the hang of it...you'll enjoy a lot more of the ride! Good luck.

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer