350 DOM(days on market). Five contracts. And finally........SUCCESS!!!

By
Real Estate Broker/Owner with Bryant Tutas-Tutas Towne Realty, Inc BK607690

Another successful closing!!Today I had my last closing for 2007. Yippee!!! I made it through a difficult year. This particular closing is the definition for "get ‘er done!".

I listed this property on January 5th 2007. It was my first listing of the year and fittingly my last closing of the year. It's been quite the ride.

350 days on the market, 5 accepted contracts and at least that many that we didn't come to an agreement on. This property was in pending status for almost 200 of those 350 days.

Our first Buyer got caught up in the sub-prime fall out and couldn't close since he no longer qualified.

The next 2 Buyers got blown out by their MBs asking us to commit fraud at the last minute to get the deal closed.

The 4th Buyer just disappeared.

Finally, on our 5th try, we were able to get ‘er done. It wasn't easy. In fact I wrote a post about the "gift of equity" that the RMB(Realtor/Mortgage Broker) asked us to participate in at the last minute. Of course we said no, again, since he was asking us to commit fraud, again.

This time though I was able to salvage the Buyer and coached his RMB on an FHA loan tied in with the Nehemiah program. We closed today, legally! The RMB has now called me three times thanking me profusely for educating him. Hopefully he will now do things legally. We CAN change our profession one person at a time.

Folks, deals like this are what make us worth our weight in gold. They separate the men from the boys, the professionals from the wanabes.

It takes a lot of endurance and excellent communication skills to keep a Seller focused for almost a year and through 5 difficult contracts.

This deal also epitomizes how difficult the market is, in Poinciana FL, right now. Venus has to align with Mars to get a deal to closing.

My Sellers are awesome people and it was really a pleasure working with them this year. We had a lot of laughs at all the shenanigans folks were trying to pull on us. Together we hung tough and got this deal done on our terms and all above board. Thank you John and Barbara!!!

Folks, I wrote this post, not to brag but to show you that if you just hang in there and keep moving forward things will usually work out. We could have closed this deal months ago for a higher price BUT we would have had to commit fraud to do it. My Sellers are counting on me to not let that happen. They are paying me to watch their backs and that's exactly what I will do.

OK, that's it. I just felt I needed to share this today. Hang tough my friends and get 'er done!!! No one ever said our jobs were supposed to be easy. I know mine's not. Is yours? What's the most contracts you have had that have kicked on one property?

***************************
By the way, Blogging Bertha will have a special holiday treat for you in my her next post. Probably on Sunday, if all goes according to plan. It should be good......so stay tuned.

Copyright © 2007 Broker Bryant Real Estate Ramblings | All Rights Reserved

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Show All Comments
Ambassador
774,529
Robert & Lisa Hammerstein
Keller Williams Valley Realty - Hillsdale, NJ
Bergen County NJ Real Estate

Hey BB,

Loyal clients are the best and make it all worth while.  Congrats on gettin er' done!  Merry Christmas and the best to you and Billie in 2008'!

Dec 22, 2007 10:24 PM #60
Rainer
122,017
Christy Powers
Keller Williams Coastal Area Partners - Pooler, GA
Pooler, Savannah Real Estate Agent

Congratulations on the closing. It definitely sounds like a roller coaster ride. But what a way to end the year!

Dec 22, 2007 10:58 PM #61
Rainmaker
189,079
Herb Hamilton
RE/MAX Preferred Inc. Realtors - Portland, OR
Real Estate Broker ,CDPE, Downtown Portland

Normally it is just one contract that goes to close. Occassionaly I might have one fall out and then a good sale there after. This one house though did cause me and my seller some concern. We had a total of 6 failures before number seven came through. By the way number seven was another realtor who paid full price and closed early. I also had at least 6 other offers that were not accepted. And one person who tried on 3 seperate occassions to buy it. They just could never bring themselves to offer full price.

Congrats on your closing. By the way my longest close was almost 2 years. I had fogotten all about it until the Title company called me and said that my check was in the mail.

Dec 22, 2007 11:14 PM #62
Rainmaker
652,546
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

Congratulations on hanging in there and getting it closed. All the best for the holiday season and a great new year.

Dec 22, 2007 11:17 PM #63
Rainmaker
284,176
David Matney
Alliance Real Estate - Omaha, NE
Omaha, NE Real Estate | Omaha, NE Homes For Sale
BB, congratulations on getting it done.  That is a real endurance test. 
Dec 23, 2007 12:29 AM #64
Rainer
24,389
Jamie Friedman
Prudential All Star Realty - Kapaa, HI
Kauai Real Estate Connection

oops, sorry, I wrote my response in word and pasted a prior response to another BLOG! Sorry, it is late and I am a newbie!

I really needed this post! I have some sellers that are struggling... two investment properties on the market, priced to sell, below market value from the get-go and no showings, no offers, no inquiries... we keep lowering the price, but nothing in that region has moved in 9 months (over $500K).

I love that you started and ended the year with the same property... that's DIVINE!

May 2008 be as pleasant and profitable! Keep your ethics, they pay more in the future :-)

Dec 23, 2007 01:19 AM #65
Rainmaker
451,192
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904
Way to Go BB !   You know what it takes to make it in a difficult market.  The FHA combo was brillant.  What a lovely finish for the year!   Enjoy and happy holidays!
Dec 23, 2007 05:57 AM #66
Rainmaker
605,309
Teri Eckholm
REMAX Specialists - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul
BB--Wow...5 contracts? I had one home that received 3 before it sold and it was on the market for almost a year...Similar situation to yours. Another one had no less that 20 second showings where it was between two homes and always lost out...Always the bridesmaid never the bride but again awesome clients stuck with me and we were sold just before Thanksgiving! Good for you to stick with those clients! Of course I expect nothing less from you! Here's to a great 2008!
Dec 23, 2007 09:06 AM #67
Rainer
98,792
Gregory Maley
WaveHouse Properties, LLC - Wilmington, NC
REALTOR, GRI, CBR, SHS, e-PRO
Congratulations on a job "well-done"! 
Dec 23, 2007 10:07 AM #68
Rainmaker
163,424
Susan Milner
Florida Future Realty, Inc. - Cape Coral, FL
Cape Coral Real Estate Broker, FloridaFutureAgents
BB, I can totally relate. Sounds just like one I listed in March of  2007 & we just closed last week. Similar deal, pending 4 times, couple other offers that didn't go anywhere, 3 buyers that couldn't get financed, at least not at terms that made sense & finally a closing :) Great sellers - agree I sold their house 4 separate times :)
Dec 23, 2007 10:11 AM #69
Rainer
3,511
Chrissy Myers
Nick's Real Estate - Philadelphia, PA
Congrats! But I'm a new agent and you scaring me.
Dec 23, 2007 01:48 PM #70
Rainmaker
1,088,062
Bryant Tutas
Bryant Tutas-Tutas Towne Realty, Inc - Poinciana, FL
Broker/REALTOR, Tutas Towne Realty, Inc

Hey everyone. Been a little busy today prepping my turkey for TLW. This is the one time of the year that she normally cooks but since shes been working so hard getting us moved I figured I'd step up to the plate and make her a Christmas dinner.

It looks like may of us have had properties that just posed a problem in getting them sold.  All we can do is hang in there and keep at it. I quit worrying about these things along time ago. As long as we are doing our best things will be work out of they are meant to.

Christina, Being new to the business you probably haven't had this experience before. But I can assure you you will. It's the nature of the business. The best advice I can give is to make sure and communicate with your customer/clients all the time. If there is a problem, pick up the phone and tell them about it immediately. The longer you wait the harder it is to break bad news. And remember it really is their problem not yours. They have the right to know immediately. They may even have the solution. 

Dec 23, 2007 03:20 PM #71
Rainer
35,946
Nate Ellis
HomeWay.tv - Keller Williams Realty East Bay 925-337-8489 - Concord, CA
"Mr Danke Schoen"
Congrat!  Here's to a great 2008
Dec 23, 2007 03:32 PM #72
Rainer
105,008
Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group
Good Job  BB, best wishes in the new year!!!
Dec 23, 2007 05:44 PM #73
Ambassador
2,033,886
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

Nope, I think that is a record! I've had 5 presented on a property in the good times, but never have 5 been accepted prior to a close. You are the man for wanting to put up with that and keeping your people from going down the path of committing fraud!

Good for you,

Dec 24, 2007 12:51 AM #74
Rainmaker
80,770
Dee Neal
Palmer House Properties - Alpharetta, GA
Atlanta Area Real Estate
great! congrats. the ones that we seem to work our hardest on are the most rewarding.
Dec 24, 2007 11:12 AM #75
Anonymous
Anonymous
Anonymous

Hey BB,

They featured this post because of the good looking man holding the sold sign!!! We can't thank you enough for that sign!!!!! 

Hope you and TLW have a wonderful holiday.

Dec 24, 2007 02:04 PM #76
Rainmaker
1,088,062
Bryant Tutas
Bryant Tutas-Tutas Towne Realty, Inc - Poinciana, FL
Broker/REALTOR, Tutas Towne Realty, Inc

Hi Caligal,

I love that picture. I bet this post sounds familiar. And we thought getting your house sold was difficult! I had too many of these deals in 2007. Hopefully next year will be a little easier. Hope you have a great Christmas!!!

Dec 25, 2007 08:10 AM #77
Rainmaker
70,921
Mary Bowen
Coldwell Banker United, Realtor - The Woodlands, TX
Real Estate At Its Finest!!!
Congratulations. You  really earned your commission. Go  celebrate
Dec 27, 2007 10:25 PM #78
Rainmaker
258,483
Joe Cline
Affinity Properties, Inc - Austin, TX
Way to go. You know what they say, 5th time's a charm. Your clients are lucky to have such a diligent agent. Have a great new year!
Dec 28, 2007 05:14 PM #79
Show All Comments
Rainmaker
1,088,062

Bryant Tutas

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