Buying A Condo Is Not As Easy As It Seems
Buying a condo is easy or so you would think. We see it in commercials and ads all the time. They say, go online and apply for a mortgage – one, two, three. What they don’t tell you is real estate is local.
In my experience as a buyer’s agent in Boca Raton, I’m telling you it’s not so.
Buying a condo is not as easy as it appears.
With all the publicity about the NAR settlements in the news, buyers are hearing all sorts of things these days. They’re thinking, We can go online and buy a condo. Who needs a buyer’s agent? Let’s apply for a loan online and just call the listing agent.
After 20 years as a full-time Realtor and retired Court Reporter in Boca Raton, I’m here to tell you you need representation. More than you realize. You need a great buyer’s agent to advocate for you.
Why?
Because real estate is local. It’s not like what you see on TV or read online. They make it look so easy.
Trust me, It’s not!
Real estate is local, which this story will show.
Tales of a Buyer’s Agent – Part 2
Here is another true story to show you why real estate is local and why you need a great buyer’s agent in the area you’re looking to buy. And, in this story, a great listing agent, as well.
The Story of the Mortgage
This is a true story that took place a few months ago.
In this story, I was the listing agent on a pet-friendly condo in Boca Raton.
I listed the condo and immediately got an offer.
The buyers went online and got pre-approved for a mortgage.
All went well – until it didn’t.
So, what happened?
Two weeks before we were supposed to close, the lender couldn’t close the loan.
Why?
Because real estate is local. Read on and you’ll understand.
Pet-Friendly Condo at the Beach
This particular pet-friendly condo was at the beach in Boca.
These buyers had their own agent.
We were three weeks into this transaction, and closing was scheduled shortly thereafter.
Then I got the call. The lender couldn’t close the loan.
Why?
Everyone knows what happened in Surfside.
Since that time, buildings in Palm Beach County (and all over Florida) have been undergoing inspections – Structural Integrity and Milestone Inspections to make sure they’re safe and have reserves,
No one wants to ever see another Surfside.
So, what happened?
This condo at the beach was in the midst of concrete construction. A good deal of work had already been done, but there was still much going on. Repairs to the concrete and garage were ongoing..
Back to my story.
The buyer’s agent called me with the news – buyers couldn’t get the loan. They were devastated, because they really wanted the condo. She didn’t know what to do.
Not All Realtors Are Created Equal
Having been an Accredited Buyer’s Agent for 16 years, I put on my buyer’s agent hat when I heard this.
I immediately thought, How can we solve this. In my experience, there has to be a way.
I began to so some research.
That’s what Court Reporters turned Realtors do. That’s why I always say court reporting was a great background for my work as a real estate agent.
I noticed that there were four condos in the building that had closed with a mortgage in the six months prior.
So, there had to be a way to get this done.
I called the buyer’s agent and suggested she contact the agents who had closed these condos to find out who they used for their mortgages.
Bingo! We had the answer.
Buyer’s agent got the names of local lenders.
Switched Lenders
The buyers switched lenders at the last minute.
It took an extra two weeks, but the transaction closed.
Why?
Because real estate is local.
And they had a buyer’s agent helping them. Despite being the listing agent in this transaction, I was able to solve the problem by putting on my buyer’s agent hat.
If not, they would never have closed on this condo they so desperately wanted.
The local lender got the job done.
And everyone thinks real estate is so easy and the condo closed two weeks later..