Category Archives: Advice for Sellers

There’s Always a Piano

“The secret to humor is surprise.” ~ Aristotle

Conversely, the secret to navigating a surprise is humor – especially when it comes to something unexpected in a real estate transaction.

One scrap of wisdom I share at the outset with new clients is this: There will be at least one moment during this process when something is unexpected and upsetting. It isn’t a matter of IF it will happen. It’s a matter of WHAT and WHEN.

As a Realtor, I am Navigator of the deal. I unroll a map of the Transaction and highlight a route to Closing. I know most of the twists and turns by heart. And I deftly steer around new bumps and barricades. Yet there is always a pothole I don’t see before driving over or into it.

These holes along the highway take many forms (or so I have seen).

The mortgage one-more-thing: On the day before signing lender requires that Buyer’s car lease be paid off in full.

The insurance Catch 22: Buyer can’t obtain loan and close escrow without insurance in place. But insurance company says circuit breakers must be installed before house can be insured. So Seller must have the circuit breakers installed prior to closing. Yet property is a probate and Seller is deceased. And Buyer doesn’t have a contingency for insurability because the insurance companies just dreamed this new policy up a month ago.

The unimaginable: Buyer has a brain aneurism on the day before closing.

The catastrophic: Loma Prieta comes knockin’ and the house goes rockin’ off its foundation just after Buyer waives inspection contingency.

The governmental: The IRS decides to begin scrutinizing a formerly-ignored form called a TRDBV required by mortgage lenders. TRDBV stands for Tax Return Database. (I’m not sure what the “V” connotes and I don’t really care and I hope you never have to find out yourself.) Buyers drop everything (including their jobs) to go stand in line at the local IRS office for hours. And HOURS.

The feral: During a final walk-through, Buyer steps onto the roof and into a pile of raccoon poop.

The emotional: Soon-to-be-divorced yet cheery Seller goes silent in the week before closing. Refuses to sign closing papers. Will not return agent’s or attorney’s phone calls. Will not answer doorbell. Emails escrow officer that she’s changed her mind.

The economic: Seller’s employer withdraws offer of new position on the East Coast just after Seller accepts Buyer’s all-cash, no-contingency offer with a 14-day closing.

The watery: Closing is December 30th. Huge storm – the first of the season – crushes Bay Area on December 31st. Buyers call shortly before midnight, but not to wish me a Happy New Year. They are crying loudly. I realize, however, that their tears are not the cause of the dripping sound in the background.

The musical: Several days prior to closing, piano-owning Buyers realize they missed the Covenants, Conditions and Restrictions ban on pianos in the condo building. As we search for a possible music-friendly solution, I remind the impatient Sellers, “There’s always a piano.”

Yes indeed.  In every transaction, “there’s always a piano.”

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This was re-posted at McGuire.com.

Resisting Reality in Real Estate = Suffering

buddhas-jed-adan

It’s exciting when you list your home for sale and 16 people show up with over-asking-price offers. It’s just as exhilarating when you’re the winner among those 16 buyers.

The sun is shining! Children are laughing! The band is playing a rousing Souza march!

Everything is jake. Except when it isn’t. Which is often the case.

Even in San Francisco, where you consistently hear tall and true tales of astounding real-estate triumphs, there are plenty of fantasies that don’t take flight.

When reality fails to match our imaginations, we resist it and we suffer. It’s true in marriages, friendships, workplaces and families, and it’s true with residential real estate.

After inspecting, repairing, painting, cleaning, staging and PRIMPING a property as if it were a beauty-pageant contestant, it’s bewildering to hear crickets instead of requests for disclosure packages. After three weeks of silence, apprehension turns to dread. When your agent says, “It’s time to consider a price reduction,” it’s a stone cold bummer.

Same goes for writing 12 offers and being told “thanks but no thanks” 12 times. Somebody else paid cash. Somebody else could close in 10 days. There were five offers better than yours. There were fifteen offers better than yours. You were tied with one other offer on price but the winning offer had 50% down instead of your 35%.

This can feel very personal, as in World vs. You. But it’s not personal at all! It is just reality. And struggling against reality brings nothing but pain.

There’s an old real estate axiom that goes like this: Sellers sell and Buyers buy. At first glance, you might think “Duh?!” But if you let those words sink in, you’ll realize they are profound.

In order to achieve what you set out to do – Sell or Buy – you must pay attention to reality. This could mean

  • Lowering your asking price by 10% or more.
  • Expanding your search to include areas on your B list.
  • Remodeling instead of selling.
  • Renting instead of buying.
  • Purchasing a condo instead of a house.
  • Being grateful to have one buyer making an offer instead of five.
  • Making do with two bedrooms instead of three.
  • Remembering – continually – that your agent is your ally.
  • Returning to the essential goal you had when starting this process.

Hundreds of times, I’ve walked this reality-resisting walk with my clients: Waking up at 4 a.m. worrying. Going over what could have been done differently. Assigning blame (usually to myself). Comparing. Projecting. Regretting.

I’ve heard my buyers’ voices crack when they ask how many offers were better than theirs.

I’ve watched my sellers’ mouths go slack when they realize nobody is offering their fantasy price. Or their asking price. Or – maybe – nobody is making an offer at all!

You never know how it’s going to be. Yet the process takes so much thought, planning and care, that it’s challenging to keep our wish list in check. Desire is an essential part of the business. Too little and there’s no movement. Too much and we’re yoked to it like oxen.

The key is to resist resisting and adapt to reality. (For more on this, check out the Buddhist concept of detachment.)

It’s all just part of living. And real estate is just part of the business of living.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This was re-posted at McGuire.com.

Keep It Simple Sellers

jeffrey-wegrzyn-simple

My wise therapist – Karen – once told me that intimacy is achieved through revelation: “Think of it as InToMe-cy instead of Intimacy.”

The idea is that only by revealing what’s inside ourselves can we truly connect with others. This means looking inside and expressing what we find. Directly and simply.

There’s nothing much more intimate than home. Where everything begins and ends. And the first three rules of real estate – when it comes to meaningful and litigation-avoiding communication from Seller to Buyer – are Disclose, Disclose, Disclose.

Mr. and Mrs. Sellers have owned their home for 15 years and are downsizing because the kids are in college and they want to travel more. They’re filling out the Real Estate Transfer Disclosure Statement, the California-mandated form wherein sellers disclose things that might be a little (or a lot) wrong with the property.

Sally Sellers calls me.

“Hey, Cynthia,” she says, “Two years ago we had a leak in the downstairs bedroom. It happened twice during windy rainstorms.  No big deal, but the carpet got a little damp. We re-sealed around the window and there was no leak this last winter. Do we need to disclose this? And, if so, how do we say it?”

My answer is “yes” and “say it like you just said it.”

Same goes for personal communications. Sally asks her therapist, “I love my friend Jane, but she’s always bailing last-minute on plans we’ve made. It’s inconvenient and annoying. What do I say to her?”

The answer is to say exactly that: “Jane, I love you, but when you cancel our plans last-minute, it’s annoying.”

There’s no need to spin it a certain way. There’s no need to dance around or squirm or mince words. Say it simply – at work, at play and at home.

As William Penn – real estate entrepreneur, philosopher, Quaker and founder of Pennsylvania – said, “Speak properly, and in as few words as you can, but always plainly; for the end of speech is not ostentation, but to be understood.”

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This was re-posted at McGuire.com.

The Life Changing Magic of Clobbering Your Crap

HeatherZabriskie

The word “clobber” is on my mind. I was thinking about the word “cobbler” and a slip of my mind’s tongue shifted the “L” so it became “clobber.”

The words mean totally different things. Yet they have a symmetry that has not to do with their sounds.

Cobbler is sweet, satisfying, earthy, down home and righteous. Clobber is sassy, satisfying, earthy, down home and righteous.

Ever want to clobber someone? I know I do. About 15 times a day.

Usually my clobbering impulses run toward a relatively innocent person who doesn’t deserve to be clobbered.

Like the lady at Garnet Hill customer service who can’t find my percale-sheet-set order.

Or the drunken guy in front of me at Bi-Rite deli deliberating over which sandwich will soak up the 6-pack he just consumed at Dolores Park.

Or the man at my recent garage sale who wanted to buy a $10 table for $10, but tells me his wife insists on paying only $5. (Note: it’s a $200 table.) I’m not amused when he asks, “Can you please just talk to her? Talk her into paying more?”

This makes me want to clobber him. After I clobber his wife. I negotiate multi-million-dollar transactions for a living, and I don’t want to waste my precious time haggling over five bucks at a garage sale.

“Just take it,” I say, “My son will help you get it into your truck.”

The whole purpose of the garage sale – and the reason I gave them the table for free – was to clobber the crap that had accumulated in my ex-husband house. I’d contributed heavily to that heavy load, as had our children. We’d moved 15+ years’ worth of clutter into it from our last house and then added 7 more years’ of stuff to the pile. The house had practically begged us to take up hoarding, with a storage room larger than most studio apartments. As a result, my “wasbund” and I easily punted the pain of decluttering down the field again and again.

Now, with him moving to a new, drastically smaller space, the reckoning time had come. 30 years of photographs in albums crammed into file boxes. 20 years of children’s art, trophies, award certificates, recital DVDs, sports equipment and birthday-party favors. Boxes of tax receipts. Cabinets full of Tupperware and water bottles.

And crawling out of every drawer like swarming roaches in a horror movie came paper, binders, Allen wrenches, screws, push-pins, paper clips, pens, reading glasses, puffy ski jackets, snow boots, ratty beach towels, dirty bathmats, lumpy pillows, grocery totes, paint, cleaning supplies, pit-stained t-shirts, misshapen coat hangers, dead flashlights, dried-up tubes of sunscreen, random batteries, earbuds, estranged socks, faded business cards and lonely half-wrapped-fuzz-encrusted Ricola cough drops.

There was a huge bag of rocks collected on hikes and beach walks. A collection of San Francisco-themed highball glasses my grandmother purchased in the 1950s. A jumbo Rubbermaid box filled with more boxes. And I’m not even talking about all the furniture!

The criteria for deciding on an object’s dispensation became: If this were to spontaneously combust right now, how would I feel?

 The answer – almost always – was: Where’s a match when you need it?

The mantra became: If in doubt, throw it out.

Even while being ruthless to the point of cold-bloodedness, the stuff just kept coming and coming and coming. Like zombies. We’d clobber one closet and then scream in terror when confronted by another we’d overlooked.

Just when one room seemed safe AKA vacant, we’d reenter to find more stuff crawling out of the walls and spreading across the floor into heaps of menacing detritus.

Which is all a long way of saying: One thing I’ve learned as a Realtor is that the Number One Impediment to Making Beneficial Changes In Our Living Situations is OUR STUFF.

Want to live a happy life? Want to remain flexible and open and ready to meet every daunting challenge or delightful change? GET RID OF YOUR CRAP. The sooner the better. Wait until you’re 78 and selling your house of 40 years and the mountain of stuff will literally crush you.

Do it. Now. Any way you can. Gift, sell, donate, recycle, toss or SET IT ON FIRE. Just clobber your crap now before it’s too late.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This post was also published at McGuire.com.