I hired fellow REALTOR® take the emotion out of my own housing project. I highly recommend it.
Well, ok. She came for free. That’s one of the perks of friendship and the job I suppose.
I am getting ready to close on my own refinance in a few days. This refinance is exciting for my husband and I. The rehabilitation loan we are utilizing will allow us to do work and remodeling on the house we purchased five years ago.
For those of you that do not know, the house we bought five years ago that needed some extensive work. The house was not a house that I loved for several reasons, but it was a house that was a good “financial” decision, as my husband put it. Being a REALTOR®, logic would think that statement would make sense. Emotionally, I was a wreck, I hated the idea and could not wrap my head around how we were ever going to make this house work.
One would think because I am a REALTOR® and because I have helped clients buy and sell hundreds of properties that I would be able to see my own process objectively.
One would think because I have helped people evaluate their own property values, projections, and costs that I would have been able to do that for myself. I couldn’t. I was too emotionally involved to see the project impartially. What I could have used the when we were buying the house was a REALTOR®.
The fact that I am a REALTOR® myself does not mean that I was able to be objective about the home buying process.
The home we were buying belonged to my in-laws. My husband saw the opportunity for a good deal.
I only saw a home that belonged to my in-laws home, not what could be my own. I was unable to be impartial about the process. I knew the facts, I knew the numbers worked to our advantage and the potential of the property in repaired condition. All I saw (for five years in fact) was a house that belonged to someone else.
I did not take the advice I give my own clients.
I opted not to have detailed inspections because I “knew” the house. I knew regardless of the outcome of the inspections that we would be buying the house anyways. Guess what we found after closing. Termites. Would it have changed the outcome of the sale? No. Would have it been good to know upfront rather than later. Absolutely.
Worried about how open-minded I could be as my husband and I toyed with the idea of going through with a rehabilitation refinance; I called on a friend to help with the process. I called a REALTOR®.
The REALTOR® took the emotion out of the process.
What my friend did for me was take the emotion out of the house for us. She did for us what REALTORS® do for their clients. She helped me see the big picture and ran numbers using several different scenarios. Was I still terrified about the process? Yes. Enlisting the help of someone who does not have emotional baggage about the property; or have a financial interest in the property look at all sides for me allowed me to see things clearly.
There was a second set of eyes to review documents.
I have reviewed hundreds, if not thousands of net outs and many, many closing statements. When it came to my own documents, everything I knew went out the window. My REALTOR® talked me through appraisal documents and even helped me review a closing statement when I thought there was an error. Something I would have been able to catch for a client. When it was my own money, I couldn’t see passed the number.
Real estate is emotional and when you are emotional you do irrational things.
What a REALTOR® did for me is what makes REALTORS® valuable to the home buying or selling process. She took the emotion out of my transaction.
Online programs today are able to tell us what they think our home is worth, what our neighbors home might be worth or what repairs might cost. What they cannot do is automate the value in objectivity. The fact that my REALTOR® was able to help me see both sides of the coin and consult with me about what might be the best plan of action for my situation was invaluable.
A computer will never be able to replace the human element in a transaction.
Repost from Linkedin December 28, 2016.
*Article note: We closed on our refinance in early January. We are starting work on our home anyday. I hope to update everyone on the progress!