First transaction fell apart.

[Leigh Morgan]

I’ve had my license for about a year but delayed starting due to covid. 

I got my first buyer last month...we looked at three houses...he put an offer on one and we got it. There were 8 other offers and we got it due to quick closing ability by lender team as well as other factors. I was shocked and thrilled to actually have my very first shot at an offer accepted. 

My buyer’s lending team had been highly recommended but unfortunately the lender didn’t perform due diligence on one seemingly obvious piece and it screwed up our ability to close quickly. The sellers would face losing their pending home and had to terminate. 

I realize this is how it goes at times in RE but it’s frustrating when someone drops the ball on something pretty simple and obvious that should have been a question to ask, given my buyer’s unique position with his work/income situation. I won’t go into details of what was missed but any decent lender would have known to ask. And had it been addressed sooner, they could have saved the deal. 

I’m very detailed and careful in my work and I expect the same from others and this has caused so much discouragement and reminds me of why I’ve always preferred to drive my own ship (in my past career) without relying on others!  In this business, you absolutely have to rely on others and I would like to be able to have that faith but right now it’s been shaken. This is a tough start for me! 

[Brenden Mitchum]

Hey @Leigh Morgan, welcome to the BP community!

This might be your first big let down as an agent but it will certainly not be your last. And that's just part of the process of building your team, which is so important in this industry. Yes, you cannot do it all on your own but you are responsible for the team you've built. But even the best lenders, PMs, contractors, etc. will let you down from time to time. And you aren't likely going to know they're the best from one transaction, whether it goes through or not. So, just be careful you are not dropping a rock star who made an honest mistake and owned it, immediately.

You are now at a pivotal point in your career, one in which many agents give up or simply stagnate. Very few agents start off with major production because there is such a big learning curve. So, look at this as a learning experience. What can you do next time to help ensure the deal goes through? Use a different lender? Understand your client's finances better and make sure the lender does too? 

Just keep doing your best to help your clients and never stop learning and growing. 

Hope this helps a bit but please feel free to message me anytime if you ever have questions or just want to chat!

[Anthony Hosea]

Hang in there @Leigh Morgan!

Like @Brenden Mitchum mentioned this happens ALL the time but I would like to stress not getting discouraged. Use this as a learning example and keep working with your client :) 

[Chinyere Orie]

Hang in there!  This happens periodically and no doubt, it's frustrating.  But don't let it discourage you.  Good luck!

[Steve Morris]

So you have a principal broker that you work with in OR?

Why the H didn't this guy catch it up front since they have to review all your paperwork?  And WTH recommended the lender?

[Russell Brazil]

What was the detail? 

[Jay Hinrichs]

Originally posted by @Steve Morris:

So you have a principal broker that you work with in OR?

Why the H didn't this guy catch it up front since they have to review all your paperwork?  And WTH recommended the lender?

I did not catch this was Oregon or west coast.. I have had the failed lender scenario a lot back in the mid west etc with a lot of poor quality lenders.. but out here the name brand lenders tend to get it done..  I know my wife really relys on her lenders and will stick with them for years and years.. its a team really ..  one of the more important team members.. random lenders can be quite dangerous.. and as an agent U will learn to guide your buyers to the right lender.

for instance on my new construction here in Oregon I will not go into contract to sell one of my homes if the buyers is using Rocket

[Steve Morris]

I usually work with commercial brokers since they seem to miss less stuff than the principals/agency.

However, all these guys are working 100mph to make money - It sometimes shows when stuff falls thru the cracks.

I don't what to recommend to her beyond you need experience (hence why didn't her principal broker see anything) to get a sense of something going wrong ASAP.