Here’s a riddle: When would a buyer question the valuation of a seller’s house due to damage they did to it themselves? …When it’s a daughter buying from her parents! Jerry Cibulski, a realtor living the life on the North Fork of Long Island, will never forget when he found himself in the middle of a family sale. Tune in to hear how Jerry handled his family members while managing everything behind the scenes, and why he believes family members are best referred elsewhere.
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Time Stamped Show Notes:
- 00:40 – Jerry is a Southold real estate agent with Century 21 Albertson Realty; there are lots of vineyards, vacation properties, and beautiful homes
- 1:10 – Everything is interconnected to create a food, entertainment, family, and sharing experience
- 02:45 – His parents thought about moving back down to FL but changed their minds; they went down to Bradenton, FL to visit family and he gave them their home’s value
- 03:25 – He called them and turns out they found a house, put money down, and needed to close in 90 days, which means a buyer would’ve needed to contract that day
- 03:37 – They said that his sister could buy it and they needed his help to figure out how
- 04:00 – 3 months later, his dad is saying “shit or get off the pot” and his sister is rethinking the valuation of the home due to a hole in the door she kicked as a teenager
- 04:50- People don’t know what is going on behind the scenes; there are so many nuances to working within guidelines, especially in unique situations
- 06:15 – He also helped his sister sell her house and had to walk her through the appraisal process
- 07:12 – His sister learned from experience; to get the best interest rate she called her mortgage rep every day until she liked the rate
- 08:00 – When she was ready to purchase and move forward, the perfect home in FL showed up and the timing connected
- 08:30 – Her parents love their new house and community
- 09:05 – After going through everything herself, his sister understands the process much better
- 09:35 – Jerry’s thoughts about representing family members
- 09:48 – You’re better off referring them to someone else; you’re too close to it
- 10:15 – Being a seasoned agent, you need more experience and explaining
- 11:00 – You can set up a team in other places and refer your family to them
3 Key Points:
- There are so many nuances to working within guidelines, especially in unique situations.
- Refer family out to other realtors in your network to save the headache and build your team.
- People don’t know what goes on behind the scenes in real estate – do what you can to educate them.