Crazy Situations that Almost Killed a Deal

Unfortunately, when you’re buying or selling a house, things can go wrong. Between financial issues, competing personalities, bankers, appraisers, inspectors, and deadlines, there are a lot of moving parts. And sometimes deals fall apart. What’s key is having a realtor with the experience and know-how to deal with those inevitable pitfalls. In my almost 20 years in the business, I’ve dealt with my share of snags -- but I pride myself on getting you to the finish line with as little stress as possible.

Changing Lenders At the Last Minute

Recently, one of my clients was selling one house and buying another. By the time we were under contract, the October 2021 tax deadline came due, and the lender now needed to use 2021 taxes to get the loan approved. Due to the pandemic, 2021 wasn’t a great year for my client; however, 2019 and 2020 were. Knowing that the lender wasn’t going to take this into consideration, I quickly found another, smaller lender who had fewer restrictions and would approve the loan. That allowed me to save two transactions from falling apart – the home they were selling and the home they were buying.

Foreclosure, Divorce and a Bond for Deed

In another situation, I was the dual agent (ie, I was representing both the seller and the buyer). The seller’s house was in foreclosure, and the buyer needed a mortgage to purchase it. However, the buyer’s soon to be ex-wife wouldn’t relinquish him from their mortgage, which meant he couldn’t qualify for a second mortgage. With the foreclosure deadline looming (only two weeks away), things got complicated! I needed to find a solution fast, so I recommended that we do a Bond for Deed, where a buyer pays a seller in installments, and the title doesn’t transfer until the seller is paid off in full. The buyer was able to make a substantial down payment – large enough for the seller to stop the foreclosure, and the deal went through. Phew.

Pandemic Problems

Back in March of 2020 when the world came to a screeching halt, a deal was reached, a contract was signed, and inspections were scheduled for an investment property I had listed.  I was the dual agent, and the sellers called to say they were sick (maybe it was Covid); the buyers said they wouldn’t attend the inspection. So I called a local doctor who under normal circumstances makes house calls and hired him to do a phone consultation with the sellers. Based on their symptoms, the doctor cleared them, and inspections moved forward. The inspectors did their job with gloves and masks, while the current tenants hung out by the pool. And for the next two weeks, I took care of everything that needed doing at the property. The sale went through, and we all began to figure out how to keep things in motion – despite pandemic restrictions.

When you’ve been in this business as long as I have, it means you’ve had to tackle just about every issue under the sun. But that’s what I love about my job. I’m always thinking on my feet, looking for the next opportunity, collaborating, and being creative.

Looking to buy, sell or invest? Let’s talk.