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When the dates on a home purchase contract don't mean anything

By
Real Estate Agent with Real Living Realty Professionals

The day is nearing - the new construction my buyers are so excited about should be almost complete... let's do a prelim walk-through.   Oh Horrors!  There's no kitchen, the deck hasn't been started, there's only plywood on the floor and the driveway's not in!!!   My buyer clients are, ummmm.... disgruntled?  They're homeless as of the 1st of the month because the apartment they're in has been rented.  The moving trucks - ordered.  the packing boxes - filled.  Call our Knight in Shining Armor who would be?  Buyer's attorney, of course.  Uh oh, why does he sound like we're bothering him?  I was hoping for the warm sounds of reassurance and wisdom so I can watch the panic drain out of my young buyer clients' eyes. 

But what we learn is that it's a shame, but nothing to be done about it.  No recourse, and no they cannot back out and get their deposit money back.  They just can't.  He offers suggestions about prayer, preferably on their knees, he suggests speaking nicely to the builder and complimenting him on the quality of the work (that he hasn't done yet?) and ultimately, he tells them to buck up.  

The good news is that they did buck up, and the occupancy permit was issued, but it was just under the wire and caused a bad taste of real estate to be left lingering for a loooong time in the mouths of these young buyers.   

It's not for the faint of heart, and the stories you hear about buying and selling real estate are typically ones of angst, confusion and dillemma - simply because the easy transactions aren't as exciting a story.   But I wonder how many people are NOT in the real estate market because of difficulties throughout the transaction that are outside of us Realtors' control.   It makes a point for having a strong and dependable TEAM for your real estate transactions.   From trusted and competent attorneys, to highly skilled home inspectors.

Comments (2)

Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

My question is....have they really not been following along with the progress of the house the entire time?  Why was this a last minute shocking surprise?  That is the unfortunate part!  I guess that in the future, as their buyer's agent, you would take the initiative to check in weekly with the house to make sure that things are on track when you are dealing with new construction.  This story makes me thankful that the builders in our market are always on time or else the builder is paying for the hotel, the moving expenses, and the storage until it is!

Oct 25, 2010 03:18 AM
Bryan Robertson
Los Altos, CA

If it were my clients I would have been on the job sight weekly to make sure progress was being made.  If it looked like the project wouldn't be done on time (perhaps due to rain, etc) then I would have been on the builders doorstep asking what options were availble and putting plans in place to ensure as little disruption as possible.

Oct 25, 2010 04:34 AM