Have you ever had that well intentioned client, who thought that everyone else was equally inclined? It is the making of a DAYMARE that goes to into night!

Let me start from the beginning. I received a corporate relocation referral on February 15, 2006 for a three family, owner occupied property. This is in my opinion is like found money, requiring mountains of documentation. However, the financial rewards far out way the demands of the paper work. 

My client had already identified a new construction property that she was to close on in Georgia on or about May 23, 2006. Her down payment of $7000 was with the builder and construction was progressing on schedule.

In preparation as is required by law, I prepped the seller to obtain state and municipal certifications attesting to the habitability of the property. In an unusual move we had satisfactory certificates issued by both government agencies, within a short period of time. We discuss the process of selling and the role I play in the transaction.

We were able to obtain a buyer on March 13, 2006. List price or $489,900 was negotiated to $495,000, with a seller's concession of $15,000...100% financing. The seller advised her attorney that she would not be making any repairs. Copies of the state and municipal certifications were provided to the buyer's attorney for review and acknowledgement. The attorney review period concluded without any significant aberrations. The buyer requested that the property be vacant at time of closing. This was not unusual, since there were three family members purchasing the house. However, I counseled my client to negotiate giving her tenants 30 days notice upon receipt of a valid commitment free of any contingencies, especially since we had only $1000 in earnest money. 

March 27, 2006 the appraiser and the buyer's home inspector converge on the property for their respective assignments. The property appraises and the home inspector provides for his report, which had items of normal wear and tear.  April 24, 2006 we still do not have the commitment and now the buyer's agent and attorney are not returning calls. Finally, I get through to the loan officer (after blocking my number from his caller id). I learn that the buyer no longer qualifies for the 100% financing due to a change in the credit score. I called my client and her attorney for a three-way to learn that the movers had come on April 22, 2006 and removed the seller's furnishings and personal affects, now bound for a storage facility in Georgia.

Did I mention that the seller knows of the buyers! Unbeknownst to me and her attorney, the seller decided to forgo my advice and on April 30, 2006 notified her tenants about the impending sale and their need to vacate the premises within 30 days.  I learn after the fact that the tenants were vacating by May 31, 2006.

Fast forward November 8, 2006. The seller has lost her deposit on the new construction in Georgia, she has been living in the building with no tenants and a sparsely furnished apartment.

The good news is that we have another offer scheduled to close first week of January and the seller does not make a move before consulting me and her attorney. I am working with her agent to get her another property in one of the developments owned by the builder with whom she had a contract. Hopefully she will be able to recoup some if not all of the deposit toward another home.

As we approach the end of the tunnel, it would appear that the real estate agent has a clue or two about the do's and don'ts!