Sipping the "Sold Champagne" Too Soon Can Cause A Major Headache

you are on a roll with the features Doug!  I like that "C' status continue to show until final loan approval!!

Doug:  We never use sold signs.  It's rarely done in my market.  I see some agents using Pending on the sign - that's just as bad.  Never count your chickens.

It's not done till the money is transferred.  I've had one die, after the closing table since the transfer money was insufficient and fraudulent.

Sellers love to see a "pending" sign and even a "sold" sign. One of the things that I discuss at the listing is just that! I don't do that...stopping the flow of the marketing plan is not a good idea. 

I celebrate when my check clears the bank.  I suggest sellers do the same.

When we get one under contract we celebrate briefly.  Then we get to work to get it closed.  Great post and great advice.  

I just got into contract on a home that had 34 offers.  The first offer backed off before it could be signed.  The 2nd offer was signed but backed out 24 hours later.  My clients got their offer signed and we're moving ahead.  So, it's not sold till escrow closes and anything can happen in the meantime.

Doug, in this market a property is not sold until the deed is recorded and you cash the commission check.

Hi Doug, it is always best to educate the clients as much as we can. They should know that an accepted offer is just the start. There are still a lot of hurdles left. Great post!

Great blog. I am not a superstitious person at all but 30 years ago when I had one of my early sales I pulled out my calculator and figured out what my commission would be a week or so before the closing. Shortly after that the deal stalled out and had nothing but problems. It did finally close but sincethen I never use the calculator to figure out my earnings until the transaction has closed.

It's never a good idea to count your chickens too early in this business.  Here in Boulder, CO, we don't get too excited until the check actually clears.

There's always a good time to drink champagne. When the offer is signed, yes. When the home inspection is finished, here have another glass. When the appraisal comes in OK, another couple of toasts. There is no such thing as too much champagne. Unless you're passed out cold on the closing table. When I hear buyers ask if I want a back-up, sure, but make sure to include a bottle of champagne with it. The French stuff. Not the sparkling California crap.

Good Advice Doug, "The truth is aggressive marketing should not stop until the day of closing."  This really helps sellers understand why not put that SOLD sign up.  I read recently about 1/3 of contracts failing and thank goodness it wasn't just because of a "Low Appraisal"!  There's several reasons they can fall apart including lender issues as well.  I'm so sorry this happened to you, but you're aggressive and you have another under contract before long.  So glad we met!  Bill