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Real Estate Fable: Possession at Funding

Reblogger
Real Estate Agent with Serving the Greater Phoenix and Scottsdale Metropolitan Area BR534744000 & BR540649000

Alesha A. Wilson, M.Ed., MRP "During the offer stage, the Seller's agent insisted on including the phrase "Possession at Funding" instead of "Possession at Closing." 

The contract had given guidance to the situation and therefore offered stability as the parties continued to wait."

Right on target - and - re-blog!

Original content by Alesha A. Wilson, M.Ed. 172320

One, hot (yet cloudy) Oklahoma afternoon at approximately 12:00 pm, a closing was taking place between Seller Mr. Fox and Buyer Mr. Bear.

Getting under contract was somewhat intense, Seller Mr. Fox tugging on the purchase price one way and Buyer Mr. Bear pulling the other.  They made it through the inspections and repair phase without showing their claws AND everyone seemed to whistle while they worked through the remaining phases of the transaction.

Now, back to that Friday afternoon at the closing table.

Seller Mr. Fox and Buyer Mr. Bear signed the paperwork in their separate rooms.  It all came down to waiting for funding.  Thirty minutes rolled by, then an hour, at which time the Closer walked into Seller Mr. Fox's room and said, "We are still waiting on funding but Buyer Mr. Bear and his agent would like to know if they can have the keys so they can start moving before the rain comes in."

The whistling seemed to stopped instantaneously.  Seller Mr. Fox looked to his agent for a response.  Luckily, for Seller Mr. Fox, his agent had prepared for this exact situation.  During the offer stage, the Seller's agent insisted on including the phrase "Possession at Funding" instead of "Possession at Closing."  As soon as the agent reminded the Closer of that detail, you could see a sign of relief on the Closer's face.

When the information was relayed to Buyer Mr. Bear, although disappointed, he expressed understanding.  The contract had given guidance to the situation and therefore offered stability as the parties continued to wait.

Just before 5:00 p.m., funding did come through.  Buyer Mr. Bear left with keys in hand and Seller Mr. Fox left with his proceeds from the sale.

 

This tale could have ended with attempts to negotiate at closing, high emotions, and overall uncertainty had the phrase "Possession at Funding" been excluded from the contract.

 

Buy and Sell with Confidence

Alesha A. Wilson, M.Ed., MRP
Broker Associate w/ 525 Realty Group
525 North Jackson
Edmond, OK 73034
(405)285-7000 (office)    (405)837-6511 (cell)
alesha@buyandselloklahoma.com
                         www.buyandselloklahoma.com

                                     

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About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
Haven Express
Keller Williams Arizona Realty

Comments (4)

Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

This was a great post, loved the story element of it and how educational it was that the contract often tells us what the answer is if everyone would read it.

Apr 12, 2018 11:18 AM
Alesha A. Wilson, M.Ed.
Buy and Sell Oklahoma LLC - Oklahoma City, OK
Buy and Sell Real Estate with Confidence

Thank you Tony and Suzanne Marriott, Associate Brokers for the re-blog!  It is an honor to appear in your blog post library 

Apr 13, 2018 08:03 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

You are most welcome Alesha A. Wilson, M.Ed., MRP - thanks for authoring a great post!

Apr 13, 2018 09:51 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Indeed Nick & Trudy Vandekar, 610-203-4543 - and  - thanks for stopping by with a comment!

Apr 13, 2018 09:51 AM