In this post, I was doing a little bragging about how if a house is priced right and in decent condition it'll receive multiple offers...even in this market!  I was feeling pretty proud of myself (and the Seller) for getting the house into decent showing condition and pricing it so aggressively that it couldn't be ignored.

Well, a good offer came through and everything was moving along until we got to the home inspection.  It seems that home inspector found lots and lots of stuff.  Some of it pretty minor, other stuff that are in the not-so-minor category.  The bottom line, though, is that the Seller is tapped until the proceeds from the sale are distributed and they've already given up the max in the way of closing help.

So now the negotiation with the Buyer's agent begins.  Hopefully, this will have a happy ending but it's possible the home may go back on the market.

I'm not a real fan of that since everyone always asks, "What happened to the first contract?" And the price is almost always lower.

So, the moral to this story is to never count your chickens before they're hatched and certainly don't count the proceeds (or commission) before the ink is dry at the settlement table. It seems rare that things go smoothly from beginning to end......

 
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8 Comments on Counting Chickens Before They're Hatched

AUG
19
2008
216,867 Points 2 Featured Posts Outside Blog

Ken~  It is amazing how quickly things can go wrong!  It is important to stay on top of things, but even then sometimes things happen beyond your control.... 

8:45pm • #1
473,837 Points 41 Featured Posts Localism Sponsor Outside Blog Hit Router

Ken-I never spend (or save) the commission check until I see the deposit in my account.  In this market you never know what can happen.  Hopefully you have a reasonable agent on the other side of the table and you will be able to work to a win/win solution.

8:46pm • #2

You are so right!!!!!  Never count on that commission check until it is in your hand!  Hope you smooth it out, good luck!

8:48pm • #3
1 Featured Post

I have had this happen to me as well.  I alway say, I never get excited about receiving my check until the fat lady sings...she works at the title company and is my friend. :)  About the inspection, I have to reinforce with folks that cosmetic changes do not apply and I am thankful that that statement is now in our contracts.

8:49pm • #4
683,574 Points 72 Featured Posts Localism Sponsor Outside Blog

Ken, and a bird in the hand is worth two in the bush!  My advice to my sellers would be just work it out with the guys you have on the table.  You're a good negotiator.  It'll work!

8:51pm • #5
Hit Router

If anything can go wrong on a deal, sooner or later it will. Don't count those chickens, you might need a good omelet recipe instead.

8:56pm • #6
AUG
21
2008

Ken - If anyone can overcome this minor issue, it is you.  If the buyer really "wants" the property, they will be reasonable about what the bottom line is!  You have to love those paragraph 21 items.

Stan Barsch

5:28pm • #7
123,511 Points

As Yogi said... "It ain't over til it's over!"  or was that "50% of the game is 90% mental"?  Good points.

5:30pm • #8

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Ken Montville -- the MD Suburbs of DC

College Park, MD

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RE/MAX Advantage Realty

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