What is your best experience at saving a deal that would have otherwise died?
I'm sure we've all had many situations arise over our real estate careers, when the deposit cheque didn't arrive in time. or the waiver for financing almost didn't make it on time.. or there were problems with a home inspection that could compromise the firming up of the deal.
My best experience happened about 5 years ago.. I had a young man purchasing his first home. He had been pre-approved by the bank for a mortgage so all well in that regard. Our first deal fell through because of the home inspection. There were many things the home inspector found that would have been costly to repair, and the Seller was not prepared to take on the burden of repairing them and the Buyer wasn't prepared to invest the funds required. So.. on to the next one.
They say everything happens for a reason, and when one door closes, another opens... and that's exactly what happened in this instance. We found another home that suited my client perfectly, an offer was submited (in a multiple offer situation) and we were the lucky bidders.
Although we had submitted a Mutual Release on the previous deal, the Buyer had not yet received his deposit cheque back and he didn't have the funds required to secure the second property.
I decided to draft up an Agreement whereby I would supply the deposit for him to secure the Agreement. In order to facilitate this, I had him sign an Agreement whereby he would instruct the broker from the first deal to make the return deposit cheque made payable to me as it was in the same amount... Without his direction in writing it would not happen.
It all worked out in the end for the best, my client firmed up the deal... and he was one happy client... and I was one happy agent!
It was a bit out of the ordinary, and not sure it is someting I would repeat... but I think it was my most unusual, and the craziest thing I did to save a deal...