Water, Water Everywhere

By
Real Estate Broker/Owner with Eagle Ridge Realty / Signature Homes & Estates DRE# 01309169

Quite possibly my craziest transaction...  Almost a catastophic event, but saved by a well meaning Seller and a sympathetic Buyer.

It was the Spring of 2013, I had a house under contract for almost 3 months, which included two extensions due to the fact that rather well off Buyer was a day late 10 months prior on his mother's mortgage payment.  Seller was going to carry a small second, which although written for 5 years, it was going to be paid off in a matter of months.  Seller was patient, the Buyer was getting impatient.  He was using a large bank, which had him pre-approved despite the ding of a late mortgage payment which he was laible to cover.  At the last minute, the lender flatly declined, so we had to cancel that contract.  Hey, it happens.  He then switched his business and personal accounts to another bank.

In the meantime, within a week, we had another offer-- this one was for $20,000 more than the first one which was great, the Seller would net more money, yet still a little miffed at not closing the transaction.  Things were going great, UNTIL...

The day of the home inspection, there was some pooling of water on the family room hardwood floor.  I had gone over there about 15 minutes before to open the house for the inspector, and I noticed it.  I called the owner.  I won't repeat what came out of my earpiece.  

The inspector shows up, and I tell him we have to cancel, and why.  He kind of chuckled, realizing how bad the timing is, and determines the leak must be coming from under the house, despite having a solid slab foundation.

The Buyer shows up.  He is concerned, and a little bummed as he really wants the house.  In the meantime, the owner called a buddy who goes by the name "The Leak Doctor" or something like that.  He pulls up and gets to work.  He determines the leak is coming from somewhere alongside the house, underneath the concrete walkway.  He get to work to fix it.

It was pretty much an all day job so the Buyer and his agent and the home inspector leave, and we rescheduled for two days later.  Buyer still wants the house, thinks it is a good price, and is very anxious to move in.  

The leak guy fixes the leak:

Leak Fixer

The Leak Doctor with his trusty jackhammer!

 

Leak

Another shot of the work crew!

 

Well, the leak got fixed.  Managed to save the sale.

UNTIL:

The day we were suppose to close escrow, the lender rejected Buyer #2's loan.  Back to square one.  The agent begged us to not put it back on the market and offer $1000 more for a two week extension.  He found a new lender (the bank where the buyer's mother had private banking accounts) and they absolutely promised they could close in 2 weeks.  

My frustrated seller agreed to the the new terms, now willing to do anything to get this jinxed house out of his name.

Well, the Buyer pulled through.  It recorded, and I met the buyer at the house to give him the key.  His severly autistic son got out of the car wearing his swimsuit.  The house had a pool.  All the child could think of was to go swimming.  He got to.  The house was just down the street from mine, and I've gotten to know the new owners, and they are super people.  Despite the delays, a very nice commission check was earned!

TRUE OR FAKE?

 

 

(this post was written for the December 2019 challenge.)

 

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Rainmaker
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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Gary,
Glad you were finally able to get that one close... and for more money than the original contract.  Good job!

Dec 31, 2019 07:07 PM #1
Ambassador
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Anna Banana Kruchten Broker/Owner, CRB, CRS
Phoenix Property Shoppe - Phoenix, AZ
602-380-4886

Hi Gary Frimann, CRS, GRI well you somehow managed to finally get this one closd. Crazy set of events for sure!

Jan 01, 2020 01:01 PM #2
Rainmaker
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I think you made the entire story up. Very creative, Gary Frimann, CRS, GRI 

So happy to see you participate in an AR contest. 

Jan 07, 2020 03:50 PM #3
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Rainmaker
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Gary Frimann, CRS, GRI

REALTOR and Broker
All Real Estate is Local!
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