It's not always smooth sailing in Real Estate. This is not news, but as much as we like to emphasize all the good (rightly so), it's equally important to point out the pitfalls and unique challenges that can pop up no matter the time spent preparing, researching, and verifying. Even with the best due diligence, things can fall apart. At the 11th hour.
Fortunately, my list of transactions that didn't work out, is very short. The few times I did get to sell a house twice, it ended well for my client, the seller.
A few years ago, as my seller and I were preparing for the closing table, we learned - literally the day of settlement - that the buyer had quit his job the beginning of the week. Bad idea. The lender found out when he called for final verification of employment. The loan approval was withdrawn, the buyer in default, and my seller received the earnest money deposit - which was enough to hire a professional stager before putting the house back on the market. We generated multiple offers, again, and SOLD it for 11K more than the first time around.
Just last Fall I worked with a fantastic - and incredibly patient - client who had to sell her house twice. After a brief time on the market, an offer was chosen from multiple and things progressed quickly and smoothly - until they didn't. The lender promised that this was a solid one, that we would settle by the end of the month. After promises were not kept, and neither a real explanation nor game plan was forthcoming, my seller had had enough. She declined to extend the closing date a third time, eager to get the house back on the market. The buyer's earnest money was released to my seller who - having moved into temporary housing in anticipation of settlement - was relieved to have the funds to cover the additional expenses.
We sold the house again just a few days later - to a cash buyer who waived major contingencies and was ready, willing, able and excited to close just two weeks later!
Although it makes for a stressful moment, or two, when your contract falls apart and you are faced with having to start over, trust that it will be okay. You will make it to the closing table, and maybe even fare better the second time around.
As much as we would like all transactions to follow a predictable path, without major roadblocks that lead to a dead end, sometimes it just doesn't work out that way and we get to sell'em twice! When things go awry, breathe, regroup, and tweak if necessary. If you have to relist, and start the process again, know that we'll get it sold - again.
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