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SOLD and SOLD. Sometimes we get to sell them twice.

By
Real Estate Agent with Thompson Company, REALTORS® 240.593.2860 MD594797

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.

SOLD in Burtonsville, MD

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 The loan approval was withdrawn, the buyer in default, and my seller received the earnest money deposit - which was enough to hire a professional stager before putting the house back on the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.

Posted by

Andrea Bedard
Thompson Co., REALTORS®

Silver Spring, Maryland
andreabedard.com

Fluent in Real Estate and German.
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Comments(15)

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Andrea - although it doesn't happen to most real estate professionals on a regular basis, it does occur more often for them than a typical real estate seller who is faced with all sorts of feelings when it occurs.  That's one of the reasons why the right representation matters.  Congratulations on making the transaction  come together successfully.  Good job.  

Jan 27, 2021 02:43 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Andrea, when COVID hit earlier in 2020, I have transactions falling apart all around me.   Glad you got this beauty SOLD, congrats!   

Jan 27, 2021 03:14 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Andrea:

Stuff does happen in our transactions and sometimes at the last minute, and without warning. Glad to hear these transactions ultimately worked out.

Jeff

Jan 27, 2021 03:43 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Andrea,  Congratulations and congratulations - it may have taken some extra time, energy and work, but you finally got through it - and that is worth a lot!

Jan 27, 2021 06:04 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Andrea Bedard - the odds are that this has to happen so making the best of it is what needs to be done.  The worked great for you.

Jan 28, 2021 03:55 AM
Brad Thomsen
Big Bear Realty - Edmonds, WA
Real Estate Services

Hi Andrea Bedard 

Congratulation on the sales

Great work

Happy Selling!

Brad

Jan 28, 2021 05:01 AM
Andrea Bedard

Thank you Brad.

Jan 28, 2021 06:42 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

You are absolutely right - sometimes things don't work out, but they could end up even better in the long run.

Having a deal fail on closing day would hurt though!

Jan 28, 2021 05:41 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am glad to hear that your list of transactions that didn't work out is very short.  I am in one right now that is about to fall apart, but there is still some very slim hope that it will stay together.

Jan 28, 2021 06:20 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

Thank you very much Michael Jacobs! It is not an easy situation - especially because we grow so close to our clients after working with them for so many weeks/months - and I just want to see them succeed! My first example was just a shocker that came out of nowhere, the second one was a lender situation. I could write another blog post about the importance of having the right lender by ones side. I am beyond thrilled that we made it happen and both clients came out ahead at the end. All is well that ends well.  

Jan 28, 2021 06:22 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

That was definitely a crazy time Joan Cox! Most of my sellers hit the pause button as we were awaiting guidance on what is possible/allowed in the world of Real Estate and what was not. Thankfully, we were classified essential quickly, and implemented safety precautions just as quick. Looking back, it worked well, especially with vacant properties. 

Jan 28, 2021 06:26 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

Thank you Jeff Dowler, CRS! I am always exploring options and trying everything possible to salvage a transaction but sometimes it's completely out of our control. Who could predict the buyer would quit his job the week of closing? That was a first, and hopefully last, for me! 

Jan 28, 2021 06:30 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

All is well that ends well Bob Crane - at least for my sellers! I felt for the buyers, it's a tough situation & lesson, losing the house and their earnest money, but I was definitely relieved, excited and happy for my sellers.  

Jan 28, 2021 06:34 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

Yes, Grant Schneider, every so often a tough one comes along giving us the chance to excel, grow and truly prove our worth! It does take dedication, experience, and the right team to make it happen. 

Jan 28, 2021 06:42 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

It did hurt for a moment Kat Palmiotti, especially since all had progressed smoothly and I couldn't have done anything to prevent the fall-out. But when we finally did make it to the closing table, the happy tears were real!  

Jan 28, 2021 06:46 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

I intend to keep that list short Brian England!

Fingers crossed that you can get yours to the closing table! A slim chance is better than none. 🤞 

Jan 28, 2021 06:48 AM