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Better Late Than Never

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

Here is a post I  started for the December miracle challenge, but it didn't close until February 14th, so I guess it was Valentine's day miracle. 

 

'Draft for the contest:

We are now 19 days past our original SS date. Remember (my rant

  It's the weekend before Xmas. My seller moved out of state on the assurance of a closing. 

When communication was lost (no calls, texts, or emails returned;  I reached out to the president of the lending company. The lender asked me if I wanted him to deny the loan. The RE agent reprimanded me for calling the president of the lending institution and telling me not to make contact again.   

There would be no reason to go higher if someone had returned my calls. Impressive, I received several calls and even texts the following day. 

A call from the buyer's agent to say we now have everything. Ok, it's 5:30 on Friday evening, and his buyer is packed in a u-haul and doesn't have a home. They want a pre-settlement move-in. The seller says No! Another call asked to let his buyer in and pay rent. Again the answer is no. 

No CTC, no buyer funds, it's Friday night, the seller already moved out of state, and the third change of date extension expires today. But it's Christmas week, and the miracle did not happen!

Another Update:

We still did not have a clear to close, New Year's Eve, only promises. The seller denied a fourth request for an extension. Game over. The house went back on the market and was under contract within days. The final closing for this very patient seller finally happened in February.

Better late than never.

 

 

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


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Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I tell my clients all the time that it is probably more important to have a solid lender than anything else in a transaction.  I just helped a client sell a home doing a 1031 exchange.  The lender on the purchase side almost screwed it all up even though we told him everything we needed prior to hiring him.  Luckily, he was able to close just in time.  A failed close would have cost my client thousands of dollars in taxes and a great income property.

Congratulations on getting your client to the finish line.  Well done!

Mar 20, 2022 07:41 AM
Margaret Rome Baltimore 410-530-2400

Raymond, I so agree. And I did speak to the lender before the offer was ratified and had assurance this buyer was good to go. There was always something extra needed, which we always supplied, and then there was one more thing, and then the stories were different from the BA and the lender, and by the time they asked for the 4th extension, it was enough! Game over for that poor buyer.

Mar 20, 2022 11:23 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Well now, we certainly cannot press the easy button on this transaction. The level of incompetence in this industry baffles my mind.  Or, better stated, it baffles my mind that people hire such incompetence. 

I'd like to be a fly on the wall and hear what people are actually saying yes to when they hire their agent. 

Mar 20, 2022 09:07 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

FEATURED IN CRAP-TACULAR

 

Mr. Crappy Says

Flush the Incompetent Agents

Hire a Real Estate Professional!

💩💩

💩

 

 

Mar 20, 2022 09:08 AM
Margaret Rome Baltimore 410-530-2400

Kathleen, There were definitely flies on the walls and everywhere else...but of course look at the name of your group! 🙃

Mar 20, 2022 11:27 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

This reminds me of the Kenny Roger's song, The Gambler.

You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done
Mar 20, 2022 09:10 AM
Margaret Rome Baltimore 410-530-2400

Carol And that is a great song. I have related Real Estate and poker

Mar 20, 2022 11:28 AM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

Oh my gosh, what a tough one, Margaret. I'm sorry. The good news, better late than never. :) 

Mar 20, 2022 09:16 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Debb Janes EcoBroker and Bernie Stea JD  We always share the positive smooth closings, and some things can and do go wrong. 

 

Mar 20, 2022 11:56 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Margaret everything is much easier when everyone is upfront with each other.  When the communication stops that is usually a big red flag that someone is not being honest.

Mar 20, 2022 01:21 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

George Souto: That's why working with a lender you know  is necessary. 

Mar 20, 2022 01:30 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The trials and tribulations of an agent and the giant bottle of Tums as well.  But that seller gave you a glowing testimonial

Mar 20, 2022 03:09 PM
Margaret Rome Baltimore 410-530-2400

Hi Ed,


I stayed in touch with the seller daily, and  I could write an entire book about this one transaction.

Mar 20, 2022 04:56 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Margaret Rome Baltimore 410-530-2400 ,

How utterly frustrating!! BUT its better Late than never for sure. Its amazing preservice always prevails!!

Mar 20, 2022 03:33 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dorie Dillard Austin TX,  Always good to see you.

This transaction was number one on the frustration list! 

 

Mar 20, 2022 04:59 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Margaret - real estate often provides lessons in patience.  Along with teaching the power of restraint.  It's definitely a continuing course. . .   

Mar 21, 2022 05:53 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Another great pondering response. I may have to quote you on this:

"..real estate often provides lessons in patience.  Along with teaching the power of restraint."

It also sounds like a great topic for your next blog post. 🙃

Mar 21, 2022 10:30 AM