REAL problems... now what?

The Realtor Deal with Eric Rojas

How many issues can come up in a real estate transaction? Answer: More than I can count on my fingers and toes. How does that saying go? Oh yes, "There are only two things guaranteed in this life; death and surprises in your real estate transaction. Take today for instance. I have three sets of happy clients with "mostly" executed contracts. One has accepted a sales contract on her condo and two other couples are moving towards their closing dates on their recent purchase offers. Smooth sailing right?

Well, first Client A who is selling her condo... We have a buyer inspection slated for 10AM on her condo that is recently under contract. The buyer has a very scrutinizing demeanor. What will the home inspector find? How will the minor, or (uh oh) major, defects affect the transaction? Also, my client has a home sale contingency on her purchase offer for another condo that has expired... we now have a sales contract on her condo but she still must agree to waive all contingencies on her purchase of the new condo we negotiated before the New Year. If the buyer backs out of our sale, or does not get a loan, my client gets stuck with two homes. Both closings are in 30 days. How did things progress this far?

Second, Clients B. I still have not received a signed copy of the accepted transaction from the seller's agent. The deal was agreed upon several days ago. The closing is in 30 days and the mortgage broker and attorney need to begin their work. Then the phone rings... the seller's agent calls (not good). The deeded parking spot my clients picked out is incorrectly recorded. They may not get the spot they thought they purchased. I don't know about you, but if my parking space was in jeapordy heads would roll.

Third, Clients C. I still have not received an executed contract agreed upon over the weekend. Sound familiar? My clients are wondering where it is... their mortgage broker needs to figure out a rate lock date and the attorney needs to review the terms. Plus, I am assured in negotiations that a certain upgrade will be included and written on the front page of the contract... but I notice my clients initialed a counter offer without it. The negotiations have already been tough and the clients are very happy with their new prospective home. But what about the upgrade missing from the contract?

It's only noon at this point folks.... tune in tomorrow to see how some of this turned out. We won't know the resolution to other issues for quite some time. Do you have the nerve to take this on by yourself?