An unfortunate problem leads to a creative solution
Every real estate transaction is unique and as much as you plan, surprises can pop up. When faced with the following situation, I was ready to apply my problem solving and negotiation skills to ensure my client was not disappointed.
I listed my client’s condo and found her a replacement home that she absolutely loved. The transaction was going well and then it happened. The buyer’s agent stopped answering his phone and was not responding to texts. I contacted his transaction coordinator to see if she knew why the agent was unreachable. She was clearly uncomfortable with my inquiry. The signs were there: this transaction was in trouble.
What the buyer’s agent didn’t want to tell me was that one of the buyers made a job decision that killed the loan. We canceled the transaction with that buyer.
KEEPING IT TOGETHER
I called the listing agent for the property my client was purchasing to break the news. No one was happy. It was time for action. I put my client’s condo back on the market, made lots of phone calls and marketed the heck out of it. We quickly received an offer.
The offer featured a 45 day escrow and a loan. We didn’t have 45 days. My client would lose the house she loved if we couldn’t meet the seller’s timeline.
THE SOLUTION AND NEGOTIATION
The buyer’s proof of funds showed more than enough to buy the condo for cash, which would allow for a quick close. I spoke with the seller and suggested we counter the buyer slightly lower than the offer price if she agreed to pay cash for the condo and close in 17 days. The seller immediately agreed. I submitted the counteroffer and it was accepted!
I was on vacation when this happened, but put that aside and got to work for my client. The priority was to deliver great results for my client and happily, I did!