The Domino Affect (June 16, 2018)

     

     

     

     

     

     

     

     

     

    Rich Rodenburg, Nebraska Home Sales REALTOR®

    We love transactions where the buyer of a home is coming from a rental or doesn’t need to sell a home to buy another. We love transactions where the seller has moving flexibility.

    Often, however, the timing of closing and moving must be strategically coordinated, as several property exchanges are contingent on another. My teammates, Kim Soucie, Tim Reckling and I are going through one such sale right now.

    Try to follow this story. After putting our client’s home under contract, they felt free to look for their next home, buying a home in another state, coordinating the closing date to coincide with the sale of their home. The out-of-state sellers did the same. The folks that are buying our client’s home also sold their home, and coordinated everything to all happen on the same date. So now, the dominoes are stacked.

    Oops. The buyers of our home needed to have their home appraised for the bank, and unfortunately, but out of our control, this did not happen in a timely manner. So, our closing needs to be delayed along with all the others. Fortunately, we are on track to close only one day late, but the coordination involved between several lenders, closing companies, movers, clients, etc. involved over 100 emails and conversations.

    The REALTORS® involved have been in over-drive for weeks to resolve all the issues. Instead of a potential one-week delay, we got it down to one day, which hopefully will work for everyone, with only minor re-planning. No one will go homeless, even for a day.

    We have heard horror stories of deals failing, causing six or more others to crash and burn at the same time.

    Moral of the story… Team up with a great agent(s) who can navigate the rough waters that may swell up along the way.

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