I wanted to follow up to my post that I wrote called, "I said, I Have Never Had a Buyer or Seller Walk at the Closing Table." From some of the comments, it made it seem like I was saying there were never any deals that fell apart. I'm the first one to admit that yes, deals fall apart, but well before the closing table.
Here are some examples of deals I was involved in that fell apart during the transaction, that were out of my control.
I had a buyer very eager to buy a condo. He didn't make much money, and he was in the $55k price range. He was so excited he was approved for a mortgage and called me multiple times a day to make sure it was real. I kept the listing agent in the loop everyday, and the seller moved out... the buyer was demoted which included a paycut, and when the lender called to verify employment, he was denied for final underwriting... he thought he could get away with not telling anyone his pay was cut.
I had a buyer who was self-employed and relocating at the same time. This was in the Summer of '09 when things were blowing up in the lender world. While we were waiting patiently for the builder to complete the house, rules changed. A buyer could no longer get a second lien if they were self employed AND relocating. We tried for just one lien, but then the buyer would have needed mortgage insurance, and the MI companies were following the second lien holders in their criteria. Buyer had to terminate and drop his price point.
I had a seller who did not tell me he stopped making his mortgage payments. When I turned in the contract, the title company pulled title and an $80k tax lien popped up. That was our focus to clear. No idea that the foreclosure was going on in the background until I got the call a couple of days later from the new listing agent from the bank...
Those are the only three examples that I can remember falling apart in my career. Granted, there have been several that terminated during the inspection period, some because of the inspection and some because the person woke up on the wrong side of the bed and just decided it wasn't the right house. Buyers are allowed to terminate for any reason during this time.
For the most part, I've been very successful at getting my clients to closing, and that's a pretty good record if you ask me!
**Are You Packed Yet?**
Austin TX Real Estate
and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
** Multi-Million Dollar Producer Year after Year **
Copyright© 2013 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Deals Can Fall Apart that Are Beyond Our Control * was first published on donnahomesblog.com.