How many ways can a deal get in trouble?
Recently, a past client asked for help selling his home in order to move out of state. After arranging for him to list with someone more familiar than I am with his area, I stayed in touch to be sure things were going well with his sale and his quest to find the perfect home in this new state.
All went swimmingly on the sale transaction and my client was happy to take the proceeds to his new state for a large down payment on the new home he had found. He had been heavily marketed to by an online real estate company that got his name through a website he had searched on. They were not based in the state, but they assured him they were capable of assisting him. They sent him to their preferred lender and closing attorney without really making clear that those were providers he was allowed to choose himself.
Long story short, . . . the appraisal came in much lower than anyone had predicted and my client had been told this would result in a price change. Of course this was not what the agreement said, and he did not have the difference to put into equity. This was when he called me in desperation a few days before the closing was set to occur. We got on the phone with all the parties, and it was clear the lender was unable to loan the amount he needed and the title attorney did not offer any help, so I suggested he get a short extension, switch lenders to a local lender familiar with the area prices, and find a better title attorney. His agent had nothing to suggest, so he did just that, and closed a short time later with a reduced price he could afford and a team dedicated to his interests.
There was no cost to my client for this help. I do not expect him to use me again, as he is living in another state. But he was so grateful, it was absolutely worth the time and effort. He said he would have homeless if not for my help, and that was thanks enough for this Main Line Realtor.
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