Margaret Rome's Blog

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It's Not Over Until...

 You were expecting the lady to sing? Well not this time.

 

In real estate it's not over until we get to final closing and the check has cleared.

 

Getting from an offer to a ratified contract to consummation is where all the work happens. Yep, consummation is the word. It used to be closing or settlement but they all mean the same.

 

contract to closing

 

 

You must have a strong contract to start.

As a listing agent, find out as much as possible about the buyer's agent (how familiar are they with the area) and the buyer...not always easy.

Is financing in place and are they motivated? How long have they been looking? Have they come close to buying other  houses? Have they gotten out of other contracts?

Why is this information helpful? 

Because history tends to repeat itself!

 

If someone wants out of a contract, they will always find a way!

They may be penalized, lose their deposit or get sued. Not to mention the stress and distress this puts on so many others.

Make sure you know what your are doing. Make sure you have an agent who understands the contract and is experienced.

And when it is over... know how to dismount.

 

If you would like to discuss real estate or anything pertaining to buying or selling a home...call Margaret Rome.

 

 

Margaret Rome 410-530-2400

 

 

 

 

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Sell Your Home With Margaret Rome

Broker-Owner HomeRome Realty 

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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

Margaret Rome on Zillow

Comment balloon 17 commentsMargaret Rome, Baltimore Maryland • January 30 2017 01:21AM

Comments

Margaret,

We used to tell our guys that the deal was done, when the check cleared the bank.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) over 1 year ago

Ron and Alexandra Seigel And that was the right answer. Thanks for stopping by. Always appreciate you!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

I use to love to go under contract, now the stress level remains through funds disbursement Margaret Rome, Baltimore Maryland 

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) over 1 year ago

Margaret Rome, Baltimore Maryland it was good to catch one of your posts, we were up watching the men's final in Australia's tennis open, so luckily I am commenting late, and was happy to read your post...A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) over 1 year ago

Ron and Alexandra Seigel 

Glad you were enjoying the finals and I appreciate your stopping by. Love your photos of the natural jewels today.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

Truer words were never spoken.,.it's over when the check clears the bank, for sure.  Then the fat lady can sing.  Despite the powers that be, I cannot call it a consummation.   It's still just a closing or settlement. 

Posted by Susan Haughton, Susan & Mindy Team...Honesty. Integrity. Results. (Long and Foster REALTORS (703) 470-4545) over 1 year ago

Susan Haughton I have a perfect blog in mind but not sure I want to post it. Can you hear me smiling???

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

Years ago, we had a little saying in our office.  It was, "It ain't over until the fat lady SIGNS."

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 1 year ago

Hi Myrl Jeffcoat Clever and I have never seen that sign.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

Margaret I learned very early on not to count on a check coming in - until it closed. Period. Done. Don't go there. Ever!!!

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 1 year ago

Done, don't go there, ever. Reminds me when i asked another agent if we going to close and his answer was..'Well of course, it has to, I need the money." NOT the right answer. Guess that would make a good post Anna Banana Kruchten 

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

Hi Margaret

Wise words here, and I am always reminding buyers and sellers about this. Occasionally someone gets worried that there might be a problem or that by my saying so means I am concerned about something, so a bit of reassurance is often needed.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) over 1 year ago

Jeff Dowler Reassurance, hand holding, counseling, advising...all a part of what we do to make things happen.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

Hi Margaret --- asking questions, especially the right ones and then carefully listening provides some very important insight as to the likelihood of a transaction closing.  A contract is a part of real estate success but it's definitely never the entire story.  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) over 1 year ago

Margaret Rome, Baltimore Maryland 
As usual - good advice --
Hope you are well. Lynn

"find out as much as possible about the buyer's agent (how familiar are they with the area)"

Posted by Lynn B. Friedman, Concierge Service for Our Atlanta Sellers & Buyers (Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...) over 1 year ago

So often people are out "spending the money" before the closing is final and then it falls apart. It's our job to stay on top of it until the ink is dry!

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) over 1 year ago

Connie Harvey Love the way you put that...Wait for the ink to dry!

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 1 year ago

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