The definition of AWRY is when something goes wrong
even with a decent plan
My latest blog But it's a cash offer reminded me of the following transaction.
It was a small inexpensive condo in a secure luxury building. We received a full price cash offer, closing in thirty days with a $10,000 EMD.
To me, it looked like a perfect fit, with sellers moving out of state.
But the sellers were leary.
In our Maryland contract, if a deal does not go through, and the deposit is forfeited to the seller, that deposit is split with the broker. So sure of this deal, it was stricken from the listing agreement. My commission is paid when the property sells, not when one falls through.
Sellers pack up the condo, hire the moving truck, bring in the cleaning crew, and are ready to go.
The night BEFORE closing, we get a call from the buyer's attorney. The client is not going to move forward. The lawyer wanted to make sure we would accept the ten thousand with no further legal action.
To some, it may sound like a good deal for the seller...getting ten grand for nothing. How wrong that assumption would be.
Think about it. The seller is in a hotel, with an empty unsold condo. The home they were purchasing out of state for cash now could not happen. A loan had to be secured, and the property had to be put back on the market with a $10,000 price reduction.
Even with cash, the best-laid plans can go awry!
Remember...It's not over until it's over!