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The personal stories of one Realtor’s battles and triumphs in the highly-competitive Bay Area Real Estate Market, seeking to illuminate and humanize the very real ups-and-downs of homeownership.
When all the king’s horses and all the king’s men figure out how to put those pieces back together again.
“Good news, the loan has been fully underwritten and we’re set to close on Friday, as planned.”
Hardly.
The original plan had been to close nearly a month ago with a well-known bank who, unfortunately, balked in the 11th hour and failed to fund. (That’s not good.)
What happened next?
With a non-contingent offer in place, the Buyers scrambled to find another lender who could get the job done, (or risk losing their good-faith deposit, as well as the property.) Using “all the king’s horses and all the king’s men,” they found a lender with condo experience, flexibility, and financial know-how who managed to put Humpty Dumpty back together again (Thank you, Karlo Augustin of Loan Depot; you were our knight in shining armor.)
Listen — the real estate market in the Bay Area is a complicated journey to be sure. Primarily because we’ve developed a “pricing strategy” that, while highly effective, often strains credulity, especially if you’re unclear on the concept. (That’s essentially EVERYONE outside the Bay Area, including Appraisers.)
As is fairly standard in our neck of the woods, this condo unit sold WELL above its list price, which can be difficult for large national financial institutions to understand. (They like round pegs that fit neatly into round holes.) What was unusual is that with six offers in hand, the property failed to appraise at the offer price the first go-round, creating a lending nightmare, not to mention high anxiety for everyone involved.
Teamwork makes the dream work
Happily, that wasn’t the outcome with the second Appraiser who understood the unique value in this beautifully renovated, perfectly appointed, and conveniently located condominium and appraised the property at value. Moreover, the Buyers never waivered in their commitment to the property, nor did their Agent. Additionally, the Seller(s) were level-headed and fair, treating the sale as a business transaction (as they should), which meant no one involved in the process let emotion cloud their judgement.
This kind of teamwork proves once again that even the most trying of circumstances can be navigated with good intentions, creative thinking, and compromise. In this case, the compromise didn’t involve a price reduction, but DID require some patience from the Sellers while the Buyers found a better financial solution — or should I say a safe wall to perch upon?
It isn’t lost on me that “doing the right thing,” isn’t necessarily the path many people choose. So it’s incredibly affirming when you meet people who genuinely strive to treat others as they’d wish to be treated — who seek solutions rather than dramatizing challenges, and above all else, who keep things in their proper perspective (There are much bigger problems in the world than a tardy close of escrow.) It’s also highly helpful when Agents on both sides of the transaction work together instead of taking adverse positions. (That always ends badly.)
In our version of this tale, the egg was appreciatively patched together and is now good as new. Congratulations to one and all for hanging in there to achieve a win-win. Humpty Dumpty thanks you, as do the Sellers AND the Buyers. We hope they live happily ever after.
How can we help you?
Julie Gardner & Sarah Abel | Compass Realty
Not just Realtors, but consultants in all things house and home, we’re here to educate, explore, examine and refer . . . In short, you may count on us to take care of your home as if it were our own and anyone who knows us, knows we take pretty darn good care of our homes.
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