After 23 years in real estate as the owner of a real estate investment company transacting over 650 deals personally, 16 years as a real estate agent, 14 years as a real estate broker, 3 months as the owner of my own brokerage, and over 2 years as a mortgage loan officer I am still learning and observing.

The good: Put in a mortgage application for a gentleman in a real bind. His lender said they could not do a mortgage in less than 30 days. Buyer only had 26 days. We took the application and as the buyer had just applied for a mortgage, they had all of their documents. Buyer uploaded all within 24 hours. Ordered the appraisal and miraculously, it came back in less than 7 days. Got the clear to close in a total of 10 days. NEVER EVER HEARD OF THIS.

The ugly: Buyer put in a contract for $450k. Gave a $3.5 million proof of funds. 3 days before closing, buyer says they are getting a mortgage. Today is Friday. Closing is Monday. Interestingly, if he is the lender too, this still may close. (I put getting a mortgage, maybe should have put doing a mortgage). Can’t wait to see how this works out. Stay tuned to this blog for updates.

THE REALITY: Had to explain to a seller that sellers are at the mercy of buyer behavior, and conditions. In this case, the buyer’s lender’s underwriter did not get the HOA documents, in time to close on time. The seller insists that we have a contract and buyer must meet the contract. Yes of course, and since they will not meet the contract, our choice is to give more time or walk away. We are too far into this contract and the seller is too motivated to sell to play hardball. This is the second time we gave them an extension. I pondered going down the list of challenges and conditions that force a seller to extend. Instead, I think we Realtors have to discuss what happens after the contract. That there are 3 dates that give an indicator of buyer’s potential to succeed with their offer. How it is likely that buyers will fail to perform and how we will be jerked around by buyers too many times.