What Does a Golf Course and a Family Selling Their House Have In Common? Part Two
Founder/Managing Partner Lamar Hunt Jr. is always hearing crazy stories involving property and real estate agents. In Part One, a golf course owner stripped his course bare in anticipation of closing day. Unfortunately, the closing day never came. Then there is a nice family who needs to sell their house and downsize to an apartment. They get an agent, list the property and find a buyer who puts down $500. Closing day is in 45 days so they start packing. One week before closing, they find an apartment and move in. Then they go to closing and discover the loan was not approved for the buyer. The seller’s agent takes the escrow check for $500, pulls it tight a few times and says, “Here’s your $500.” The seller starts crying. Why? Because they now have a house payment and a rent payment, two sets of utilities, a yard that needs mowed yet they also have no mowing equipment and a vacant house which is always not good. Do you think $500 covers all that? Not hardly. Like the golf course owner, they put their chips all in betting on the closing happening. They lost. The sad part to all of this is that it all could have been avoided. The seller’s agent only needed to insert a simple clause allowing for two weeks for the seller to vacate after closing. The seller could pay rent or it would be built into the deal. It’s so simple but it is rarely put into contracts. Why? Because both agents know that when the deal falls through and the loan is not approved, everything can be fixed instantly if the Seller will just reduce their sales price. They see it as a form of pressure. The family in the apartment would agree to just about anything to get out of their situation. So, always insist on extra time to move out after closing. It’s the smart play. For more stories like these, see our blog athttp://lorettoproperties.com/. You can also call us at 913-236-2902 if you have a property to sell.