Loans By Kathy: A Difficult Buyer Is One Who's On The Lam.....

A Difficult Buyer Is One Who's On The Lam.....

I think we can all relate to the buyer or client that seems to MIA during the buying/mortgage process.  Barbara's blog makes a great point for paying attention to the details, ask the questions, just don't make an assujmption.

Please stop by and share your comments with her.

 

An interesting memory in the real estate business was the day we did business with a buyer who was “on the lam!”  (that kind of lam doesn’t have a “b.”)  How many times have you written an offer to purchase and the buyer falls off the face of the earth? 

How can a buyer write a full price offer and then play Whitey Bulger?  This was a real situation.  We couldn’t find this guy.  He missed the p&s date; the mortgage commitment date passed; and closing was only a few days away. 

Needless to say the listing agent (from another office) threatened us every day and decided to put the home back on the market without any signed release.  I reminded her that the offer to purchase is a legal binding agreement and in force until after the closing date.  The home did receive another offer, but guess who surfaced a few days before closing? 

The buyer contacted us and the buyer’s attorney.  He had the cash to close, and close he did!!  The other agent and office were sued by buyer #2 (and rightfully so!!)  Our buyer never gave an explanation of where he was (and we never asked) but he bought the house, and that’s all I cared about!!


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Kathy Sheehan Senior Loan Officer

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 4 commentsKathy Sheehan • October 16 2011 06:40PM

Comments

Communications and listening are two of the great challenges in real estate.

Posted by Jeff Jensen (The Federal Savings Bank/Lending in 50 states) about 8 years ago

Wow! Haven't experienced that one myself yet. I've had the guy drop off the face of the earth but not make a 12th hour appearance and perform.

Posted by Dan Pittsenbarger, Improving Conditions (Keller Williams Western Realty) about 8 years ago

Great story.  Paid cash.  Hmmm.  Wonder where he was?  Thanks for the reblog.

Posted by Suzanne McLaughlin, Sabinske & Associates, Realtor (Sabinske & Associates, Inc. (Albertville, St. Michael)) about 8 years ago

Hi Kathy.....thank you so much for the reblog....I appreciate it....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 8 years ago

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