The lesson I learned on this transaction -- and there are always new things to learn in every single real estate closing, even after 44 years in the business -- is do not engage in a negotiating conversation with a real estate agent who is at a major league football game. I'm not saying the agent was intoxicated. But let's just suffice to say it was too much drama, simply to get the danged release of inspection contingencies.
For some reason, the buyer was rejected by his lender. According to the agent, the buyer wasn't rejected, the lender simply wanted more money down than the contract called for, which actually does mean the bank rejected the loan. So the buyer wanted to change lenders. About 10 days away from closing and without releasing any contingencies.
What do you do in this situation?
Well, if you're this Sacramento Realtor, you advise your client to issue a Notice to Buyer to Perform to release the inspection contingency. Because you have to get their attention. That NTBP protects the seller and gives the seller the right to unilaterally cancel within 2 days.
Then you negotiate, in exchange for a few days extension to close, that the buyer will immediately release the earnest money deposit to the seller as non-refundable and release all contingencies. If they are so certain the new lender will close on time, well, put your money where your mouth is. You can read more in my personal blog today at this link: Selling Homes in the Sacramento Foothills is an Art.
Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.