for sale during Covid. I say during Covid because this was a very hectic time in real estate where homes were selling quickly and contingent contracts were almost unheard of. By the way the word "contingent" is over used in real estate. It means something can't happen until something else does. In the case of a contingent sale, one house has to sell before you can purchase your next house. Will and Kali found a beautiful home in Highland and the owners accepted a contingent offer. What that meant was that Will and Kali would close on their house for sale and then purchase their new home same day. The running joke has always been that buyers in a contingent deal are homeless for about 2 hours. The buyers for Will and Kali's Glen Carbon house had a strong pre-approval letter and plenty of cash in the bank for the downpayment. It was about $20,000. 5 Days before closing of the Glen Carbon house, the buyer had not provided what is called a "Clear to Close". This isn't unusual, so we asked for status. Turns out the buyer had spent the $20,000 on something else and no longer had the funds for the deposit and reserve funds to close the deal. Buyer's lender could not make it happen. Of course, not selling the Glen Carbon home threw a wrench into the Highland purchase. Luckily Will and Kali were strong buyers and I was able to work with the Highland agent as we navigated closing the sale without the contingency.
Here are my takeaways for you, maybe my next client.
1. Experience mattered most when the deal went South. As soon as the Glen Carbon contract failed, I was still
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