Lessons Learned In Real Estate – First Time Home Buyers
My clients (first time home buyers) who had purchased their property and prior to fulfilling the conditions, the client confirmed their mortgage agent had said to go ahead and remove the conditions on financing. Just two weeks before their closing they had an issue with their financing. I was advised by my client due to financing they may not be able to close in time, and if they cannot get another lender, they will have to back out. I met with them and discussed their options and also advised them of the consequences (Seller could sue the Buyers) what will happen if they do not close on the home on time.
One of the options was to request the sellers & sellers lawyer for an extension of 7 Business days and ensure we can get another lender that can approve them. My clients needed to move as they had already given notice to their landlord.
With the clients permission, first I reached out to three different lenders and I introduced my clients. I explained the situation and asked my clients to speak with the lenders and see which ones would ensure that their best interest and provide them with a firm approval and conditions that meet the requirements as per the original closing timeline.
Luckily two of the lenders came through and confirmed that they could provide a firm approval based with couple conditions and terms. My clients decided to go with one of them and needed to get some additional documents and funds. They still required an extra 5 days to make this happen.
Again with permission from my clients and their lawyer I reached out the Sellers agent and coordinated a meeting with the sellers and lawyers to make an amendment to the agreement and closing date. There was an additional fee on both the lawyers side that the buyers agreed to pay, but there was no penalties. The sellers were cooperative to allow this and thankfully we closed on the revised date and my clients were very grateful.
Most importantly I learned to stay kind, remain calm, cool, and collected.
My approach has always been to provide support based on what I hear on what’s expressed. Being a good listener, solution based and focused.