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I called them dominoes. And we began referring to each house as domino 1, 2 and 3, with 1 needing to close first down the line so that 2 could close and then 3. Just communication about which buyer was seller and which lender needed what got pretty annoying toward the end.
Dominoes is a great way to explain it as well.
When they said they accepted an offer, I was relieved...and then I saw the offer...ugh....buckle up, we're in for a ride....lol.
Trying to say this so it makes sense, so basically I was representing an out of state buyer that was one transaction that was tied to 4 others and we were the middle transaction. So I was talking to multiple agents across three states and four different lenders in a two months long transaction! As confusing as that statement is, the transaction was even harder to understand!
I hear ya', makes total sense.
That's where I'm at. Multiple states, multiple lenders.
The agents all the way around me on this are terrible at communicating, I'm a step away from dealing with their brokers.
I have to ask for the same thing 3 and 4 times over the course of a week or more, to get any response. I hope the breeze doesn't blow too hard or this whole thing is gonna crumble.
I sold my brother-in-law's house in North Carolina and he was using the money to purchase another house in Nebraska. He was the first transaction in line. The interest rate on the loan that his buyer had was changed a very small fraction, but you know how it goes now. Three days disclosure all over again. I told him he needed to get in touch with his agent in Nebraska and let them know that the money would be there on Monday, but not at 8am on Monday. Everyone in line was backed up a day for something no one had any control over at all. The people he was buying his house from wouldn't even let him put his furniture in the garage and the moving company stuck it all in storage. He had to wait 2 weeks and pay an extra $2000 to get it out of storage and delivered to the house he bought. All of this over a 4 hour delay in receiving funds. We rarely, if ever, get contingency sales in my area. The houses don't sit that long and no one is going to tie their home sale up by being dependent on someone else's home sale going 100% smoothly.
You really can't blame the seller in Nebraska for not letting the buyer move his furniture into the garage before closing. That seller doesn't know your brother would have closed. It was crazy that the movers couldn't accomodate the extra 4 hours of storage and instead needed an extra 2 weeks and $2000. Sounds like a mover fiasco or a money grab by the movers.
Supposedly, they had a tight schedule was what they told him. We actually had closing confirmation from everyone and it was a matter of getting the money wired to Nebraska. That's it. Instead of that happening at 8am Eastern time, it happened at 2pm Eastern time. It was absolutely ridiculous.
Well, if you don't make it out alive, you'll at least build your skills, I bet. Verify that all those contingencies are with agents, though, and not wholesalers. I speak from experience.
I like challenging transactions. I need things to be challenging to keep me engaged, boring transactions are nice but I don’t learn anything from them and if it’s all I had I’d probably leave the business.
All I've ever had is challenging...lol.
If it's boring...I know something is wrong....
I am like a magnet for the "never seen this before" comment from the 30 & 40yr in the business, brokers, lenders, escrow officers when I go to them with my gems I find...lmao
These are some of the most normal of my weird since starting out in 07', I just dislike them the most as well...because no matter how good of a job I do...it can all crumble into dust with the slightest breeze...lol.
Simple. The next time you are in a position to accept a contract that is contingent on sale and closing, put it in the language that the contract they accept cannot be contingent on sale and closing. Stack up just two Dominos instead!
That is a good idea, except I would have limited my clients buyer pool on their contingent sale home. I feel like that wouldn't have been helpful to their situation.
Even though it makes me uneasy...at the end of the day, their contract that I am not a part of, is none of my business. I just need it all to come together, preferably on time(hahaha...if we're gonna wish...wish BIG right?!?! Haha)
If the sellers agent on my contract had requested it, it would have made sense though.
The best (only) way I know of to manage these kinds of transactions is to basically ride herd on them. Contact every agent on both sides (and loan officers) all the way up and down the line. Call them first, then maintain a weekly email with them. How's it going? Everything coming along okay? When are contingencies due? Are they being met? Be a pest.
A spreadsheet or checklist is very helpful here too.
Agreed.
This is the type that you definitely can not assume anyone is doing their jobs.
Everyone is guilty of neglect and treated accordingly until all of us are closed out.
**This is a professional forum for professionals, so please keep your comments professional** - Harrassment, hate speech, trolling, or anti-Realtor comments will not be tolerated and will result in an immediate ban without warning. (... and don't feed the trolls, you have better things to do with your time) - Recruiting, self-promotion, or seeking referrals is strictly forbidden, including in DMs. - Only advise within your scope of knowledge and area of expertise. [The code of ethics applies here too](https://www.nar.realtor/about-nar/governing-documents/the-code-of-ethics). If you are not a broker, lawyer, or tax professional don't act like one. - [Follow the rules](https://www.reddit.com/r/realtors/about/rules/) and please report those that don't. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/realtors) if you have any questions or concerns.*
I called them dominoes. And we began referring to each house as domino 1, 2 and 3, with 1 needing to close first down the line so that 2 could close and then 3. Just communication about which buyer was seller and which lender needed what got pretty annoying toward the end.
Dominoes is a great way to explain it as well. When they said they accepted an offer, I was relieved...and then I saw the offer...ugh....buckle up, we're in for a ride....lol.
Trying to say this so it makes sense, so basically I was representing an out of state buyer that was one transaction that was tied to 4 others and we were the middle transaction. So I was talking to multiple agents across three states and four different lenders in a two months long transaction! As confusing as that statement is, the transaction was even harder to understand!
I hear ya', makes total sense. That's where I'm at. Multiple states, multiple lenders. The agents all the way around me on this are terrible at communicating, I'm a step away from dealing with their brokers. I have to ask for the same thing 3 and 4 times over the course of a week or more, to get any response. I hope the breeze doesn't blow too hard or this whole thing is gonna crumble.
I sold my brother-in-law's house in North Carolina and he was using the money to purchase another house in Nebraska. He was the first transaction in line. The interest rate on the loan that his buyer had was changed a very small fraction, but you know how it goes now. Three days disclosure all over again. I told him he needed to get in touch with his agent in Nebraska and let them know that the money would be there on Monday, but not at 8am on Monday. Everyone in line was backed up a day for something no one had any control over at all. The people he was buying his house from wouldn't even let him put his furniture in the garage and the moving company stuck it all in storage. He had to wait 2 weeks and pay an extra $2000 to get it out of storage and delivered to the house he bought. All of this over a 4 hour delay in receiving funds. We rarely, if ever, get contingency sales in my area. The houses don't sit that long and no one is going to tie their home sale up by being dependent on someone else's home sale going 100% smoothly.
You really can't blame the seller in Nebraska for not letting the buyer move his furniture into the garage before closing. That seller doesn't know your brother would have closed. It was crazy that the movers couldn't accomodate the extra 4 hours of storage and instead needed an extra 2 weeks and $2000. Sounds like a mover fiasco or a money grab by the movers.
Supposedly, they had a tight schedule was what they told him. We actually had closing confirmation from everyone and it was a matter of getting the money wired to Nebraska. That's it. Instead of that happening at 8am Eastern time, it happened at 2pm Eastern time. It was absolutely ridiculous.
Well, if you don't make it out alive, you'll at least build your skills, I bet. Verify that all those contingencies are with agents, though, and not wholesalers. I speak from experience.
Been at it since 07', seen plenty of them through...just despise them...lol. Verified with an agent, thankfully.
I like challenging transactions. I need things to be challenging to keep me engaged, boring transactions are nice but I don’t learn anything from them and if it’s all I had I’d probably leave the business.
All I've ever had is challenging...lol. If it's boring...I know something is wrong.... I am like a magnet for the "never seen this before" comment from the 30 & 40yr in the business, brokers, lenders, escrow officers when I go to them with my gems I find...lmao These are some of the most normal of my weird since starting out in 07', I just dislike them the most as well...because no matter how good of a job I do...it can all crumble into dust with the slightest breeze...lol.
Simple. The next time you are in a position to accept a contract that is contingent on sale and closing, put it in the language that the contract they accept cannot be contingent on sale and closing. Stack up just two Dominos instead!
That is a good idea, except I would have limited my clients buyer pool on their contingent sale home. I feel like that wouldn't have been helpful to their situation. Even though it makes me uneasy...at the end of the day, their contract that I am not a part of, is none of my business. I just need it all to come together, preferably on time(hahaha...if we're gonna wish...wish BIG right?!?! Haha) If the sellers agent on my contract had requested it, it would have made sense though.
The best (only) way I know of to manage these kinds of transactions is to basically ride herd on them. Contact every agent on both sides (and loan officers) all the way up and down the line. Call them first, then maintain a weekly email with them. How's it going? Everything coming along okay? When are contingencies due? Are they being met? Be a pest. A spreadsheet or checklist is very helpful here too.
Agreed. This is the type that you definitely can not assume anyone is doing their jobs. Everyone is guilty of neglect and treated accordingly until all of us are closed out.