Picture this: It’s Spring 2018.
You’ve put your house up for sale and at the same time, you’re in the market to buy a new home. You find a dream home, your family loves it! But by the time August rolls around (six months later), the person who was going to purchase your home backs out and the closing does not go through.
As a result, you don’t have the funds to purchase that dream home. What would you do if you were put in that situation? How would you feel?
Unfortunately, this is a true story from one of my clients, Natasha. Not all transactions take this long. It all depends on the house that’s for sale. For example, a title search for your home could reveal problems that need to be ironed out before you transfer it to a different owner.
Natasha’s main issue was that her house was being taxed as a 2-family home. However, some time ago, she converted one of the kitchens into a bathroom and used it as a 1-family home.
For a buyer to acquire a loan, the loan is based on how the home is being occupied and according to the Department of Buildings, Natasha did not have proof that it was a 2-family home. Sometimes the Department of Finance and the Department of Buildings have different classifications. This resulted in many trips to the Department of Buildings. Are you with me so far?
Contrary to the character’s reaction in the Poltergeist film, Natasha remained calm and optimistic through the entire process.
Now I could name a plethora of reasons why a home won’t close in the time that you expect but it would take me all day because every case is unique. The first thing that you need to know is:
1. Buying or selling real estate anywhere is not always an easy process
The best way to approach this matter is to have an A-team that you can trust and will act in your best interests. Natasha worked closely with Carol, her realtor, her loan officer, and me. When the closing didn’t go through, we all remained positive and relisted the home. Did Natasha eventually sell her house? That brings me to the second point.
2. It is RARE that a deal doesn’t eventually close
Perhaps it’s because I live in New York and many folks want to move here or it could be that I’m simply blessed with amazing clients. In my experience, it is rare that a deal doesn’t close. As a matter of fact, Natasha relisted her house on November 2018 and sold it the next month. Because she stayed with the same lender, she also purchased and moved into her new home (which she actually liked better than her original dream home!) in December. Things moved a lot faster this time because she had done all the leg work and she did what her A-Team (her realtor, her loan officer, Carol and I) told her to do. She never gave up.
3. You pay us for a reason!
Everybody working together makes it a smooth process. Not to sound rash but that’s what you pay us for! Having a team to guide you—to tell you exactly what steps to take next—will save you a lot of time and turmoil in the long run.
During this journey, Carol (my right hand) became closer to one of the realtors I work with. As we discussed one morning, we both realized the kind of team that we function as. When somebody calls my office, nowadays, you’ll most likely hear her voice first. From the moment that you meet her, whether on the phone or in person, Carol will become emotionally invested in your journey. And that’s why you’ll always be in good hands with our team.
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This information, based on New York law, was provided courtesy of The Law Office of Christopher J. Arrigali, P.C. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel. Please click here for the full disclaimer.