It Ain't Over Until....

In the opera world, the saying goes ‘It ain’t over until the fat lady sings’ noting the ending isn’t until the buxom lady with a horned helmet, spear and shield sings in her farewell scene bringing the show to the finale.

In Real Estate, ‘it ain’t over’ …  until the sale is recorded with the county.  Although there is a small chance that something could happen to a sale near the end of the transaction, it does occasionally happen.

I recently was involved with a transaction that appeared to be near its completion; However, an assumption was made by the buyers – which proved to cause significant stress before the sale was final. 

The buyers, having heard from their lender that they were fully approved for the loan and were just waiting for the appraisal to fully approve the funding, didn’t realize it was necessary to inform anyone of a recent job loss, since they were confident the buyer would be able to find a comparable position relatively quickly.

In the lender’s final file review and verification, a part of which is verifying employment, they discovered that one buyer was no longer employed!  Since eligibility for the loan was based on dual income, it affected the lenders ability to fund the purchase. 

Fortunately for all involved in this transaction, the buyer was able to secure a new job in short order, and the lender was able to move forward with the loan.  The sellers were very patient and accommodating, and we were able to close and record the sale just a week later than planned.

This turned out to be a successful sale, but for others it may not have been.  Job loss or change, accidents, big purchases on credit, and other circumstances may occur before a sale is recorded at the county. 

I always share with my clients that even though it may only be a 1% chance, there is some small chance things won’t go as planned.  So, proceed with a bit of caution until they receive the final notice from the title company that the sale has recorded.