Yesterday a buyer’s home purchase finally closed – a week late. The huge delay was entirely due to the seller, a corporation, not being ready to close. Other buyers I’m currently working with had to wait 3 days for the seller, another corporation, to sign their contract. Just this morning, another Realtor in my office bemoaned the fact that a listing one of his clients is interested in is corporate-owned.
You would think that buying a home from a corporation would proceed in a timely, business-like manner. In my experience, couples and individuals are far more responsive when selling their homes.
I think the difference is primarily due to individual homeowners having far more to gain if a sale is successful, than corporate employees who don’t personally benefit from a sale. For the corporate employee signing a contract, providing the deed or making sure that the water bill is paid before the closing are just tasks among the many others on their desks. They have no empathy for home buyers who have lined-up movers and have their lives sealed in cardboard boxes.
If you buy a corporate-owned home, be prepared for the process to take longer.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
