Today a couple of my buyers were supposed to have the closing for their new condo in the South Loop, but they fell prey to the domino effect.
The woman buying their Lincoln Park condo was supposed to close on the sale of her condo last week. An issue arose with her buyer’s financing and her buyer wasn’t able to get a mortgage commitment in time for last week’s closing date.
Thus, the dominos started to fall. Even though my buyers’ buyer had a mortgage commitment, a question arose whether she would be able to close on my buyers’ Lincoln Park condo since her sale hadn’t closed yet. Without the Lincoln Park closing, my buyers couldn’t close on their new condo.
One of my buyers had taken the day off on Friday to pack, but for several hours didn’t know whether she should continue packing or not. After numerous phone calls and faxes between all involved it got worked out around 6 pm on Friday. My buyers will close on their new condo tomorrow instead. The impact could have been much worse. The closing could have been delayed for weeks or completely fallen through if my buyers’ seller didn’t agree to an extension.
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
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Hi! I was surfing and found your blog post… nice! I love your blog.
Cheers! Sandra. R.