Dee and her Merry Band of Felons are looking to buy and sell as soon as possible. The Felon in question lives in North Phoenix, but needs to be closer to Dee and the rest of her gang. So, as soon as she finds a place for this guy, they will then sell where he lives now. Which is great for me, but not so much for them because--in case I forgot to mention this--there are very few homes for sale.
Anyway, this morning Dee found THE PERFECT HOME and wanted to jump on it. This 85 year old, 900 square foot, three bedroom, one bath home on Buckeye and 19th Avenue already had three offers on it after six hours on the market. But what the heck! Let's make it four!
The only major tid-bit holding back the enthusiasm came from some covertly worded phrase found in the super-secret realtor remarks. "Buyer must be flexible about the closing date because the seller needs to find somewhere else to live."
I'm not even sure what that means to be honest. Does the seller need six months to scrape together a down payment? Is escrow supposed to be open indefinitely until the seller gets around to packing up? What if the buyer's interest lock expires and rates go up? And trust me, they can't go much lower. What if--and I don't foresee this from what I'm reading, but never say never--there is another housing crash in the middle of this indefinite escrow and the house doesn't hold its value? What if the seller decides they don't have to keep up the maintenance? What if the buyer or seller lose their jobs over the next few months while we are waiting to close?
Contracts have dates for reasons. If I were to have structured the deal, I would have let the seller rent back the property for an additional thirty days after escrow at market-rent. That might have been a reasonable solution. Dee however was realizing that this might be the kind of crazy she didn't need and stepped away. She subscribes to my reasoning that the deal of the decade comes along once a week. It is nice to have clients like that.
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