There are over 88 complications that can occur in a real estate transaction and, about two years ago, my partner, Scott, and I uncovered the 89th complication. We were working with a first-time home buyer who, rightfully so, thought she was under contract on a home. We were told by the other agent that we had a contract and were even sent a copy of the signed contract and the seller's attorney information. When we received the contract and noticed only one seller's signature, we asked the listing agent for documentation that the person who signed the contract was authorized to do so. We knew the seller consisted of partners in a LLC and were surprised to see that there was only one signature on the contract. Several days after requesting documentation, we found out why it was so hard to get a copy of the documentation - neither partner was aware that the other one had signed a different contract!
The listing agent said the seller was considering going with the other offer, because that buyer, an investor, was threatening to sue the seller. We informed the other agent that if the contract required both sellers to sign, then neither contract was valid and the seller should go with our buyer since, we had been informed, our contract was better. The partners, out of fear, decided to go with the other contract and our buyer had already paid the VHDA fee to lock-in her rate. What do you do under such circumstances? Do you just give up and shrug it off as being bad luck or not your time to buy? Have you ever pursued a goal and had everything line up perfectly? More than likely, you experienced some bumps along the way, but it doesn't mean it's the end of the world. Complications can occur and those complications can be perceived as setbacks or opportunities for something even better - it's your choice! When we relayed everything to the buyer, we informed her that, despite this shocking blow, it was really an opportunity for something even better and she chose to believe it. One week later, we wrote an offer on a home she liked far better than the other one and it was in like-new condition. The one thing we've learned in real estate is that we don't know everything. Laws change, loan guidelines change, personalities vary, and every transaction is different, so, as real estate agents, we must always be open to learning and expanding ourselves.