There is a reason there is a sign in the yard when a house is for sale. Often times people who are looking to purchase will call the number on the sign to schedule a showing. That was the case with Dave and Lianne. I had a cute little bungalow for sale last spring. It was small, and quaint and perfect for an investor or a young couple. Dave called the number on the sign in the yard; my number.
We met at the house so he could take a look. Dave and Lianne were looking for an investment property. They lived in the area and wanted something close by. It would be perfect. He liked the house, but the timing wasn’t quite right. I stayed in touch.
Fast forward 6 months and I received a call from Lianne. Their parameters had changed. They were now looking for a small house for Dave’s mom. She wanted to downsize and be closer to her family. We scheduled some appointments, looked at several, but couldn’t find the right one. I kept looking.
A few weeks later, Dave called and he had found a house just down the street from his house that he and Lianne wanted to purchase for his mom. Perfect! It was being sold by the owners (no Realtor involved on the seller’s side). We completed the offer to purchase contract, contingent on an inspection and financing, both very common contingencies. We scheduled the inspection, found a few minor issues that the sellers agreed to address. Next up, financing.
The financing was moving along swimmingly. We received a loan commitment letter from the lender just a few days before the contingency was due. Part of the parameters of the loan commitment was to escrow funds to have the garage foundation repaired, per the inspection report. RED FLAG! By signing the commitment letter, Lianne and Dave would be responsible for the entire cost of the foundation repair. Who knew what that would cost? The devil is always in the details!
I got out my list of contacts and called in a structural engineer to review the foundation issue. His verdict: the garage foundation was not sound and needed to be repaired. Cost: $1500. After some negotiation, the sellers and Dave and Lianne agreed to split the cost of the repair. The repair was completed prior to the closing, so the escrow funding was not necessary. On to closing!
The closing went smoothly. Both parties were happy. Dave and Lianne were grateful that I caught the loan commitment escrow issue and saved them some money. Even the sellers were happy, even though it cost them a little more money in the end. In fact, at the closing, the sellers said if they ever moved back to Madison they would call me for help. Excellent!
Perhaps you know someone looking to buy or sell a home that needs someone who pays attention to the details. Have them give me a call at (608) 333-4406. I’d be happy to help!