The escrow that never ended…
That’s exactly what it felt like. And if I felt that way, I knew my buyer felt that 10X.
I really felt bad for him, but I had to keep him focused on the good stuff. The fact that we WILL work through it. The fact that he was getting a deal that allowed him to reach his goals (that’s what it’s all about!), and that we had to work alongside the seller to achieve the common goal…closing!
What initially should have been a 45 day escrow turned into 60….90….120….
It got to the point where the buyer really just felt like backing out, which he had every right to do. But he decided to stick it out.
Almost 180 days later, we finally closed. And something remarkable happened during that time frame.
The market continued to heat up at a remarkable pace, and his ‘good’ deal turned into a GREAT deal. Values increased significantly even in those few months allowing the buyer to literally walk into the purchase with increased equity.
More options became available: refinancing and keeping the property as a rental. Adjusting his rehab work to flip the property. All good things.
What could have been considered a waste of time, turned into a great opportunity, and that buyer is in a much better position today because he stuck it out. He focused on what was already solidified:
1. The purchase price.
2. The interest rate.
3. The fact that he was in escrow on a good property in a sought after area.
He couldn’t control the dozens of other factors that lead to the escrow process being extended, so he didn’t attribute his time or energy to those things.
At the end of the day, he was rewarded with ‘lucky timing’ and flexibility after closing on the property. It was a good deal turned GREAT.