First things first, congratulations to the Baluyut Family of Phoenix on their new home! All of our clients are some of the most deserving people. They are in fact a True testament of how patience prevails, and that trials and tribulations are always sent to us for a reason! We had a long, stressful, and at times rough Journey. But just like they say, you’re always an inch away before you strike gold, never give up.
It all started the the day of closing on their first home. After 1 day on the market and multiple offers, we were able to wheel and deal and get a great home under contract in the great subdivision of Garden Lakes, Avondale. We were out bid at least 3 times in the past. So with this property, we pulled out all the stops to make sure our offer was the best and most appealing to the seller. Wham, Bam, Thank you Ma’am, our offer was accepted.
We opened up Escrow within the first 48 hours, got through the inspection period with a breeze. Appraisal came back at value, and our Amazing loan officer Tyler Arnaiz of iMortgage pushed our file through like a Wizard. We had the clear to close and Docs at the Escrow company in less that 30 days. We were so EXCITED! Buying your first home is a big deal! We got a mobile notary to meet us at the vacant property to sign the documents. We took pictures of them signing the first few pages, its not everyday you sign a 30 year loan.
After all was said and done, the mobile notary sent the loan documents back to the Escrow company, then the Escrow company sent the documents to the Loan Institution. In Return, the Loan Institution, (iMortgage) sent the wire for the loan to the Escrow company. Seems like the standard procedure for closing right? All we needed now was for the deed to record with the county of Maricopa so keys and possession could be released to the buyers…
…That unfortunately, was never going to happen.
The seller on the property had still not signed the closing documents and settlement statement. The reason initially was an medical emergency. Of course, we are all concerned for the seller and gave him all the time he needed. Days past, and still no signature from the seller. Upon confirming with the seller’s agent, I knew the worst thing was about to happen.THE SELLER REFUSED TO SIGN THE DOCUMENTS conveying title to the buyer. Our initial thought was the medical emergency make him incapable, however that was not the case. The real reason was their were liens on the property that the seller refused to pay with the proceeds of the sale.
Hold up, wait a minute. The Arizona Residential Real Estate purchase contract is a binding legal document. No party can just change their mind last minute without consequences right? If the buyer changed their mind last minute, the earnest money would be deemed non-refundable and awarded to the seller. If the seller changes their mind, what happens? Absolutely nothing, unless legal council is retained and legal action is enforced.
After long conversations with the buyer, the stress we all endured was mutual. The costs of Demand Letters, Mediation and Possible Litigation of their side for Specific Performance and on my side for the commission (Stay Tuned for a whole other blog on Producing a Ready Willing and Able Buyer) was overwhelming. We were both pedaling our wheels full speed and nothing was happening. After about two weeks of them weighing options, The Baluyut’s decided to put the garbage of injustice behind them and move on. After all, they already had everything packed and ready to go. The Baluyut’s had our full support. We needed a place and we needed a place fast.
We went back to square one. We hit the pavement and looked at more homes. Luckily their earnest money was returned,however costs for home the inspection and appraisal would have to be consumed by the buying process once again. We spent weeks looking for another home… And overtime we found one, we were out bid once more.
Phoenix’s West Valley is a hot spot. Inventory is low, demand is high, and prices are on the rise. It might be in direct correlation with the rent index, but who knows. All we knew is we were all exhausted, and emotionally drained from the whole ordeal. No matter how frustrating it got at times, we always told them not to give up. Just like thatmeme you see on the internet of that man digging for gold, you always want to give up and throw in the towel when you are on the brink of treasure.
Then out of no where, the perfect home comes on the market. We make sure to see it day one on the market. While viewing the property, the Baluyut’s had smiles on their faces and were beaming with happiness. Then they ask me if this was the gold I was talking about. 🙂
As soon as we lock up the property, there were people outside waiting to see it. The offer needed to be submitted right away so I sat in my car, and typed up the offer while still parked in front of the home. In the 30 or so minutes it took me to execute the offer and send it in to the seller, there were at least 3 other showings in that small time frame. Another multiple offer situation. We told the seller our story, and pulled out all the stops once more to be the best offer the seller would receive. Low and behold, they accepted our offer and the Baluyut’s received keys 30 days later.
Thank you to Dennis, Kathleen and baby Kian for having patience with the entire process and our Team. This doesn’t happen often, but everything does happen for a reason. The home in Garden Lakes was never meant to be, and that might have been the Universe’s way of saying there was something better out there for their family. Thank you also the #tylerthecreatorofmortgages, Tyler Arnaiz of iMortgage for being a great loan officer and hanging in there with us twice. 😉 Also our gratitude to VOS Holdings LLP for showing these first time home buyers that the seller is not always the bad guy, and to Chris Kirkpatrick for being a great and communicative Listing Agent.