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The Real Estate Domino Effect

Posted by Cindy Knight on Saturday, June 2nd, 2018 at 12:59pm.

Avoiding the Domino Effect!

Selling your home and buying another is stressful enough, and waiting for someone else to sell first can send you over the deep end. In the real estate business, we refer to this as the domino effect, and you’ll need a bulldog in charge, to help keep your sanity.

Domino Effect

Here's an example of a recent Dominio Effect!

A few weeks back we had a buyer client insist on finding a home before selling because she felt her home would sell fast. However, going shopping before you have the money is not the preferred way of doing things, especially in a fast-paced market, but our team explained the potential risks. Lucky for her she found a home, the seller agreed to wait, and she did sell fast. Even better her buyer didn’t have anything to sell, so she thought.

Since our client had already talked to another agent about listing her home, we were not involved in her sale. The minute she listed her home she secured a full price offer and was told the buyer just needed mortgage approval. The problem was the listing and selling agent didn’t realize her buyer did have something to sell in another city. We now had a messy domino effect with very little information because the agents didn’t ask the appropriate questions going in the sale.

Here’s where the “bulldog” in me comes out because my job is to make sure our client closes and sometimes that means stepping on toes. With a little investigation, I was able to locate the lenders, agents and title companies for both sales and find out their time frames. With this information, our client knew what was happening every step of the way and how the funds would flow with each closing. Leaving her to pack and plan her move. In these, situations everything must flow like clockwork or closings don’t happen on time or don't happen at all.

Over the years, we’ve found too many times, those involved are reactive instead of proactive which causes stress to those moving. As buyers and sellers you have enough to worry about with packing, coordinating movers, and scheduling the move let alone last-minute mishaps.

At Rooms, we’re committed to helping you navigate through the process with a clear and concise roadmap, so you know what’s coming next. Things like our Moving Page and FAQ Guide Section

Cindy


 

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