Thursday, April 13, 2006

When deals go bad

Recently, I represented clients of mine in what appeared to be a simple condo purchase. We looked for a couple months and found a great place that met their needs. I helped them present a strong offer, providing suggestions that would increse their chance of an accepted contract.

Oh, by the way, it was a multiple offer situation too.

My clients did present a strong offer and their contract was accepted. But of course, this is not the end of the story. Turns out a few things came up in the home inspection I arranged. More so, the condo association had scheduled major work to the building that would directly affect my clients potential unit. We caught many unknowns in the attorney review period.

When these issues arise, what do you do? Does it instantly mean the deal is over? Can you change the offer price? Can you get out of the deal if you do not like the terms?

Did the deal happen? If yes, why? If no, how come? What did our attorney and myself suggest to my clients?

Call me or email me sometime and you might be surprised by the answers.

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