A real estate transaction is never guaranteed until it officially closes. We have all seen the highlight reel blooper of a football player who got so excited about celebrating an inevitable touchdown for his team, he spiked the ball before crossing the goal line, giving possession to the other team.
Similarly, when you’re selling a home, even though you have accepted an offer and the loan has been approved, it’s a little too early to start doing your victory dance and sending out moving announcements.
Why? Because until the sale has closed and the deed is recorded, the proverbial touchdown has not been scored and the game is not over.
Needless to say, these are interesting times in the Central Oregon real estate market. Things are so competitive and unsettled right now, there’s always a possibility of a transaction going awry with no warning and for completely unexpected reasons.
For example, even when an escrow is cruising along and the loan documents are ready to be signed, it’s not unheard of for a buyer to get cold feet and rethink their decision to take on a big mortgage. Sure, it means the buyer will have to jump back into the pool and start the whole process over again. But it might actually lead to a better relationship and possibly a more agreeable sale price.
Today more than ever, real estate transactions in Central Oregon have their ups and downs – as in prices and demand for homes being way up and interest rates are way down. So, the desire and the ability to make one of the largest purchases of a lifetime are always changing. More importantly, human emotions (like fear about employment) are playing a more significant role in the market, which means the unusual and the unexpected are becoming more frequent and almost commonplace.
The bottom line is, even when the closing goal is clearly in sight, you can’t take anything for granted and start celebrating early. The transaction is not complete until you go the whole nine yards and the transfer of deed is recorded.
Some information provided by Christin J. Hunter.