After two and a half long months of daily anxious calls, texts, and emails, something happened yesterday which my long-time client had assumed was a given the day she signed the contract for the sale of her house: she closed.
In the 28 years I’ve been selling real estate, I’ve seen it all, and anything can happen prior to closing: buyers lose their jobs; acts of God may cause damage to the property; and people change their minds (and, in that case, forfeit their earnest money). I remember one instance when the buyer failed to get a mortgage during the mortgage contingency period because that buyer, uh, well, died.
Once I have successfully negotiated the terms of a deal for you, it’s tempting for my sellers to break out the champagne, dance a hora, start packing, and fill out the deposit slip to their bank account. I get it because I share that excitement with you. At that point, we have successfully marketed your home and found a buyer who loves it and wants to buy it.
But as an attorney who once (long long ago in an office way up in the sky) practiced commercial real estate law, I’m here to let you know that coming to terms on a deal is a fantastic first step - and only that. The agreement needs to be signed by all parties (verbal agreements are not enforceable - and some lowlifes do renege); initial contingencies need to be satisfied and/or waived (inspections conducted and negotiated, attorney riders signed); earnest monies deposited; and mortgages (if there is one) given a “clear to close”.
Although my group and I work hard to minimize the uncertainties and to hold your hand through this process, no deal is truly solid until there are no remaining contingencies and the deal is set to close. Sometimes things happen. So hold off the celebrations and wait to firm up next steps until we get to the finish line. Only then can we bring out the Mogen David and toast to your next chapter.
Best,
Brad
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Chill out at Montrose Beach ...
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As you may have heard, Monty and Rose, the famed pair of endangered piping plovers who have made Montrose Beach their summer home for the past few years, have left Chicago and headed to Texas (Monty) and Florida (Rose), leaving their young offspring to continue enjoying the lakefront and decide for themselves where they'd like to spend the winter.
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... or North Pond in Lincoln Park.
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In 1999, North Pond was rehabilitated by the Chicago Park District and the Lincoln Park Conservancy, and renamed the North Pond Nature Sanctuary. What was once a landscape filled with Kentucky blue grass and lilac bushes soon became a thriving, natural ecosystem built around a diverse palette of native plants that provide food, shelter, and breeding habitat to local and migrating wildlife. Today, over 150 plant species attract 220+ bird species and numerous small mammals, reptiles, insects, and amphibians.
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6 Bed | 4.1 Bath Lakeview
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5 Bed | 4.2 Bath Lakeview
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500 W. Superior St, #2405
3 Bed | 3.1 Bath River North
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3 Bed | 2.1 Bath Bucktown
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132 E. Delaware Pl, #4801
3 Bed | 3 Bath Michigan Avenue
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400 E. Randolph St, #1403
2 Bed | 2 Bath New East Side
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Offered at $995,000
Open House Sunday, 1:30 - 3:00
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4707 N. Magnolia Ave, #3N
3 Bed | 2 Bath Sheridan Park
Offered at $549,000
Open House Sunday, 1:30 - 3:00
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4 Bed | 3.1 Bath Gold Coast
Beautifully renovated greystone on fabled tree-lined street.
To be offered at $2,585,000
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4 Bed | 3.1 Bath Lincoln Park
Ultra-cool modern sensation behind vintage façade.
To be offered at $2,350,000
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4 Bed | 4.1 Bath Lincoln Park
Perfect single family house on perfect Lincoln Park block.
To be offered at $2,395,000
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4 Bed | 2.2 Bath Ravenswood
Enchanting vintage home on oversized lot.
To be offered at $1,595,000
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Modern. Vintage. Architectural. Cool.
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And everything in between.
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© Compass 2021 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass Real Estate is a Licensed Real Estate Broker with a principal office in New York, NY and abides by all applicable equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
marketingcenter-midwest-chicago |
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