Featured Transaction With Inexperienced Lender And Notice Of Buyer To Perform

Dated: 04/25/2018

Views: 341

We just sold another property in Cathedral City, represented a seller who purchased this property back in 2011 with us.

When your client (seller) is vacating her property and clearing the house for new owners, you really don't want to hear from a lender saying "sorry for the delay, I am not really experienced". That's what happened to our agent, John Moder.

Modifications to the transaction (the extension of time) can be tricky. In this case, buyers became hesitant to remove all of the contingencies after having lost confidence in their lender. The seller did not want to extend the closing date if buyers didn't remove all of the contingencies. The lifting of contingencies is important because up until they are lifted, the buyers can cancel without any forfeiture of deposit. So, John Moder and one of our other team members Blaire Wagner went the extra mile and contacted the lender directly. They explained to lender what needed to happen, to have a realistic timeline for the file to clear underwriting, loan docs drawn, signed, and funding of the loan to occur.

John Moder Real Estate Agent in Palm Springs

John encouraged the seller to send a Notice Of Buyer To Perform (NBP), and she did. The seller has to wait for 48-hours after sending the NBP (unless otherwise previously agreed to) before they are allowed to cancel the transaction. The trick is that the seller can send the NBP without having the intention to cancel the transaction. It might scare some buyers into canceling the contract to avoid the forfeiture of their deposit money. So you have to know when to send the NBP, you have to know if you have a deal or not.

It’s never easy when a deal gets shaky, but a good set of Real Estate Agents can keep a deal moving forward and get your home sold.

Did our seller has an intention to cancel the contract when she sent the NBP? ... Well, that's a little secret between John and the seller!

Just Sold! 68650 Pasada Rd, Cathedral City, CA 92234

  • 3BR/3BA, 1927 SqFt, 3 car garage

  • Sold price: $345,000 (seller paid $190,000 in 2011, Represented by John)

If you need a Realtor who is  a skilled negotiator, look no further. Please contact John Moder (Direct: 760-409-1491), he will be your advocate and negotiate the terms you need in order to buy or sell your home.

How to sell you home in Cathedral City

How to sell you home in Cathedral City

Written by Team Michael

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John Moder

John has been living in the desert since 2000 and is a native Californian. His clients include both buyers and sellers and he takes great pride in the many referrals that he has received due to his ex....

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