Last week this Valley Glen flip closed. Kris showed these first-time buyers numerous homes before they were prequalified. They fell in love with this Valley Glen flip but couldn’t meet the offer deadline without a prequalification. Sadly, they missed out and looked at half a dozen more homes, even some in Santa Clarita. They couldn’t find a home to compare to the one they missed out on. Then the flip fell out of escrow but because the buyer was self-employed, he did not have his paperwork completed for the loan and missed out again.
They looked at more homes while continuing with the prequalification process. Then the Valley Glen home fell out of escrow for a second time, again due to inspection issues. As is often the case with flips, much of the rehab is sloppily done. They were finally prequalified and in a position to make an offer on the home of their dreams. We reviewed the first two inspections and hired our own inspector. Counting our inspection, there were three inspections on this home. The buyer was able to secure a credit for repairs.
Most Realtors won’t show buyers homes before they are prequalified as it is really a waste of everyone’s time, but this client was special. I have known him since he was nine years old. We explained to him that if he found a home he loved he would not be in a position to make an offer. And that’s exactly what happened. In this instance, the buyer was very fortunate that the home of his dreams fell out of escrow twice and the second time just when he had his loan ducks in a row.
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How traumatic to find your dream home and miss out over paperwork. This guy really lucked out. I hope the home lived up to his expectations in the end.