By Living Room Realty, July 22, 2020
This transaction had so many moving pieces!! My past clients, Ryan and Dore (we’ll call them Party A), referred their friends Bill and Jordan (Party B) to me to help them buy a house. A few weeks into our search, the leading edge of the COVID-19 outbreak hit, and they decided to pause. Once we got going again, the market quickly became competitive and there was not much for us to tour. Somewhere in that time Party A and Party B got to talking and it turned out that Party B was interested in a rental that Party A owned. I was quite familiar with the rental because I sold it to Party A a few years back.
Here is where it got tricky…Party A was kinda ready to sell, but they had good tenants (Party C) that they didn’t want to spook or alienate in the mist of a pandemic. And Party C had a new baby at home. So, we wanted to get Party B into the house to see if it was a fit but did not want risk anyone’s health. Party C was considering a move but was not certain of their timeline or intent. Party B had a flexible living situation and could accommodate a 3 month escrow period…but that would not necessarily be feasible from the lender’s stand point (lenders don’t usually do 90 day rate locks).
We had to keep putting one foot in front of the other all the while making sure that we did not unnecessarily expose anyone to the virus. One by one the pieces started to fit together. The house was a fit for Party B. Party A was happy with the negotiated price. Party C decided to move a little earlier than expected so we didn’t have to do a 3 month closing period. The inspections went well, and we were able minimize access to the house. Everything came together and it was a Win-Win-Win for Party A, B & C.
