Money In The Bank
Issue 51 - September 24th, 2021
Real estate deals are never done until the money is in the bank. “Pending” swingers on real estate signs in yards give me anxiety, and I personally never used these in my time as an agent. Call me crazy, but I think they are bad luck. I would only throw a SOLD rider on the property once the money was in the bank and everyone could breathe easy.
Real estate transactions involve over 20+ humans from end to end and things derail all the time even when offers are executed, earnest money is in escrow, and you have a closing time set on the calendar. I have seen so many deals unravel hours before closing or at the closing table, and I have learned my lesson that “nothing is done until the money is in the bank”. Agents and home sellers who start planning their future once their property goes into contract can be severely upset when a deal goes south. Seasoned agents all have horror stories of deals blowing up out of nowhere, and I just always remind agents and friends of mine that are selling/buying homes that nothing is done until the money changes hands. It is a simple mantra but something that I like to share with anyone and everyone who will listen.
“Nothing is ever a done deal until the money is in the bank!”
Newsworthy Links To Share
Austin,TX based Seller Shield announces $15 million Series A funding round. They have developed a digital platform for real estate disclosure forms that reduces the likelihood of lawsuits for sellers, agents, and brokers, and provides legal protection for home sellers when a lawsuit occurs. (PR Newswire)
A micro home rental community is popping up in Austin and is already 70% leased. Casata’s micro homes range in size from 400 to 758 square feet. Micro homes are typically used as accessory dwelling units, or ADUs, sitting in backyards or in-filling empty space on large lots. Casata, on the other hand, plans to create whole communities. Visit their website here.
Inflation in construction supplies is contributing to higher and higher housing costs in already high cost of living cities all around our country. The problem does not seem to be ending anytime soon. (AP News)
The Justice Department is investigating home sale commissions, and in a wide-ranging executive order President Biden asked the Federal Trade Commission to adopt rules to address unfair or exclusionary practices in the real-estate industry. (WSJ)
San Francisco is building “tiny cabin” villages to house their homeless population while waiting for more permanent solutions to open up. (SF Chronicle)
Compass adds another title company acquisition to its list this week with Denver-based First Alliance Title after acquiring Dallas based LegacyTexas Title last week. (Inman)
Awning, a San Francisco-based real estate investing website, raised $9.3 million. Awning helps you grow your net worth through high-yield rental homes, no matter how busy you are or where you live. (Awning.com)
PROPERTY HIGHLIGHT: 100 acre mountain ranch outside of Telluride,CO. Set atop a rolling meadow ringed by snow-capped peaks & pristine forests, this home offers one of the most dramatic settings in an area already known for its rarefied beauty. A sloping drive opens to a sophisticated mountain home designed by renowned architect, Jim Hardy & built by top-flight builder, Overly Construction. Walls of glass, frame views of the stunning mountains, while generous outdoor areas bask in all-day sunshine and cool mountain breezes. Native stone, plaster and tempered steel define warm and welcoming living spaces, while a substantial wood-burning fireplace encircled by custom leather couches sits at the heart of a home created to relax and revel in these storied mountains. Accessed by a well-maintained county road, this small gated enclave is the ultimate getaway. (Zillow)