This week on the REAL Collective podcast Sean and Kyle are discussing when closing day takes a turn and some real stories of unexpected delays.

They kick off the episode by exploring the different types of real estate closing delays, starting with those caused by banks. They share a story of a bank-related delay, diving into the complexities behind it. The conversation then shifts to a deal held up by promissory notes and a predatory lending situation, highlighting the potential pitfalls. They discuss how delays can create a domino effect, impacting multiple parties in a transaction. The hosts also cover a case where a buyer delayed closing to shop for better interest rates—a strategy that can backfire due to unexpected costs, emphasizing the importance of doing the math. They recount a story about a three-month closing, weighing the pros and cons of relisting the home versus waiting it out. To wrap up, they provide a brief update on the impact of recent interest rate drop.

Don't miss out on another extremely valuable episode of the REAL Collective Podcast. Keep it REAL Collective!

Get your Magic Mind here: https://www.magicmind.com/RCP20 You get 20% for one time purchase and up to 48% off for subscriptions with our code: RCP20

To get in touch with Kirk Law Office, visit: https://kirklawoffice.ca/

To access our Complimentary Resources (SOLD Price Search, Seller Guide, Buyer Guide & Home Evaluation) visit: https://realcollective.ca/exclusive-resources/

Book a chat with Sean or Kyle today!

Sean: https://calendly.com/seanrealcollective

Kyle: https://calendly.com/kmmortgage/phone-connect

You can also follow us here:

Instagram: https://www.instagram.com/real.collective.inc

Facebook: https://www.facebook.com/realcollective.ca

TikTok: https://www.tiktok.com/@realcollective

LinkedIn: https://www.linkedin.com/company/real-collective-inc

Website: https://www.realcollective.ca

Kyle Miller on Instagram: https://www.instagram.com/kylemillerottawa

Kyle Miller on Facebook: https://www.facebook.com/Kylemillermortgages

Intro (0:00)

Delayed closings (3:30)

Banks delaying to the last moment (4:22)

Another closing delay where there was a second mortgage (7:06)

There’s an inherent risk with real estate (10:22)

Predatory lending (12:26)

How the dominoes can fall (13:20)

A circle of 12 first refusals (14:33)

Shout out to Kirk Law Office (16:55)

Second half (17:09)

Another delayed closing story due to rate shopping (17:50)

Classic case of not doing the numbers (20:00)

Never go on vacation when you are closing (24:18)

3-month delay on a close (25:35)

Trash the deal and relist or delay closing? (27:15)

The impact of the interest rate drop (28:06)

Why variable or adjustable is the best choice if you are rate driven (31:22)

Outro (33:00)