I was working with a referral client who was already approved. Initial contact went well, so I put him on a property search and scheduled a weekend for us to look at available properties. I started with nine properties. We visited two that he liked, and made an offer on one. After we negotiated a little on price, the offer was accepted. How exiting! I have my client in escrow!
The inspection was next and that came back clean. The only thing needed was some caulking in the master bath and the furnace filters needed cleaning. Life was great!
I sent the client the CC&Rs, which after reading he called to tell me he had been up all night worrying about the property. The community is restricted to 20% rentals. The home was going to be my client’s retirement property, but needed to be rented for a couple of years before he was ready to retire. I called the HOA to check the percentage of homes currently rented, and the news I got was heartbreaking.
The community has a total of 292 single family homes in the Northwest area of our valley. The HOA representative shared with me that they are at the 20% limit with 15 additional home owners wanting to rent on a waiting list. After talking to my client, he decided to cancel escrow. We now need to start over and he needs to schedule time away from his job in California to come back to Vegas to start looking again.
This experience just proves that a deal is never “perfect” until it closes and our client is happy!