Was It Something I Said?
By Anne L. Weintraub [1], Esquire
Anne Weintraub P.A. [2]
Let’s face it: deals die. We all go into the purchase and sale contract of a home with a goal of closing, not just to push paper and let it fall apart. Some deals rightfully die because they should. The cause may be property damage, undisclosed problems, death, divorce, bad inspections, a poor title that cannot be corrected, survey issues that are too expensive to correct, the discovery of an Indian burial ground or eagle’s nest, or simply, the closing date has come and gone and someone has not performed All of these are legitimate reasons for a deal to die. Some home purchases just don’t turn out to be a good deal for either buyer or seller. In that case the deal can and should die if it is in the buyer’s or the seller’s best interests.
Lately, I have seen some deals die when they should not have, and not for the reasons you would imagine. The most common reason is poor communication among the parties. The contract is signed, and then the parties just don’t talk. Deadlines come and go, nobody notices, and suddenly, it is too late. By the time everyone realizes what happened and one of the parties wants the deadline extended, the other party has lost interest.
Other deals die because either party has unrealistic expectations. When a buyer signs up for a short sale, the realtor should prepare the buyer accordingly. This means advising the buyer it can take time, and that there may be possible twists and turns involved. I have seen many deals doomed from the start, often because the buyer must move into the property by a certain date and the sale is not approved, or because the buyer was led to believe that short sale approvals are easy and are always approved within a certain time. In these cases, not only does the deal die, but someone, usually the buyer, goes away angry with the realtor or negotiator because proper expectations and boundaries were not set before the contract was signed.
Finally, deals die because the parties are too emotional or simply irrational. This can happen to the seasoned agent or to the brand-new realtor. Either the buyer makes unrealistic demands or the seller will not listen to the realtor’s direction. The worst case is when the buyers or sellers are out of control, and not even their own realtor or attorney can control them. In these situations, a simple purchase can turn into a war. The likely outcome is no closing and perhaps even litigation. To prevent these scenarios, set boundaries with your customers and do not enable them. People will adopt your attitude. Stay calm, and it is likely the parties will also stay calm. When delivering bad news, have a resolution in place and encourage sensible thinking.
By setting boundaries, explaining procedures, and communicating effectively, a closing worth closing has a much better chance of taking place.
NEXT ARTICLE [3] – PREVIOUS ARTICLE [4]
Anne L. Weintraub [1] is the driving force behind Anne Weintraub, P.A. [2] practicing in Residential Real Estate Closing, Issuance of Title Insurance & Title Services, Refinancing, Contracts & Deeds and Short Sales & Alternatives. Her practice covers Sarasota, Bradenton, Lakewood Ranch, University Parkway, Casey Key, Siesta Key, Bird Key, Longboat Key, Lido Key and Downtown Sarasota.
Anne Weintraub, P.A. is located at 1800 Second Avenue, Suite 882, in Sarasota. You may reach Anne via email at aweintraub@anneweintraub.com [5] or via phone at (941) 685-4300.
[6]