Do not give up if your offer is turned down and another person’s offer is accepted. In today’s real estate market, there are so many variables that can unravel the completion of a sale. If this is the property of your dreams, don’t despair. You can tell your realtor to keep your offer as a backup offer. By doing so, you may still become the happy owner!
Some factors that end deals are financing availability, contract conditions, and lawyers. Although there is a lot of hype about low interest loans, these loans are still governed by stringent bank and government requirements. It is a big step from a letter of qualification to a commitment letter and mortgage funding.
The Purchase and Sale Agreement by definition is an agreement between the parties to certain terms of the sale. One common element is the mortgage contingency clause. It is not unusual for a buyer to have difficulty in meeting the time constraints on this clause. A failure at this stage could result in the nullification of the deal.
Many times the terms that are drawn up in the P&S agreement become sticking points between the parties or between the parties’ lawyers. Inspections and Title 5 certificates also come into play. Many sales terminate at this stage as well.
As you can see, in sports and in real estate negotiation, it isn’t over until it’s over! Being in a backup position can be a very advantageous and rewarding place to be.
By Carolyn Pantazelos, Realtor, MDM Realty Inc.
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A Little Real Estate Etiquette!
Today I received a poem in my email from a customer that said in short: “Thank you for your time.” I was filled with appreciation at the little sentiment that truly made my day. As realtors, we are often called last minute by people wanting to us to re-arrange our schedules to show them a listing they are dying to see and have no other available time other than that exact hour! Sometimes we make the arrangement to rush over there just for them to let us know they are late, or they have a buyer’s agent (even though we asked if they were working with anyone), or they just plain don’t like the house. Yes, this is unfortunate and even as a 20-year veteran, I try to be sure I get this all straight up front, it still happens from time to time. I guess that is just part of this business, the unfortunate part. If you are buying, or looking at houses and don’t want to be faithful to one agent, you are not obliged to. However, a few simple suggestions should be helpful:
- If you are already working with a buyer’s agent and he or she is unavailable, you should not take it upon yourself to schedule an appointment and fib to the listing agent that you do not have a buyer’s agent. In some cases a listing will disclose that a buyer’s agent MUST be present on the first showing in order to receive compensation. Besides that, he or she should be doing his or her job and you should NOT expect anyone else to do it for them. If you end up liking the house you may be paying his or her commission!
- Do not expect agents (or anyone for that matter) to be available at the drop of a hat. We are not all sitting around with nothing to do. We have families too and other obligations that are scheduled and we cannot always accommodate a showing on 1 hours notice. Neither can a Seller.
- I often times see people calling every listing agent in town because they do not want to commit to one buyers agent. I have asked many of these people why they feel that this is a good idea. Most of them think that if they buy direct from the listing agent that will get a better deal because the commission structure will change. This is simply untrue. In some instances a seller may have negotiated a lesser rate if sold by one agent but in most cases the contract is for a specific % regardless of one agent or two. You will be better served if you have representation and the seller is paying the fee so why not take advantage of that.
- Last but not least if you call an agent and schedule an appointment, be on time. Showing up half an hour late is not only rude but perhaps the sellers were planning on coming home and have other obligations as well. If you end up not liking the house and move on to something and someone else it is ok to do so, but when that agent that you called and asked to do something for you calls you back to ask for feedback the least you can do is let them know you are not interested but that you appreciate their time!
This is dedicated to all my fellow Realtors out there!
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