The Zeal Of The Deal in Real Estate

"The Zeal Of The Deal in Real Estate"

Buying or selling can be exhilarating, we call it “The Zeal Of The Deal in Real Estate”.

Certainly, most residential transactions contain emotion in copious quantities. It is important that "The Zeal Of The Deal in Real Estate" not impact the participants in a negative manner. Who are the participants? ... The Buyers, Sellers and Agents. If emotion clouds reason bad things can happen.

The agent should always protect the customer/client regardless of how fast or slow things are moving. The Agent shouldn’t get emotionally involved in the transaction and is there to guide everyone to a smooth “landing”, close of escrow. Unfortunately, sometimes they get excited about selling something and caution is thrown to the wind.

True story we saw happen recently … Sellers and Agents ... hoping against hope ... for eight months that an escrow will close even though the “Buyer” never even put up an Earnest Money Deposit, no less prove ability to fund. Everyone involved in the transaction was so afraid to press the “Buyer” to perform in their zeal for the million dollar deal. The "Buyer”, and we use the term loosely, refused to perform the minimum contractual requirement! Handwriting on the wall … It all ended up being all for naught. Of course … It didn’t close.

Sometimes the “Zeal” in a deal is to Kill It! This can result in a party wanting out so bad that mistakes are made during the rescission process. Whether the Agent or Buyer is the driving force, pressure to effect the cancellation can result in the unnecessary forfeiture of the Earnest Money Deposit. Take the time to explore the options and minimize risk before you take action. Understand the consequences of your action. Sometimes just the language you use will be the difference between keeping or losing thousands of dollars. Pay attention!

It isn’t always speed that causes mistakes in judgment or practice. We once had a building over 100,000 square feet with a sales price over $3 million close in five days. Things can happen quickly, and often that is the best way to get a great price, but they must happen correctly. Don’t “assume” … you know the definition of that … things will work out right. If there is work to be done after the close of escrow make sure there is someone responsible for performance and that there are consequences for non-performance. Often in the excitement to close, things are promised and/or overlooked, but when things calm down after the close their relative importance can be different for the promise maker and the the new home buyer who is counting on that promise!

Our Advice: Zeal can be good – things get done, but don’t get overzealous to the point of compromising your wants, needs or integrity. All the paperwork must be in order, signed correctly, and in a timely manner. Keep your cool and work through the process. Every transaction has a “punch list” that should be completed for that type of transaction, i.e.- inspections, estimates, survey, etc. If you miss a step understand why you are doing so, what the consequences are, and make an informed decision on moving forward, pausing, or otherwise. Each situation is unique and its circumstances will dictate the course of action required for you to achieve your objective. No matter how bad you want to close a sale, it must be right for you and yours, very little can justify compromising or risking your peace and prosperity. Stay focused and make sure the right thing happens when it should and your zeal will be justly rewarded.

Be enthusiastic, but don’t let anybody’s “Zeal For Their Deal” blind you. You may be paying an exorbitant price for a long time if you do. The price can be financial, emotional or legal, but not what you bargained for.

"The Zeal Of The Deal in Real Estate"

When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com

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When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com

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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County, Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com