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Unilateral Decisions In A Real Estate Transaction Don't Always End Well

This raises some good points. I actually put the date , time and location of settlement in the offer because this is one if the most difficult issues to resolve. Joint Emails  and confirmatory emails go a long distance toward successful closings , too.

Coming to An Agreement On A TransactionsTurn on most real estate shows on TV and you see one side of a real estate transaction.  Buyers head out and see three properties, make an offer on one, ratify a contract and end up at the settlement table.  For sellers it's have the staging crew come in and from a few thousand dollars transform your home and a sold sign goes in the yard.

What's missing from these shows is the rest of what happens to get a home from listing, to contract to sold.  Real estate transactions don't happen in a vacuum. Buyers, sellers and their agents have to stay in sync for everyone to end up at the settlement table.  One unilateral decision by either party can throw a wrench in a transaction.

For weeks both parties have agreed that settlement will occur on a certain day and at a certain time.  Imagine the surprise when a few days before settlement the buyer's agent drops an email to say they've moved settlement from late in the afternoon to early in the morning.  No discussion about the sellers schedule or whether it would be convenient.  When questioned the answer for the change was to accommodate the buyer's desire to have their contractors have a full extra day to get work done prior to move-in.

The unplanned change in settlement time may impact the sellers moving their final belongings out of the house, the cleaning crew hired to make sure the property was in good condition or they might have scheduled other appointments they can't change.

There is little doubt as it gets down to the wire on a transaction emotions and stress take a toll.  Add an unexpected twist to the transaction and you can see the impacted party start to unravel.   Buyers demanding access to the house since they've settled, sellers who can't accommodate the change in plans and of course agents who are trying to come up with a win/win situation.

When it comes to a real estate transaction a unliateral decision is not a meeting of the minds.  Before you decide to make a change during a transaction make sure you've consulted with the other parties to make sure everyone can make it happen.

 

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If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group, Inc a call at 703-346-2213. 

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Comment balloon 1 commentCheryl Ritchie • November 29 2012 11:01PM
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