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The Death of a Contract

By
Managing Real Estate Broker with Brooklyn/Manhattan Real Estate

Luke Constantino | Remax@ The Slope | December 10, 2009

As we know in this business, we are dealing with people's lives. We try to make sure our sellers and buyers are satisfied at closing, but in this tough economic time, satisfaction is very hard to come by. If I am dealing with a short sale I don't even look at the seller, I just stay as professional as possible, run through my questions, have my documents signed as quickly as possible and go.

I have a seller with a beautiful, energy efficient home that wasn't satisfied with the highest bid I got them. We were just about to go into contract $20,000 dollars below asking price. I took on a few other buyers for a possible back up offer, just in case the people who we were about to go into contact backed out. There was a couple I showed the house to that wanted this house so bad they were willing to pay $5,000 dollars under asking.

I presented the offer to the owners and they were extremely happy. I reminded them they were in the process of going into contract with someone already. I advised them on their options and what the repercussions could be. They opted on killing the potential contract. I cannot begin to tell you what kind of problems this caused with the buyers that were dumped.

I love my job, it's very rewarding and at times, I'm very proud of the deals I have brought together, but this wasn't one of those times. I accomplished what I set out to do, get the highest price possible for my client, but in the process, hurt some very good people. At times like these, you do have to look at yourself, stay professional and separate emotion from business.

This is easier said than done.

Posted by

Luke Constantino
Realtor
Commercial/Residential
Remax At The Slope
261 4th Avenue Brooklyn, NY 11215
Office: (718) 532-2000
Direct: (212) 300-3919
lukeconstantino@gmail.com

 

Pat Fenn
Marketing Specialist for CJ Realty Group/Cindy Jones Broker - Springfield, VA

If the owners still had the right to pass on the first contract legally then as hard as it might be it was the right thing for you to protect them. 

Dec 10, 2009 01:59 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Luke - its true ... easier said than done. At the end of the day ... for most sellers ... it is about the bottom line. Some don't care one bit about the buyers. Some sellers will actually take less ... a lower offer than the highest ... just because they like the buyers and want them to have the house.  I have seen it both ways... only one way feels good. Keeping professional and focused on the business ... not the emotions ... is the only way to manage through these transactions.

Dec 10, 2009 01:59 AM
Barbara Le Pine
ADVANTAGE REAL ESTATE, serving Lincoln County - Newport, OR
Your agent for the Central Oregon Coast!

Luke,

This is indeed the toughest part of this business, it is indeed easier said than done!

Dec 10, 2009 02:02 AM