It never ceases to amaze me during every escrow to realize how many people are truly involved in each and every real estate transaction.
With so many people “working” a deal, it can be tough to keep faith that everyone will remain on the same communication wavelength. However, there are two people who should work hard to remain on the same page … both the listing and selling agent. Their communication is important to keep everyone else on the same set of tracks.
It’s easy to get confused and overwhelmed during a transaction with so many people running like mad and trying to satisfy their own set of “check-lists” to keep their part of the transaction clean and on time. The two agents communicating constantly does not mean that they have to breach their fiduciary obligation to buyer or seller to protect their best interests but acting in good faith is important and unless one is prepared to cancel a transaction … communication that allows everyone to continue moving forward is extremely important.
Often times, I’ll find myself in the middle of a transaction with the agent opposite me seemingly working against our deal. On a 45 day escrow, I may spend 42 of them feeling like we are still negotiating just to get into escrow. When does it stop? I certainly understand our separate responsibilities to represent our own client but unless we are negotiating a request for repairs … can we just work towards the close?
It is so common to spend a transaction feeling like you’re participating in a marathon “measuring contest” that just keeps everyone on edge. Let me be clear, there are reasons that deals cancel … there are definitely some that are not destined to work out … a Seller is not necessarily obligated to cooperate with a buyer that wants to keep extending escrow or abusing the timeframes agreed to in the purchase agreement. HOWEVER … it’s yes … it’s a BIG “HOWEVER” … once we are in escrow (for the most part) … the negotiating is done. Let’s work together to close. Let’s keep an open dialogue so we can stay on the same page.
It’s funny how secretive an agent can become for their client when they are going to miss a deadline … but I’ve found that even in the hardest of circumstances … the other side is more likely to wade through the s**t with you if you just let them know what you are up against. Part of it is operating in good faith and the other part is realizing that once we are in escrow … the goal should focus on closing the contract that everyone accepted. I know you may be the agent on the “other side” … but that doesn’t mean we can’t work together and still appropriately represent our own respective clients.
Happy selling everyone!
Blue Skies,
James Hoff
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