Time is of the Essence...It's Not Just an Expression....

By
Real Estate Agent with Keller Williams 414-525-0563 57026-90 Broker
http://actvra.in/559D

   "Time is of the essence"...it's more than just an expression...a wish...a casual remark...it IS the way it IS...and it applies to every part of a real estate transaction.  When you Timelinesign a contract....Listing or Purchasing...there are different things that you agree to do within specific timelines.  It may be the response to an offer or an amendment. In Wisconsin if you are choosing not to accept either of the aforementioned documents and wish to change it through a counter offer...the timeline is discarded and you respond on your own timeline. 

   If you have an accepted offer, there are timelines for doing inspections and depositing earnest money ....You as the Buyer(s) set those timelines and the Seller(s) have agreed to them..your obligation is to honor those dates and times.Calendar Pages IF for some legitimate reason, the timeline cannot be honored...all parties...Buyers and Sellers have to agree to amend the the timeline to a new date that works for everyone. 

  If you are the Seller(s) in  a short sale there are more deadlines for the production of documents of various kinds...or updated documents....the Lender is forgiving ...or considering forgiving a part of the debt you owe and they call all the Upside down houseshots as to what is due when or reserve the right to close the file. The minute you stopped paying the mortgage, the right to decide anything is gone. 

    Your very conscientious and professional agent on whatever side of the transaction will remind you what is due when and where throughout the transaction.  Honor those dates...you agreed to them...you had the other party agree to them....and wheels are in motion to close the transaction.

       Time really IS of the essence...and in southeastern Wisconsin for timely, professional transactions, call the Hansons....we are honored to be of service.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Ambassador
1,528,365
Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

When I hear this phrase that means to me DO IT NOW AND NOT LATER

Jun 12, 2017 05:34 AM #1
Rainmaker
2,096,228
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Sally and David. Some pay little attention to "time is of the essence", especially lenders! What happened to the good old days? Enjoy your day!

Jun 12, 2017 06:02 AM #2
Rainmaker
1,770,148
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Thank goodness there are deadlines. Can you imagine the mess if there were not any!

Jun 12, 2017 06:21 AM #3
Rainmaker
2,535,728
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Good morning, Sally and David -- words, terms and phrases have consequences.   Good way to explain "time is of the essence".   

Jun 12, 2017 07:05 AM #4
Rainmaker
1,495,129
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Timing is everything in real estate!  I have had clients that were insistent and haggling back and forth, only to lose out on the home becuase someone else came along before they were done haggling, haha.

Jun 12, 2017 08:05 AM #5
Rainmaker
2,463,515
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

In Wisconsin, when hiring Sally and David Hanson, they will keep you informed all the way through theReal Estatea transaction because they know what Time is of the Essessence is all about.

Jun 12, 2017 08:21 AM #6
Rainmaker
563,887
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

I agree with Harry F. D'Elia on this.  Don't put off until tomorrow what can be done today.

Jun 12, 2017 11:49 AM #7
Rainmaker
1,260,964
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

And yet... so many people think they can ignore deadlines.

I recall one would-be buyer who was incensed because he failed to accept a counter-offer in a timely manner and the property was sold to someone else.

Jun 12, 2017 11:54 AM #8
Rainmaker
2,183,119
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Great topic and i explain to my sellers and buyers what this means before we even start Sally K. & David L. Hanson 

Jun 12, 2017 01:08 PM #9
Ambassador
3,067,424
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David many Buyers just don't seem to understand that missing the dates agreed to on the sales contract can cost them the earnest money deposit if the miss the dates.  The dates are there for a reason and need to be met.

Jun 12, 2017 04:39 PM #10
Rainmaker
2,034,140
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Sally.  Some agents I know still don't get this.  They operate on their own time schedule

Jun 13, 2017 01:40 AM #11
Rainmaker
3,580,530
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Sally and David.  It seems that many feel that time is of the essence only applies to the other parties involved in the transaction.

Jun 13, 2017 05:17 AM #12
Rainmaker
1,605,951
Ginny Gorman
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Sally, it can be such a pain to poke the other agent..one who is on top of the transaction makes all the difference...that is why Buyers/Sellers in WI need to call the Hansons to action!

Jun 13, 2017 06:13 AM #13
Rainmaker
3,884,045
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is very important advice to share with home buyers and home sellers.

Jun 13, 2017 11:06 AM #14
Rainer
346,529
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton

Dear Sally & David,

Unfortunately, we are still with a number of short sales. Pain in the neck, but often a good deal, when they finally close. Keeping on top of deadlines is good.

Jun 13, 2017 07:48 PM #15
Rainmaker
68,965
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

Great advise for both buyers, sellers and newer agents as it's the agents responsibility to make sure the client is meeting those deadlines. Missing one could mean a canceled contract, lost escrow money or even litigation. Litgation is the last thing anyone what to have happen. Just get it done !!!

Jun 13, 2017 08:00 PM #16
Rainmaker
234,985
John Wiley
Jones & Co. Realty - Cape Coral, FL
Lee County, FL Real Estate GRI, SRES,SFR,PSA

This is very important information for agents and the consumer.

A contract is a legal document and the terms agreed to are binding on the parties that signed.

Some people think of time as something that is a matter of convenience for them. That kind of thinking can be a very expensive mistake.

Thanks

 

Jun 14, 2017 06:11 AM #17
Rainer
345,900
Anna Hatridge
Goodson Realty - Bonne Terre, MO
Missouri Realtor with Goodson Realty

Deadlines are part of our cover sheet for every transaction.  

Jun 14, 2017 06:46 AM #18
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce - Short Sale
For All Things Wisconsin Real Estate...Call the Hansons
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