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Holding a Listing Hostage...No No No Mr. Selling Agent !

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

 In Wisconsin....part of the Offer to Purchase has an inspection contingency....does the Buyer want one and how long does he have to do it....and then what IF further evaluation is needed by....a foundation specialist, plumber, handyman3electrician, etc. ? The time line can be extended to allow for additional evaluation and based upon that and supporting documentation...the Buyer can decide to ask the Seller to fix whatever...if it is major...he can walk away...OR in the case of short sales, knowing the Seller can't afford to fix anything ...may choose to wrap the fix into the mortgage.  Hopefully with latter, the Seller's lender will allow for a discounted price given written evaluation and quotes...no guaranty. The most notorious of these issues is usually the foundation...Agents and Buyers often don't know that every crack is not a big deal....and unfortunately too many contractors in that business like to make a big deal when sometimes, there isn't one.  We have a trusted foundation specialist and he is not out to retire on one job...and knows his business. 

    If the Selling agent is not watching the calendar and the calendartimeline expires...oooops....the Seller(s) do not have to do any fixing at all. 

    In order to end the contract, the Buyer's agent must send a "notice of defects" and a CAMR (Cancelation and Mutual Release) signed by the Buyers to enable them to get earnest money returned, end the contract and the listing agent can then change the status back to Active and get another offer.  

    It is not enough...to leave a voice mail, send a text, or write an email saying the Buyers are canceling a contract...there is a right way as described to have this contract come to an ebd so that a new one can be written. 

  clock running   The calendar pages continue to flip, the clock continues to run....and unkindly...the Selling agent either waits until the last possible second...OR has forgotten....either way...after voice and email reminders a Selling agent is not pleased.

    If you don't want to invest in software...get a notebook with timelines on it per transaction...it's not hard...most agents seem to be able to do it easily.  You are not only tying up the Seller....the Buyer is still obligated to buy the property without the proper paperwork completed.

       Be professional...understand that "time is of the essence" really means exactly that...and the consequences are grave and expensive for not keeping an eye on the calendar.

      This is a professional service post brought to you courtesy of Sally K. & David L. Hanson, Broker Associates with Keller Williams Realty, honored to be serving Sellers and Buyers throughout southeastern Wisconsin.

Posted by

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


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Comments (17)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sally and David. That "time is of the essence" clause can come back to haunt you if you are not prepared. Enjoy your day!

Jul 24, 2017 04:57 AM
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Jul 28, 2017 03:08 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Sally K. & David L. Hanson ,

Time lines are so important. We have a negotiated option period and during that time buyer must get inspections and bids on repair items they want repaired..often tough to do in 7 days! Our option period is over by 5 pm and I have had negotiations come down to the wire. The buyers agent needs to have a termination notice signed by the buyer to send over by the 5 pm if buyer is not accepting the sellers stance on repairs. If they don't send it the house is theirs with no repairs!

Jul 24, 2017 05:31 AM
Sally K. & David L. Hanson

Holy smoke...7 days is pretty short...we can make it whatever we wish....and it can be extended...15 is much more the norm here Dorie Dillard which doesn't mean you use them all...but good inspectors are not always available in a blink.

Jul 24, 2017 05:50 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sally and David. How important, relevant and well written.

Jul 24, 2017 05:40 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Excellent advice in so many ways, Sally K. & David L. Hanson . We learned early in this business to generate a time-line sheet for every transaction and to note it now in our Google Calendar.

Jul 24, 2017 05:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Sally and David... what's great about the due diligence period in NC contracts is that we just have one date to remember. Obviously, if needed, seller and buyer can negotiate an extension, but for repairs, appraisals, financings, title work, it's just one date. Makes it so much easier to keep track of things.

Jul 24, 2017 06:16 AM
Sally K. & David L. Hanson

WOW....we wouldn't know how to behave with only one date to keep track of Nina Hollander !

Jul 24, 2017 06:18 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Sally K & David L. Hanson,  Gald you have a guy that does not want to retire on one deal.  Time lines are so important.

 

Jul 24, 2017 07:07 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David I constantly remind my Borrowers of the 3 important dates in our CT sales contracts:

  • Inspections
  • Commitment
  • Closing

Buyers/Borrowers need to constantly be reminded that the clock is ticking on these dates and their importance.

Jul 24, 2017 07:18 AM
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 and Home Specialists

Yes, the clock is ticking but some agent's clock have stopped. Good reminder for those in WI...

Jul 24, 2017 08:11 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Sally and David -- it's interesting to see how real estate is practiced in different places.   While there are some similarities, the differences continue to underscore the value of finding the right local professional to assist buyers/sellers.   

 

Jul 24, 2017 09:54 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Our home inspectors are so backed up around here that we have to extend our inspection timelines to take account of this backlog. It is very hard for a seller to understand but it is what it is Sally K. & David L. Hanson 

Jul 24, 2017 10:43 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Sally and David - this is unfortuately that not all selling agents are professional.

Jul 24, 2017 10:54 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Sally and David- I would imagine that without the aid of a spreadsheet or some kind of software it would be hard for an agent to keep track of these dates. This is why it's so important for sellers and buyers to hire agents like you and David.

Jul 24, 2017 12:33 PM
James Dray
Fathom Realty - Bentonville, AR

Good morning Sally. 

We have the same in our state and the same issues.  Time just doesn't matter to some

Jul 25, 2017 03:11 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

One thing we have to do is do our paperwork and not take shortcuts it can get everyone in trouble.

Jul 25, 2017 04:21 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Sally and David

As a real estate professional we have to stay on top of inspections . . . . communicating with our customer . . . . and the other sales professional.

Good luck and success.

Lou Ludwig

Jul 25, 2017 05:55 PM
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.  There's really no excuse for any agent involved in a real estate transaction to miss deadlines.

Jul 26, 2017 04:12 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally & David, it is interesting to see how the contingencies differ between the states.  Nice timeline explanation!  

Jul 26, 2017 05:57 AM