Terminating the Contract

By
Real Estate Agent

I am a bit remiss to write this blog post as I just learned today I will not be closing a deal in mid January for buyer clients I represent.  

Let me explain...

I have been working with and have an excellent rapport with the buyers I represent.  I am sharing this incident so that others may learn from my experience.  As I always like to say, "Why re-invent the wheel?"

My buyers have been looking very long and very meticulously at homes for the past year.  They are NOT rushed and they will be selling a property as well when the time comes.

We found a property in early November that seemed to be "the one".  It had just about everything each person desired and the sellers accepted our offer right after we submitted it.

Of course nail biting does go on a bit (for me anyway) while waiting for the home inspections to take place and a few snafus did arise during said inspections.  However, my buyer clients indicated as long as the bigger issues were being taken care of in regards to the inspection report, the plans could move forward and they did until...

My buyer clients visited the community center to speak to the residential land lease office representative. Like a bucket of cold water thrown in the face, they learned the land lease was NOT the amount noted on the listing sheet or on the seller's disclosure nor had it been that amount for quite a few years (more than 6).  The increased amount was approx. $500 more per year than what was originally noted.  

Turns out the sellers did not enter the correct amount in the seller disclosure paperwork and the listing agent had not confirmed the land lease amount with the land lease office.  In retrospect, I too will now make sure that the land lease amounts are correct via my own, independent verification.

After much deliberation, my buyer clients decided they just did not want to move forward with a land lease that was only going to increase over time and was clearly higher than what they had anticipated.  

I totally understood.  We wrote and signed the termination of sale paperwork late last evening.  

And you know what? I am totally ok with this because I don't want the buyer clients I serve to sit down 6 months (or less) after moving in and muttering, "Why did I do this?" "This land lease is ridiculous..." etc. I want buyer clients to exclaim, "Wow, I love it here," or " I am so glad Aimee helped us snag this great deal and home."

Just another lesson learned for this relational agent!

Posted by

~Aimee Schmitt

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Serving Central PA With Excellence! 

Office:  (717) 769.2986 ext. 116

Mobile: (717) 821.8772 

Email: realestatebyaimee@gmail.com

 

 

Comments (4)

Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Totally understand the clients is cautious.  Wish you the best.

Sam Shueh

Dec 04, 2015 05:07 AM
Aimee Schmitt

Thank you Sam Shueh, we are moving forward with our next showing tomorrow.

Dec 04, 2015 10:00 AM
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Aimee - I am sure your clients appreciate your efforts, and hopefully you will find them the right home soon.

This is a great lesson to be learned, so thank you for sharing.

Dec 04, 2015 08:47 AM
Aimee Schmitt

Thank you Troy Erickson, I am showing them another home tomorrow so let's hope it may be "the one"! 

Dec 04, 2015 10:00 AM
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Aimee,
I’m very sorry that happened but you are right that it is better to find out up front than down the road. 

Dec 04, 2015 10:10 AM
Aimee Schmitt

So true David Gibson, we are moving on, I am sure we will find the "right one" and am so glad my committment ability in making sure my buyers are satisfied has not been damaged.

Dec 04, 2015 10:23 AM
Gary Coles (International Referrals)
Venture Realty International - Las Vegas, NV
Latin America Real Estate

Good evening Aimee Schmitt It is always difficult when things fall apart.  But it is great when you learn from them and maintain a great relationship with your clients.  Good luck in finding them an even better home.

Dec 04, 2015 12:50 PM

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