Enough Is Enough

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

Enough is enough

It is not pleasant when a transaction fails to close. Thank goodness this does not happen often. In real estate, there are many reasons that settlement may not occur including issues with the following:

Financing, appraisals, condo or  home association, contingencies, inspection, personal conflicts, illness, death, divorce, title issues, code violations, remorse buyer or seller, change in employment or job transfer

 

But there is another one a bit vaguer.

Analysis Paralysis is the state of over-analyzing or over-thinking.  This condition involves asking many others not involved in the transaction for their opinion.

When decisions or actions are incomplete, the effect paralyzes the outcome, which is unsuitable for buying and selling. We need to manage the contingency dates and the inspections, staying in close contact with our buyers, sellers, the other agent, contractors, appraisers, title companies, lenders, and anyone else involved. We, professionals, need to recognize when the deal is no longer viable and say Next!

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


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Comments (17)

Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

I never understand agents who are not communicating with each other through a transaction. It just seems natural to me to keep the other agent informaed when things have been done which move us towards settlement.

Aug 05, 2022 11:32 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Good to see you, Nick Vandekar, 610-203-4543 

I agree! Good communication keeps the transaction moving forward and smoothly!

Aug 05, 2022 11:57 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good afternoon  Margaret,

Its all in communication and the "tone" of the communication. I was just visiting with my broker about this very subject. What are there agents out there that don't pay attention to the details and then wonder why it all falls apart!

Aug 05, 2022 12:52 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Hi Dorie Dillard Austin TX 

That is so true. It is the tone of the communications that can move or slow the process.

Aug 05, 2022 01:34 PM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Communication is critical to any successful closing. And upon the rare occasion when it's time to say enough is enough - pull the plug and move forward.  Which I'm sure you will Margaret - in fact you have already!

Aug 05, 2022 01:57 PM
Margaret Rome Baltimore 410-530-2400

Anna,  Yes, when enough is enough, pull that plug and move forward.

Aug 06, 2022 04:11 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Margaret referring to it as "effect paralyzes" is a nice diplomatic way of putting it.  I am a little more blunt and call it "cold feet"

Aug 05, 2022 03:18 PM
Margaret Rome Baltimore 410-530-2400

George, Cold feet sums it up. But I like the sound of 'analysis paralysis'' better. 

Aug 06, 2022 04:13 PM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Margaret- so much time could be saved and aggregation avoided if all parties would communicate with each other. It's not a game or contest...it's for most people the single largest investment they will make. 

Aug 05, 2022 06:42 PM
Margaret Rome Baltimore 410-530-2400

Kathy, So true, and there is already enough stress during this process. 

Aug 06, 2022 04:16 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

You make valid points about transactions that go sideways, Margaret.  Sometimes, it's best to cut losses and move on.  Like you say, "Next."

Aug 05, 2022 08:30 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Aug 05, 2022 08:30 PM
Margaret Rome Baltimore 410-530-2400

Thanks for the feature in OFC group, Myrl. And sometimes NEXT is the way to go.

Aug 06, 2022 04:28 PM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I have had a few buyers that backed out of contracts and I have certainly not enjoyed working with those buyers, haha.

Aug 06, 2022 04:58 AM
Margaret Rome Baltimore 410-530-2400

Brian, We put so much into our transactions And it can take some time to get over it.

Aug 06, 2022 04:29 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

It's so frustrating when buyers or sellers ask everyone else for their opinions and then get stuck and don't move forward. Then it's time to move on.

Aug 06, 2022 05:04 AM
Margaret Rome Baltimore 410-530-2400

Kat, I think we all have had this experience. Just keep moving.

Aug 06, 2022 04:30 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

For those who cannot think independently.

Know when to hold um. 

Know when to fold um.

Know when to kick them to the curb! 

Aug 06, 2022 07:48 AM
Margaret Rome Baltimore 410-530-2400

Kathleen, Can you hear me smiling?

Aug 06, 2022 04:31 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Margaret Rome Baltimore 410-530-2400 - you have learned and experienced a lot of wisdom. Thank you for sharing something so important. 

Aug 06, 2022 08:21 AM
Margaret Rome Baltimore 410-530-2400

Patricia,  Thank you so much. You always have the nicest comments!

Aug 06, 2022 04:32 PM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
Relocation to NW AZ with elbow room & more freedom

Not only speaking with the other agent, but staying in communication with Title/Escrow. I always check about 10 days before closing with Title to make sure there are no last minute OOPS.

Aug 06, 2022 09:43 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Leanne Smith Keeping all those lines of communication open makes for a smoother closing.

Aug 06, 2022 04:33 PM
Aura Alex
CloseMyDeal, LLC - Seattle, WA
Need A TC? Virtual TC Services Nationwide

Being proactive before and during the closing process is essential, follow-up and follow-through are our focus at this critical point. 

Aug 06, 2022 08:15 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Aura Alex And this is what makes you the professional you are today. "Being proactive before and during the closing process is essential, follow-up and follow-through are our focus at this critical point."

Aug 07, 2022 07:00 AM