Nov 12 2008
Real Estate Rules, Part Two
Time is of the essence. Do it now! Let me say it again. Do it now!. A wise old real estate broker find of mine would always want to “do it now”. Whether it was to look at a property, get paperwork completed or signed or whatever the piece of business was, he never was one to wait until tomorrow.
It can be human nature to put things off till tomorrow what can be done today. Violation of this rule of real estate can prove to be hazardous.
The best example I can share is a real estate broker friend of mine that had a sale pending on a vacant home. The seller, a builder, (no it was not me) delayed the closing on the property due to the busyness of his schedule. It was just plain procrastination. The day of the closing arrived and the hour approached. While on the way to the closing, the broker became very frustrated when traffic was delayed by emergency vehicles. Suddenly, he noticed it the smoke was in the area of the house he was selling. Yes, it was the house he was about to sell that was on fire. Needless to say, this was a closing that did not happen. The seller also discovered he had procrastinated on the issue of getting insurance on the property, so it was not covered.
Having been in the business many years, I have come to recognize the value of getting it done now. I have experienced similar events. The buyer loses their job and no longer qualifies for the mortgage, or sometimes they even get cold feet. I have also had it that the seller passes away prior to the sale and the heirs discovered he left no will. These are all examples of what can and does happen.
Do it now, do it today. We do not know what the future holds.