By Linda O'Koniewski and Alison Socha

Approaching every real estate transaction like a chess game ensures that every move, every statement, every representation is meaningful.  Like a good chess game, each move builds upon the next to capture the king, or for our purposes, to close a deal.  Our clients pay us handsomely and trust that we will not only do what we say we will do, and follow up in their best interests to every inquiry, and market the home in the best light, but also that every word that comes out of our mouth, and every piece of advice we give, is thoughtful and strategic.

For instance, let’s examine the offer process.  Many agents often evaluate and present the intricate details of the offer simply by rote, but it behooves us to note that these details have a huge impact on how the entire offer process unfolds and the anxiety it creates.  Dates in an offer contract create a timeline for actions to be performed:  Home Inspection, Purchase and Sale Signing, Financing, Closing.

I strongly believe that time is the enemy in every deal – no matter which side of the transaction you sit – Buyer, Seller, and Agent.

Dragging a deal out means that the energy and excitement dissipate for both parties -  it’s human nature.   Then the motivation to make things work between the parties breaks down and voila, the buyer or seller has changed their mind about going forward and working things out.  The deal needs CPR.  It can be resurrected, but it is my experience that if buyers and sellers get their answers promptly, and solutions can be found to problems sooner opposed to later, then good will is generated and the deal marches forward towards closure and doesn’t break down mired in doubt and anxiety. 

As agents we need to be cognizant of the timeframe we construct when we make and accept offers.  Make dates tight, and if the deal is going along swimmingly, the time to perform the next objective can be extended if all parties feel they are moving forward.  

Is there anything more disconcerting than giving a buyer 10 days to perform the home inspection, and then the inspection isn’t done until day 10?  Then more time is needed because problems have been uncovered 10 days into the under agreement period.  This drives sellers up a wall, and it should.  It’s not very considerate to have taken a home off the market and wasted this time before a buyer does his or her due diligence on the property.  This can be avoided by contractually obligating a buyer to do a home inspection sooner rather than later.

Sellers who want time to find suitable housing can be just as inconsiderate of the buyer’s time when asking the buyer to pay for a home inspection, hire an attorney to review the contracts and then asking buyers to wait, sometimes indefinitely for them to find another property.  Any agent who allows this to take place (and I’ve seen it) is crazy.  We won't get into the merits of putting a house on the market "subject to seller finding suitable housing", but know that I simply won't do it.  Why should buyers commit to buying a house if a seller won't commit to selling the house?  But alas, for another day, there are smarter ways to solve the seller's issues. So let's just say dates are important, and thinking about the impact they have on the lives of our clients must be well considered at every stage.

Another date fiasco in a transaction occurs when the date for the Buyers to get their financing commitment is just a couple of days prior to the scheduled closing.  Should we expect sellers to pack and move out of their home before their buyers have received the green light for their money needed to purchase?  What if the financing falls through?  Now the sellers are out of their house and we need to market an empty property without staging and with all the little flaws and paint chips exposed.  This leaves the seller very vulnerable and in a terrible position.  Who put them there?  Why, their agent!  And this goes on far too often.

A more thoughtful approach would be to build in an automatic extension for closing, or possibly a "once this happens, then this happens", to allow sellers time to pack and move once financing is secured.  Crafting offers to be considerate of the lives of those who are trying to buy as well as those trying to sell to reduce the risks and ease the anxiety isn't that hard, but it does require forethought early in the process to earn a checkmate and sell the home.