Commit for the Long Haul or Cut Your Losses and Walk Away

By
Real Estate Broker/Owner with Charlemagne International Properties BRE# 01147470

Escrows and engagements have much in common.  Both are promises to make a long term commitment IF certain criteria can be mutually agreed upon.  Like engagements, escrows are more easily dismantled before the deed is signed and the property (or person) is legally your home or life mate. 

 

Houses have character flaws just as humans do.  Sometimes they can be cleverly disguised and not discovered for years.  Often, they are in plain sight but the love for the good and positive features outweighs the burden of overcoming (or learning to live with) the flaws.  No house or human is perfect. 

 

After months of playing the real estate dating game of viewing house after house with no obligation to settle down, a house (or spouse) suddenly says, "This is the one."  Things change and negotiations with real dollars replace daydreaming about what ifs.  Sure, it's emotional, and it is in your best interest to be represented by an agent that is not emotionally invested in the purchase. 

 

As you proceed down the purchase path, imagine how the house will look without the makeup of perfect staging.  Look beneath the surface.  A professional home inspection with reveal the inner workings of all systems in the house.  If the electrical is faulty now is the time to discover what's behind those designer outlet covers.  There's nothing romantic about plumbing problems and the inspection phase is the time to discover if the furnace heats and the air conditioner cools.  Is the property in compliance with the local codes and are all structures permitted?  Find the answers to all your questions before you decide to commit for the long haul. 

 

Sometimes there will be obstacles you cannot overcome, and it may be time to cut your losses and walk away.  I must admit I've never had a client say, "Remember that house with all the issues we almost purchased?  I'm so sorry we did not buy it."  Nope, that's never happened in my career.

 

Norma Toering - REMAX Palos VerdesNorma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle- Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.

South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.

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Show All Comments
Rainmaker
889,404
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

As Kay says, great analogy.  I like the bit about seeing the house without makeup.  That is so true.  But when you fall in love with something it is usually with warts and all.  Hang in there, your will become comfortable in the relationship.

Jun 18, 2011 01:38 AM #13
Rainmaker
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Mike Cooper
Winchester Real Estate Sales, Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Pro

Good analogy, Norma.  It definitely plays out this way sometimes doesn't it?  I've had two clients in a row who I thought were just playing the field, but they finally settled down and said, "I do."

Jun 18, 2011 08:02 AM #14
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

I have had some buyers that are waiting until the prices get lower. What? Wake up and smell the coffee.

Jun 18, 2011 08:11 AM #15
Rainmaker
892,863
Michael Setunsky
Michael's Commercial LLC - Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Norma, very good analogy. Checking out a property thoroughly will make for a long term relationship. Good Post!

Jun 18, 2011 09:06 AM #16
Rainmaker
721,783
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

Interesting take on the process.  Houses will have flaws and if you know what your getting into in advance then normal you feel good the rest of the way.

Jun 18, 2011 10:10 AM #17
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Jane - Yes, makeup can be used to enhance or cover up...

Jun 18, 2011 10:55 AM #18
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Mike - A recent buyer was at the alter, but a new discovery made his agent (that would be me) advise him to be a runaway buyer. 

Jun 18, 2011 10:57 AM #19
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Harry - Committing is hard to do, and if one wants an excuse there is always one to be found.

Jun 18, 2011 10:59 AM #20
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Michael - It's always best to know what you're signing up for before you sign on the dotted line!

Jun 18, 2011 11:00 AM #21
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Chuck - Big surprises during the purchase process usually mean big concerns.

Jun 18, 2011 11:02 AM #22
Rainmaker
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Ron & Alexandra Seigel
ra@napaconsultants.com - Carpinteria, CA
Luxury Real Estate Marketing

Norma,

Very interesting analogy...an interesting way of looking at things. A

Jun 18, 2011 12:32 PM #23
Rainmaker
647,233
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Norma - you state this so well...it is both interesting to read and oh so true!  This is a well deserved feature!  

Jun 18, 2011 02:22 PM #24
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Alexandra - If there is one thing real estate is, it is always interesting!

Jun 18, 2011 02:27 PM #25
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Barbara - It's always good to see your smiling face on my commenter's list.  Thank you for the kind words.

Jun 18, 2011 02:28 PM #26
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Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 800-610-7253 DRE01267479 - Costa M

Norma - It's important to do inspections and look at them carefully in making final determinations.

Jun 18, 2011 05:40 PM #27
Rainmaker
83,549
Patrick Harvey
West USA Realty - Scottsdale, AZ

An inspection is just one of the many things we need to be looking at. There are many issues totally unrelated to the inspection. I read a news story where an agent sold someone the wrong house! In another case, there was an easement which was described in the title work, but sadly the agent never looked at it closely and showed the owner... In yet another case, the well on which the property depended appeared to be on the property (in was in a corner of the back yard) but for some reason that small 10x10 parcel had been subject to a tax lien sale and the new home owner did not own his well! 

A home inspection is worthwhile; it is up to us, as the agents and caretakers of our clients, to look at every piece of paper and make sure the deal is what it appears to be. Sometimes even the sellers are unaware of easements and such.

Jun 18, 2011 05:52 PM #28
Rainmaker
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Andrew Mooers
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Fear of committment. Happens to the best of us.

Jun 18, 2011 09:59 PM #29
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Christine - Absolutely, and the savvy seller will take care of as many of the little "fix it" items as possible during the pre-sale preparation.

Jun 20, 2011 12:56 AM #30
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Patrick - Yes, the due diligence period includes more than just physical inspections.  I'm actually one of those agents that reads the preliminary title report.  ;)

Jun 20, 2011 12:58 AM #31
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Andrew - Yes, one misalignment between expectations and reality can be enough to blow a deal.  Buyers are justifiably cautious these days, and disclosures and discoveries will play a part in their decision to close or cancel.

Jun 20, 2011 01:01 AM #32
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Norma Toering

Palos Verdes & Beach Cities Homes in L.A. CA
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