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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Topic:
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Comments 32 New Comment

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Rainmaker
882,016
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

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.

June 18, 2011 01:38 AM
Rainmaker
773,991
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

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."

June 18, 2011 08:02 AM
Ambassador
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Harry F. D'Elia
Investor , Mentor, CSSN, Radio Coach, REOs, ABR
Precision Real Estate Inc.

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

June 18, 2011 08:11 AM
Rainmaker
891,596
Michael Setunsky
Your Commercial Real Estate Link to Northern VA
Michael's Commercial LLC

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

June 18, 2011 09:06 AM
Rainmaker
713,359
Chuck Carstensen
Minnesota Real Estate Expert
RE/MAX Results

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.

June 18, 2011 10:10 AM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
Charlemagne International Properties

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

June 18, 2011 10:55 AM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
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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. 

June 18, 2011 10:57 AM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
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Harry - Committing is hard to do, and if one wants an excuse there is always one to be found.

June 18, 2011 10:59 AM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
Charlemagne International Properties

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

June 18, 2011 11:00 AM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
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Chuck - Big surprises during the purchase process usually mean big concerns.

June 18, 2011 11:02 AM
Rainmaker
1,308,388
Ron & Alexandra Seigel
Luxury Real Estate Marketing
ra@napaconsultants.com

Norma,

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

June 18, 2011 12:32 PM
Rainmaker
647,233
Barbara Hensley
Homes for Sale in Rockwall County, Texas
RE/MAX Properties

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

June 18, 2011 02:22 PM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
Charlemagne International Properties

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

June 18, 2011 02:27 PM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
Charlemagne International Properties

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

June 18, 2011 02:28 PM
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Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

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

June 18, 2011 05:40 PM
Rainmaker
83,345
Patrick Harvey
West USA Realty

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.

June 18, 2011 05:52 PM
Rainmaker
1,346,764
Andrew Mooers
Northern Maine Real Estate-Aroostook County Broker
MOOERS REALTY

Fear of committment. Happens to the best of us.

June 18, 2011 09:59 PM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
Charlemagne International Properties

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.

June 20, 2011 12:56 AM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
Charlemagne International Properties

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.  ;)

June 20, 2011 12:58 AM
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Norma Toering
Palos Verdes Homes in Los Angeles Area
Charlemagne International Properties

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.

June 20, 2011 01:01 AM
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Norma Toering

Palos Verdes Homes in Los Angeles Area
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I am a California real estate Broker-owner. Tune in for Best Buys in Palos Verdes; Market Updates; Buy & Sell Signals; Advice to Buyers & Sellers and other real estate related topics of interest. Updates will be posted on all four cities on the Palos Verdes Peninsula, PV School District and other happenings on The Hill.

South Bay Los Angeles cities I sell real estate 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.

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