Is A Quick Settlement The Best Settlement?

By
Real Estate Agent with Online Real Estate Agent Training

Is A Quick Settlement The Best SettlementFrom the real estate agents' perspective, we tend to really, really like a fast settlement.  Of course all cash contracts settle quickly and are usually drama free.  But what happens when financing is involved?

In The Heat Of Negotiation

In the heat of battle, or shall I say, multiple offers, buyers are often willing to strike virtually everything from the contract in order to "win" the house of their dreams.  They will strike all types of contingencies and their agent may even recommend they shorten the settlement time in order to make their offer look more attractive to the seller.  This may or may not help them get the house, but at what cost to them and to your future business?

Real Estate Transactions Can Be Stressful

As I mentioned earlier, at first glance a quick settlement sounds great, but in reality it could very easily backfire.  We all know that the real estate transaction is extremely stressful.  Even though lenders and title companies get the contract and documentation they need weeks in advance, it seems that the real work begins only a few days prior to settlement.  You know the calls you get from your frustrated buyer...wondering why they have to resend documents to the lender that they already sent weeks prior.  It seems as though they are getting calls from the lender three or four times a day for additional documentation.  They feel as though they are being nickeled and dimed to death.

Who Is To Blame?

So imagine how they would feel when that time frame is reduced to a mere two weeks.  The pressure and stress is increased tremendously.  Now we all know what happens when our clients feel stressed; they look for someone to blame for all of their stress and confusion.  And the easiest person to blame is the real estate agent and the lender.

What's Best In The Long Run?

It's our fault and as a result, they are unhappy with the entire process.  And unhappy people do not refer you to their friends.  So the next time you recommend your client have a "quick" settlement, just remember that doing so may cost you a great deal of money in the long run.

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Candy Miles-Crocker

Real-Life Real Estate Training

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Rainmaker
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Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

Thanks for the post. If there is a mortgage I do not request quick settlementts because lenders take a long time to approve these days.

September 11, 2012 05:39 AM
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Candy Miles-Crocker

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