Lesson #1 in Real Estate: Learn How to Fill Out a Contract

By
Real Estate Broker Owner with Rulnick Realty, Inc.

real estate contract 

I am primarily a listing agent in the Destin Florida market.  In a normal week, I receive several offers on my properties all around the Emerald Coast.  How many of these contracts are filled out correctly?   Nary a one.  Today I received an offer on a home in Niceville Florida.  It was hard to even figure out what the offer was. First, the buyer's agent wrote the purchase price on the contract line labeled "deposit".  She left the "purchase price" line blank. Next she checked off  "cash with no financing".   Next to that she checked "VA financing".  She wrote in a closing date of March 31, about three weeks from now, but allowed the short sale lender 90 days to approved the contract.  Are you starting to see something amiss here?

To top it off, she included her own comparative market analysis to justify her buyer's price.  As if I would forward her price opinion to my seller, to supercede the one I did for them.  What was she thinking?

I emailed the agent back, asking:

1. Is the earnest money "deposit" of $200,000 "really" the offer amount?

2. Are the buyers paying "cash" or doing "VA financing", as you checked both?

3. Do the buyer expect to close in three weeks, but allow the lender three months to make the decision? 

I have not nit-picked agents' contracts too much in the past, but this year, I am done with being so nice. Now is the prime time to elevate the profession of selling real estate.  Fill out your contracts correctly -- or expect a lot of cross-outs and initials until you get it right.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

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Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.

All Rights Reserved. *Lesson #1 in Real Estate:  Learn How to Fill Out a Contract * Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.

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"It's Wendy... It's Sold!"

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

Call Wendy Rulnick 1-850-650-7883 ext 204

email itswendy@rulnickrealty.com

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Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.

Rulnick Realty

 

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Topic:
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Tags:
real estate contracts
destin florida real estate
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Comments 20 New Comment

Rainer
156,291
Tom Boos
Sine & Monaghan Realtors, Real Living

I haven't seen one that bad in a long time, but it does happen.  Hope that agent finds a mentor in her office who provide the training she obviously needs.

March 10, 2009 12:09 PM
Rainer
4,638
Renee Kovacs
Renee A. Kovacs NSA Services

If I may, if I might ....

If you're the selling agent, PLEASE VERIFY the potential buyer's name as it is shown on their ID, and print it very clearly below their signatures.  However they chose to sign, make sure their ID will back it up.  The contract is the starting point of so many headaches for us on the closing end!

Many times the title agent just drafts the deed & issues a commitment from what appears on the contract without verifying the name variant or spelling.  The lenders then sometimes follow that lead, and go with what the commitment says.

Then we end up at close with ID showing "James Q. Public" and docs saying "Jack Publik, Jr." and the headache begins...

March 15, 2009 06:57 AM
Rainmaker
449,596
Wendy Rulnick
Destin FL Real Estate
Rulnick Realty, Inc.

Renee - Good point.  We also include a "legibility" contract when sending to the title agent if it's a fax of a fax of a fax.

March 15, 2009 09:49 AM
Rainmaker
591,182
Laura Giannotta
Your Realtor Down the Shore!
Keller Williams Realty - Atlantic Shore

Boy have you found one of my pet peeves!  I can't believe that agent got signatures on the contract...If she actually reviewed the contract with her buyers, why didn't somebody catch this??  And you're absolutely right, how does this make us look like professionals!!

March 17, 2009 06:53 AM
Rainmaker
449,596
Wendy Rulnick
Destin FL Real Estate
Rulnick Realty, Inc.

Laura - Since then I've received two more contracts, with blanks where financing amount goes.  And these are experienced agents!

March 17, 2009 09:03 AM
Rainmaker
449,596

Wendy Rulnick

Destin FL Real Estate
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Additional Information

Author Bio: Wendy Rulnick, Rulnick Realty, Real Estate Broker in Destin Florida and all surrounding towns

The market. Smart sellers. The Emerald Coast of Florida. stLight.options({publisher:'38725d03-3cc6-42e6-bcc5-9e8126fcc3e0'});