In this business, the contract is fundamental. If it’s in the contract, it’s in the deal. If it’s not, it’s not. This is always important, of course, but in this crazy market, a little slip can cost you.
Recently, I’ve had two situations that reinforced this concept big time. One tripped up a buyer’s agent on one of my listings. The other nearly tripped me up. Both situations worked out well, but you never know …
In the first, I had a listing with a stampede of showings and multiple offers. One came with a cover e-mail offering, among other things, to pay all my seller’s closing costs. But this provision was not written into the contract attached to the email.
With the buyer paying all closing costs, this offer would be highest and best. Otherwise another offer would be the winner. So I called the agent and asked if her client would agree to a counter offer stating the buyer would pay all closing costs. They did, and they got the deal.
Language in a cover email doesn’t count. Only what’s written in the actual offer itself.
In the other case, I had the buyers. The listing indicated a $5,000 concession to the buyer for an 80% conventional or better offer. My clients were putting 33% down with conventional financing, so they definitely qualified for the $5,000 and they were delighted.
A few days prior to closing, we got the preliminary closing disclosure and I noticed that the $5,000 concession wasn’t on the statement. A flurry of calls and texts ensued. I got the concession back into the deal, much to my clients’ (and my) relief. But, I had to scramble – as well as rely on the seller’s honor – to get things fixed.
As a rule, if something is stated in the MLS listing, it applies to the deal. But, I relied on that assumption, and it wasn’t written in the actual offer. A big lapse on my part – never to be repeated!
So the lesson, especially for buyers in these competitive times, is to say what you mean and mean what you say – and write it into the contract. And work with a realtor who will help you read what’s written. Assumptions and vagary can lead to disaster.