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Last week I met a new client, and after viewing 8 properties we submitted an offer on something which was ultimately successful.  However, after the home inspectionon Friday afternoon there were major deficiencies revealed that would have cost more than $7,000 for my client to repair, in addition to cosmetic changes that the home required.  We signed a Mutual Release and submitted it to the other agent, explaining that my client did not want to proceed because of the many deficiencies.

Right after the home inspection, I suggested we return to view one townhome he had seen which he loved and I made the appointment for that same evening.

The next day, Saturday, he decided to submit an offer.  When I called the office to register the offer, i discoverd there had already been an offer submitted that was in sign-back to the Seller, which meant we could now submit our offer.  Since there was only one other offer, our chances were looking pretty good.

I presented the offer on Saturday afternoon at 3:00 p.m. and we were successful.  I did have the presence of mind (which comes from many years of experience) to make this new offer conditional upon the obtaining of a fully executed Mutual Release on the first property in two business days.

Now comes the problem. The Seller was being, shall I say, a bit difficult and he insisted on knowing what problems were found so he could repair them.  Since I am not at liberty to realease the inspection report because it is not mine, my client had paid for it and it belonged to him, I told the other agent that.  She told me that her client wants to know!!  He does NOT have the right to ask for a copy of the report, nor Know what deficiences were present, but in most cases we outline the deficiencies to the other agent and oftentimes, we negotiate a better price in lieu of the deficiencies.  However, in this case that was not an option and the Seller was very disagreeable.  In addition my client works very long hours, and did not want the inconvenience of having contractors for a lengthy period of time.. I had to listen to the needs and wants of my client, which is first and foremost.

The problem here is that, the Seller could choose to take his sweet time in signing the Release, thereby delaying my client’s return of his deposit cheque.  This is now Monday… and the deposit is now due for the new offer.  WHAT TO DO????? In order to appease the Seller so he would sign the Mutual Release, (which I may add is tantamount to blackmail) I jotted down a few points in an email to the agent which she in turn forwarded to her client… and I received the signed Mutual Release very soon after.

My client works until 6 every evening… the cheque could not be processed as it required two signatures, and one broker was not there to sign….and they could not prepare the cheque until the next day.  My client did not have surplus of $5,000 in his account to submit another deposit cheque.  If the deposit cheque was not submitted that night, the whole deal could fall apart as some brokers follow the rule to the nth degree…some are more lenient and would wait for the second day..

I suggested to my client that I provide the bank draft for his deposit, if he would agree to direct the first brokerage in writing to make the depsoit cheque payable to me, thereby repaying me for the money I put up front for his deposit.  I asked that he stop in on his way home from work at the first brokerage office and provide that directive in writing, or the offer would die. He did that… and

Last week I met a new client, and after viewing 8 properties we submitted an offer on something which was ultimately successful.  However, after the home inspectionon Friday afternoon there were major deficiencies revealed that would have cost more than $7,000 for my client to repair, in addition to cosmetic changes that the home required.  We signed a Mutual Release and submitted it to the other agent, explaining that my client did not want to proceed because of the many deficiencies.

Right after the home inspection, I suggested we return to view one town home he had seen which he loved and I made the appointment for that same evening.

The next day, Saturday, he decided to submit an offer.  When I called the office to register the offer, i discoverd there had already been an offer submitted that was in sign-back to the Seller, which meant we could now submit our offer.  Since there was only one other offer, our chances were looking pretty good.

I presented the offer on Saturday afternoon at 3:00 p.m. and we were successful.  I did have the presence of mind (which comes from many years of experience) to make this new offer conditional upon the obtaining of a fully executed Mutual Release on the first property in two business days.

Now comes the problem. The Seller was being, shall I say, a bit difficult and he insisted on knowing what problems were found so he could repair them.  Since I am not at liberty to realease the inspection report because my client had paid for it and it belonged to him, I told the other agent that.  She told me that her client wants to know!!  He does not have the right to ask for a copy of the report, nor know what deficiences were present.

The problem here is that, he could choose to take his sweet time insigning the Realeae, thereby delaying my client’s return of the deposit cheque.  This is now Monday… and the deposit is now due for the new offer.  What to do? In order to appease him so he would sign the Mutual Release, I jotted down a few points in an email to the agent which she in turn forwarded to her client… and I received the signed Mutual Release very soon after.

My client works until 6 every evening… the cheque could not be processed as it required two signatures, and one broker was not there to sign….and they could not prepare the cheque until the next day.  My client did not have surpllus of $5,000 in his account to submit another deposit cheque.  If the deposit cheque was not submitted that night, the whole deal could fall apart as some brokers follow the rule to the nth degree…some are more lenient and would wait for the second day..

I suggested to my client that I provide the bank draft for his deposit, if he would agaree to direct the first brokerage in writing to make the depsoit cheque payable to me, thereby repaying me for the money I put up front for his deposit.  I asked that he stop in on his way home from work at the first brokerage office and provide that directive in writing, or the offer would die. He did that… and AFTER the office faxed me a copy, of the written directive, I then submitted the deposit cheque on the second offer on his behalf… Whew!!!!

I picked up my cheque yesterday…

                                                                                   

, I then submitted the deposit cheque on the second offer on his behalf… Whew!!!!

I picked up my cheque yesterday…

                                                                                   

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