Curb Your Enthusiasm: Don’t Uncork the 1978 Montrachet Until the Ink is Dry
By Jotham Sederstrom September 12, 2012 7:45 am
reprintsYou’ve been working tirelessly, all summer long, on a really exciting, quiet, below-the-radar real estate deal.
After hours of careful planning to ensure success and predict any possible roadblocks, you create the perfect package to showcase the property’s unique attributes as well as address all of the owner’s possible concerns.
Several meetings later, the owner finally hires you to represent her exclusively in the marketing of her asset. You know you can get this deal done, but the seller gave you a short window. You have 30 days to get an acceptable offer into contract. Having spent the time exploring the best possible outcome, you are confident that you can deliver what you promised.
You diligently select the top investors who have the ability and wherewithal to close this transaction quickly and without any drama. You call them and walk them through the deal, detail by detail, step by step, dollar by dollar.
Finally, one of the investors jumps off the carousel and grabs the golden ring, striking with an offer that hits the seller’s target. The deal terms are confirmed and the paperwork rushed off to the appropriate attorneys.
The seller is impressed with the speed and accuracy of your performance. She owns many more deals and begins talking about her plans to have you represent her on all of them.
You can’t contain your euphoria. You are now looking really good in the eyes of the owner, investor, attorneys and all related parties. Your feet haven’t touched the ground as you move the deal expeditiously through to contract stage and two rounds of comments and redrafts.
It’s the perfect scenario. Both sides have cooperative attorneys who are quick to address the task at hand and openly communicate with all parties. All participants are on point and the transaction is flowing smoothly. A broker’s dream deal is playing out like a well-orchestrated opera.
The clock is ticking. The seller has set a time limit for the contract to be executed. Knowing that time can kill a deal, you skip every meal, wasting not a moment as you live, breathe and dream this contract.
The deal is in final executable form, ready for signature. You hold your breath waiting for the final bell to toll.
Then in comes “The Call.”
