Never stop learning…our profession demands it

Risk1Today, I am into risk management.  While involved in a transaction, the Buyer, who was my customer, backed out of  the transaction: 1) the property did not appraise, and 2) bank denied financing.  I had added 2 addenda to the sales contract: 1) appraisal contingency 2) financing contingency.  Since neither could be accomplished, I proceeded to send a release of deposit as a formality.  Here comes the Seller’s agent requesting the deposit based on a section of the main contract indicating that the Buyer’s bank had not notified them in a timely fashion…so the Seller was entitled to the deposit.

Of course, we are now into the escrow disbursement order awaiting FREC to tell us whatcontract should be done.  However, in any case, I believe that the Buyer will get his deposit returned…the addenda supersede the contract.  In other words, an addenda over-rides what is printed in the contract.  The Listing agent doesn’t believe that…actually, I really think he doesn’t know as he continually asked me where in the contract I believe my Buyer is entitled to his deposit.  I keep telling him to READ the entire contract, and since this agent has been in the business for some time, I truly don’t believe he knows what he is doing.  I want to call his  Broker and tell him that he might want to educate his agents but that’s not my business.

So my fellow REALTORS, keep getting educated. Our business constantly changes and there is always something new….we can never stop learning…our profession demands it.

Until Next Monday…

Matey sig

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3 Responses to Never stop learning…our profession demands it

  1. Michael Lawrence sr says:

    Matey YOU are so right, but not only those who have been in the business for a while.
    Newer associates have the same problems-
    They don’t read the contracts either.
    Fantastic advise.
    Thanks
    Mike L

  2. David H. Brewer says:

    Good Morning Matey,

    I agree completely. It is amazing the number of Realtors that do not know the contents of the contracts that we use every day to help our Buyers and Sellers obtain the real estate of their dreams.

    I am home from the hospital following what appears to be a very successful operation rearrange and change the location of parts within my abdominal cavity. I am experiencing very little pain and my biggest problem is running out of energy after about 30 minutes of being up and about. However, a nap does wonders for that.

    I hope that all is well with you.

    My Regards,

    David

    David H. Brewer, Realtor

    Brewer, Sahm & Webb, Inc.

    Realtors & Appraisers

    1620 Wallace Avenue

    Bartow, Florida 33830

    O# 863-534-1774

    C# 863-944-7197

    F#…866-713-3005

    DavidBSWI@verizon.net

  3. Pingback: Never stop learning…our profession demands it — Monday Morning With Matey | US Title of Orem

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