When is the Effective Date Effective?

calendar2I am in the middle of a transaction as the listing agent. And as always, each transaction I am involved with, I am amazed at what Buyers, Sellers and other agents say, do and expect.  Inspections were done and of course, even though it is an AS-IS transaction, the Buyers always want some concessions.  And within this transaction, the Sellers agreed to a reasonable concession.  Addendum to the contract was signed, now here comes the REALTOR telling me that the effective date was nowcontract changed.  Really?  Long ago and far away, I had the same question.  In the  same instance, and unless it is stated in the addendum that effective date is changed, it continues to remain the way it was after all have signed and initialed the original contract.  Which reminds me, once a contract is signed and returned to the last party and that party can be the listing or selling agent, I send out an email to the other party stating what the effective date is.  In over 30+ years of selling real estate, I have never had the other side dispute my calculations.  And rather than repeat myself, I have only had one other Realtor send me an effective date email prior to me sending them them. What does that tell you?

calendarEffective date is extremely important as it drives the momentum of the contract and if not followed, Buyer mostly, but in some instances, the Seller could have serious consequences if the dates are not adhered to. So my fellow REALTORS, use your calendars in your due diligence – it may cost you or your customers in the long run. Be careful out there!

Until Next Monday…

Matey sig

Advertisements
This entry was posted in 2016 President, A Better You, Risk management, Tips and tagged , , , . Bookmark the permalink.

4 Responses to When is the Effective Date Effective?

  1. Thanks very much for this article. Great information for us as realtors. Thanks for taking the time to explain.

  2. David H. Brewer says:

    Well said, Matey. Professional Realtors have always been and will always be just that, Professional.

    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

    David.BrewerSahmWebb@verizon.net

  3. Kevin Kent says:

    Great reminder, Matey, thanks!

  4. Matey Veissi says:

    you are welcome…as I write these blogs, it helps me to remind myself as we all forget sometimes
    Matey

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s