I’ve Got It, You Take It

One of the more embarassing situations that can occur in baseball is when two players attempt to catch a ball that is hit between the two of them.  One player seems to take control of the play, only to back off at the last moment for fear of colliding with his or her teammate.  The ball thus alludes both players and falls safely to the ground.  The  baseball jargon that is often used to describe this type of miscommunication is, “I’ve got it, you take it.”

The Hot Potato

The above scenario is remindful of an occurence involving many real esate transactions.  Once there is offer and acceptance on a particular home for sale, at what point do the Realtors involved pass the baton onto the attorneys who are representing each party in the transaction?

Where Is Your Sale?

The procedure can vary depending on the state or the town in which the transaction takes place.  Yet even within the same town, different Realtors handle the process differently.  In areas that use a binder to secure a deal until official contracts are drawn, it is customary for the Realtors to handle negotiations on price and terms.   That’s the way it should be.  Top realtors are trained as experienced negotiators, and are best equipped to get the fairest price for their respective client.

The 80/20 Rule

When it’s time to discuss issues from the building inspection report, however,  the lines often become blurred.  Statistics from the National Association of Realtors show that 20% of the homes for which binders are written never actually close.  Unresolved issues from the building inspection are a major contributor to this fact.

The Most Prudent Course

Different factors need to be taken into account.  Among others, the personalities of the buyer and seller, of the agents involved and of course the attorneys.  My belief is that in most cases, unless their is an inherent conflict between the two realtors or there is a major impasse, they are the ones who are best suited to help the buyer and seller come to a meeting of the minds in the best interest of all.

In any case, the Realtors fiduciary responsibilties are to their clients whose needs and interests must come first.  They should avoid allowing egos, conflicts and the path of least resistance to interfere with the process, or the prudent course of action.

Above all, there should be clarity as to whom is taking responsibility for what.  Your prospects for a successful experience are greatly diminished if the lines of communication are obscured and the process evolves into a “I’ve got it, you take it” scenario.

What say you?  Please leave your comments below.

Expand your mind and receive your dose of “The Daily Tonic” everyday.*   It’s always brief and thought provoking.

Simply go to the top of this page or the home page of  thedailytonic.com, enter your email in the navigation bar to the right and click “subscribe.”  Of course your email address will be  kept private.

*The Daily Tonic is published every weekday, M-F.