A great transaction team works diligently on a pending sale with the understanding there’s an end goal result…the property will close and everyone gets paid.
Sometimes, we have hiccups that cause our transactions to come to a screaming halt. During this time, it doesn’t make sense to have half the team barreling forward on action items if there is a chance (more than 50/50) the transaction is NOT going to close.
Notifying your team to HOLD the file does not mean cancellation and everyone should abandon ship!
Being mindful of others and keeping the team updated helps in two ways:
1. Team members appreciate the HOLD notification and will move their energy towards other more viable transactions.
2. Your buyer/seller/YOU are not being hammered (with what appears to be insensitive requests) to complete stuff (like a lead based paint disclosure) during a stressful time!
Here’s my list of reasons to HOLD a file:
1. Buyer and seller are going through some heavy negotiations with regards to repairs and are threatening to cancel the deal
2. Buyer’s loan denied
3. Issues with title that need time to be resolved (trust, ownership, bankruptcy)
4. Short sale that has NOT been approved yet by the bank
5. Incomplete purchase or listing agreement contract that buyer/seller is declining to sign.
Don’t worry! As soon as ALL CLEAR is given, your team will be back on board to get your transaction closed!
Diana and her team of Transaction Coordinators offer 30 years of real estate experience and thousands of successful closing to enhance your transaction team. Call today to discuss your needs!