Even Those Financial Gurus You Know And Trust Can Be Wrong
This weekend, I caught part of a nationally syndicated financial talk show on the radio. While I appreciate and agree with much of what the host usually has to say – this was one of those times that I found myself yelling at the radio.
A home buyer called into the program with an issue where she felt that she was going to lose her earnest money because her 21-day financing contingency had expired – and she was unable to get a mortgage.
The host thought the 21-day financing contingency was too short… and told the caller that she should have had an attorney negotiate the terms of the contract – and at this point in time, she should renegotiate the terms of the financing contingency.
Well I’ve got some news for you, sunshine.
Unless your attorney is offering to pay top dollar for one of my listings – you won’t see a financing contingency from my clients that exceeds 21 days… and it will be highly unlikely that you will see my clients sign away their liquidated damages by extending that contingency.
Years ago, it was common to see financing contingencies that continued right up until the closing date… but that was then – and this is now. Back then, if the buyer could fog a mirror – they could get bought. Not so these days.
As a consultant to my home selling clients, I find it my duty to protect their interests to the best of my ability… and that includes negotiating the financing contingency in such a way as to provide liquidated damages of having a property removed from the market by a buyer who can not complete the transaction.
Just because you hire an attorney to negotiate on your behalf doesn’t mean that the other team is going to lay down and let you run them over.
