Once upon a time, like July 9th, I received a reasonable offer on a home I have listed. This was after several unreasonable offers. The catch was I was at Midway Airport, about 10 minutes from my plane boarding. I called the agent, went over the terms and conditions. Then, I called my seller and she gave me her counter offer. Then, walking on the tunnel as I was boarding the plane, I looked like someone out of Central Casting with phone in my hand, negotiating this deal, as I called the agent back, and said, "This would be the counter offer if I were able to write this down right now." The agent texted me right before I buckled my seat belt and said, "Write it up. We have a deal."
Fast-forward a few hours later. I had landed and was beyond jet-lagged. I had pretty much be awake since 1 a.m. Arizona time. I had slept like garbage in Michigan for the previous five nights. It was an emotional trip that had drained me physically, emotionally and spiritually. That day, I had eaten about 300 calories and was hopped up on caffeine and the joy of seeing my family.
Let me ask you: if I were negotiating your one-third of a million dollar sale, would you want me writing a contract right then and there under those conditions?
The buyer's agent totally understood and told me to get some sleep. We had a verbal agreement. He and I were good. My client signed the papers the next day. However, the buyers were losing their minds because we did not respond right away and what if someone snatched up their home? The buyer's agent assured him, it wasn't happening. We had a verbal agreement. But, the buyer felt a lot better once he had a signed offer.
There is this rule in Arizona called the Statute of Frauds. We also euphemistically call it the "four corners rule." If it is between these four corners of this piece of paper, it is legally binding. Anything else isn't. However, sometimes life just doesn't work that way. This transaction is a great example. I had strep throat and was pretty much down and out for 10 days. Then, my seller didn't like the list of repairs the buyers asked for. Then the buyer didn't sign off on my seller's response to the list of repairs. Then the buyer's agent's small son was rushed to the hospital and nothing got signed. All the while, the other agent and I were saying to each other and our panicking clients, "No worries. It is taken care of."
And it was taken care of. I knew when the buyer's agent said, "We are good to go," he meant it. He believed me when I said it. Would a judge agree? Probably not. In fact, the other agent and I probably would have been looking at a bigger issue. However, it never crossed my mind it was a problem. I doubt it crossed his.
Part of what I do requires me and my colleagues to tell the truth. I rarely run into a sleazeball--though they exist. And they tend to show their true colors early on. That's why I knew from July 9th on, I could say, "I have some odd circumstances. May I get this to you in the morning?" and it wasn't a problem.
At this time, I have all my paperwork (got the last bit today). The buyer's agent's son got home from the hospital today. And we are all set to close next week.
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