Today real estate transactions are complicated. I’m reminded of the five remote control units that I must use simply to watch one evening news program. One unit controls the satellite system, one controls the receiver, one controls the surround sound system and volume, one controls the source of the input and screen size, and the last unit controls the source of the sound. But it gets even more exciting, because each unit has multiple buttons, and all five units have a total of 191 buttons, some of which have multiple uses. Ehad! To watch one news program, I must have at a minimum the ability to use 191 buttons. That includes knowing which buttons NOT to push, because it can be hard to get back to where you were if you do something wrong.
Real Estate Transactions Are Complicated Like This
Real Estate Transactions Are Complicated No Doubt
There’s no question that real estate transactions are complicated today, and this comes from a man who loves to keep things as simple as possible. There’s often a profound wisdom to simplicity, and I strive for that kind of simplicity in my life and in the real estate transactions I manage for my clients.
There was a time about 30 years ago when a Purchase and Sale Agreement was a one page document. Today the standard agreement with the necessary standard addendums is 14 to 21 pages of single spaced legalese. Like my five remote control units, a typical agreement has five independent addendums, and each addendum has multiple parts. Push the wrong button, or check the wrong box, or use the wrong language or wrong addendum, and you may not be able to get back to where you were, i.e. you may not be able to undo mutual acceptance. Before becoming a real estate broker, I made a good living as a real estate attorney for 20 years, and I can tell you without any hesitation at all, real estate transactions are complicated today, more than ever before.
Real Estate Transactions Are Complicated Gramma
Gramma didn’t have to deal with all the legalese to protect herself from frivolous lawsuits. She didn’t have to have special addendums to deal with complex tax issues, short sale contingencies, financing options to the Nth degree, and Gramma didn’t have to worry about being ripped off by a con artist. Any con artist that tried to take advantage of Gramma found Billy Bob and Cletus at his back door after sunset. Today real estate transactions are complex, far too complex for Gramma. Besides, Billy Bob and Cletus are probably in a maximum security.
What’s the answer for buyers who had careers in anything but real estate and who have no desire to learn how to operate all 191 buttons on their five remote control units? You don’t have to become a real estate expert to navigate all the forms, all the due diligence issues, all the legal issues, all the timelines, and the potential pitfalls. But you do need someone who does know. The most important decision you will make before you buy a home is deciding who your buyer’s agent will be. This is far more important than most people realize, because today real estate transactions are complicated.
Last Updated on November 26, 2012 by Chuck Marunde
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