How to Close Escrows More Effectively
In thinking this through, I have identified several key ingredients that are most helpful. These need to be used in combination by both sellers and buyers in order for escrows to be successful.
Good Faith
It was observed by a manager I worked with for many years that in his experience, 95% of what we do in residential real estate comes down to the good faith of both sides. Without that ingredient, no amount of legalese or paperwork can help. With good faith on both sides, the paperwork can seem almost incidental.
Honesty
If both parties base their actions on what is known to be true, the entire process has a vastly better chance of success. If a seller doesn’t disclose everything of significance, or a buyer fails to mention that they really do need to sell their current home, major hurdles lie ahead, making the process much more challenging.
Fair Mindedness
If each side makes every effort to be fair in how they deal with the other, it sets the tone for a smoother process.
Reasonableness
Only to the degree that each party keeps a practical and realistic perspective, based on reason, can the process be worked through more easily.
Flexibility
An attitude of “give and take”, and a willingness to “go with the flow” when necessary is the spirit required in order to accommodate differences that inevitably come up.
Patience
Only by taking a longer view can both parties handle the immediate challenges that show up.
Humor
Buying or selling a home is among the most emotion-filled activities that people engage in. A lighter touch and a good-humored attitude help maintain a much clearer perspective of what really is important. Both parties are much more likely to arrive at the finish line with good feelings intact.
Key Takeaways
Like any recipe people may use in putting together a meal, the key ingredients need to be used in balance and kept active when needed and to the extent necessary.
One thing is for sure: if both parties utilize all of these attributes, the probability of a successful outcome is vastly greater than it would be if some of them are missing.