Experience Matters

With over 3400 brokers in our Mid Willamette valley, where everyone knows a Real Estate agent, why would it be important to choose your representation wisely?  At Paramount Real Estate; we specialize in understanding contracts, are professional negotiators, and take special care of our clients interests.  Here are just a few situations that we experienced which left people exposed and vulnerable.  

Details matter.

We often do our due diligence in attempting to find out as much information as we can to represent our clients. It amazes us how often the other side willingly gives up confidential information that puts their clients in a negative negotiating position. It is our fiducial responsibility to represent our clients so any information that is not protected is presented for negotiation purposes. Unfortunately many buyers and sellers are not in great hands because of the work that their inexperienced or compromised agent says.

Experiences like this happen often. There are significant due diligence contingencies that protect a buyer’s earnest money. In order to terminate properly, certain steps need to be taken within the contingency periods. Some agents appear to be asleep at the wheel and miss their contingency deadlines to protect their clients. It is then up to our clients to decide what is best for them, however we have been in multiple situations where our clients have been awarded the buyer’s earnest money because they did not perform. It can be costly to be found in default.

We experienced a transaction where a seasoned buyers agent from another company used the wrong form to terminate a transaction for his buyer.  A simple mistake like this put $10,000 of the buyers earnest money at risk as well as having to deal with litigation proceedings that dragged on.  We often see buyers agents send over termination forms within contingency periods thinking they are representing their clients well.  There are additional specific forms that need to be used depending on the contingency that accompany a termination agreement. Some brokers do not understand these details and leave their clients exposed because they do not use the correct forms.

One client of ours was buying a new townhome in the area from a big national builder.  The wrong CC&Rs were recorded with many mistakes in it. The builder/developer used a template from another state for convenience.  We fought to get those changed and updated CC&Rs recorded that protected our client before closing escrow.

During one transaction, we found that the seller had many judgments on record which seized the sale. We notified our buyer immediately so they could terminate within the contingency period and therefore protect their earnest money, as well as save them from spending money on further due diligence issues before realizing that we were faced with a dead end.

Years ago we represented a seller and found that the buyers were not going to be able to perform to close the transaction by the agreed upon closing date.  The buyers agent failed to present an extension addendum to secure the transaction past the close date, and therefore the sellers were able to call the buyers in breach of contract.  Our seller chose not to extend the closing, causing the buyer to lose their earnest money and the sale of the house. These deadlines are critical to meet and many brokers are not paying close enough attention in keeping their clients out of trouble.  This can be especially true in an environment where a seller may be looking for a way out of the contract to be able to sell to a higher paying buyer, or one with more favorable terms.

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Paramount Oregon Paramount Oregon
1008 12th St. SE Salem OR 97302
(503) 385-1518
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Principal Brokers & Brokers Licensed in the State of Oregon