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The 4 Contract Blunders That Can Wreck Your Deal Instantly
Just one slip, and you risk losing deals, frustrating clients, and leaving money on the table.
Good evening, real estate agents! đĄ When the marketâs unpredictable, every detail countsâespecially when it comes to your contracts. Just one slip, and you risk losing deals, frustrating clients, and leaving money on the table.
But the good news? A few smart moves can help you avoid these costly pitfalls and stay in control.
Today, weâre breaking down the top four contract blunders that can ruin a deal in secondsâand showing you how to keep every deal on course.
Letâs get started!
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BLUNDER #1: GHOSTING ON COMMUNICATION
Lack of communication is a silent deal-killer. To win, you need open lines between both agents, allowing for clarity on expectations and needs.
Listing Agents: Make life easier by putting the sellerâs preferred terms in the MLS agent-to-agent notes, and stay accessible to answer questions quickly. Even a quick call back can save hours of back-and-forth.
Buyerâs Agents: Read the comments carefully and align as many terms as possible with what the seller wants.
And donât hesitate to ask, âBesides price, what would it take to make this a win for your client?â
Real-time conversations prevent misunderstandings, so donât wait until thereâs a crisis to communicate.
BLUNDER #2: WEAK OR MIA LENDER LETTERS
The quickest way to kill credibility? A vague lenderâs letter or no proof of funds at all. A strong, detailed letter assures sellers your buyer is ready to roll.
What to do: Aim for a lender letter that confirms the buyer is loan-committed, not just pre-qualified. This letter should confirm credit, employment, and assets have been verified. Want to go the extra mile? Get the lender to call the listing agent directly to speak for the buyerâs financial stability.
Why It Matters: A weak letter signals uncertainty, but a solid one assures sellers that your buyer has the financing locked down.
Sellers are more likely to prioritize offers that demonstrate concrete financial backing, so make this step count.
*If you are a Premier Coaching Member, simply use your âultimate addendumâ to avoid this mistake!
BLUNDER #3: VAGUE REQUESTS FOR SELLER CONCESSIONS
Asking for concessions without specifics? Thatâs a recipe for last-minute headaches. Get clear upfront, so everyone knows exactly whatâs on the table.
For Home Warranties: Clearly specify the warranty provider, duration, and exact cost.
For Closing Costs: Detail exactly what the funds will cover. Are they buying down the interest rate, covering property taxes, or paying HOA fees?
A lack of detail leaves room for disputes and delays that nobody needs.
Laying out these details prevents misunderstandings. When you skip specifics, someone ends up paying for itâliterally.
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BLUNDER #4: COMPLEX CLAUSES GONE WRONG
Overcomplicating contracts with escalation clauses, waivers, or escape clauses can trip up even seasoned agents. These clauses require clear understanding by all parties, or theyâll come back to haunt you.
Escalation Clauses: Include a ânot to exceedâ cap so thereâs no surprise sticker shock if the price escalates. Ensure the buyer is qualified to hit the top of the range.
Appraisal Waivers: These can be useful in cash deals but are risky with financed buyers unless the lender is on board. Verify the buyerâs funds if theyâre guaranteeing an appraisal gap.
Otherwise, they could end up committed to a deal their lender wonât support.
Escape Clauses: Keep escape clauses clear and specific. For example, if your buyerâs offer is contingent on selling their home, outline terms for a backup offer if one comes in.
These clauses can be powerful tools, but they require clear communication with your client and the other side to avoid surprises.
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PRO TIP: SEAL THE DEAL WITH AN EXCLUSIVE BUYER AGENCY CONTRACT
Donât let your hard work go uncompensated. Ensure your clients are on board by having them sign a Buyer Agency Contract. A signed Buyer Agency Contract locks in your role as the clientâs exclusive representative.
Need resources for getting these signed with confidence?
Text BUYER to 47372 to access scripts, presentations, and tips to present your value and get that contract signed.
Remember, every detail matters in todayâs market. Master these blunder-preventing moves, and youâll watch deals go from shaky to signed.
TAKE ACTION TODAY
Join our Premier Coaching for free, and get daily coaching sessions, expert scripts, and the strategies you need to tackle prospecting head-on. Sign up at https://premiercoaching.com.
And if youâre ready to take that next big step, consider joining the EXP Realty team. Visit https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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AND THAT'S A WRAP!
Lovely evening,
Tim & Julie Harris
Harris Real Estate Daily
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