“Sellers Choice” – Beware, these words could mean something you didn’t expect.
January 21st, 2008 Categories: In The News Calabasas
Even in this “buyers market” I received multiple offers on one of my listings last week. As I was reviewing the purchase agreements I couldn’t believe how many agents are still writing in ”sellers choice” for title, escrow, home warranty company and natural zone disclosure company.
Did you know that if you write “sellers choice” for natural zone disclosure and the other agent doesn’t pick a company in the counter offer, you’ll end up with a company called Seller’s Choice Disclosures? That’s right, there is actually a company called Seller’s Choice Disclosure. This is great if that is who you wanted, but not so great if you didn’t. Also, if you just write NHD in the box then escrow will pick the
company. There is no company called NHD. NHD are just the initials for Natural Hazard Disclosure.
The same goes for escrow, title and home warranty company. I Googled “sellers choice escrow” and came up with 65,400 results. I didn’t see any escrow companies in CA with this name, but why take a chance? Just write what you want in the blank so there is no confusion.
And this brings me to another very important point regarding preparing a purchase agreement for a buyer. It’s important to always specify who you want for NHD, home warranty, title and escrow companies. Many times the listing agent won’t have a preference and you’ll get the company that you want.
I’ve learned in negotiations that you usually have to give up something to get something. If you don’t specify these items initially, then you can’t even use them in your negotiations. To me it’s important start your negotiations from a position of power and this means preparing a well thought out purchase agreement with all of the blanks filled in.
If you are purchasing a home in Calabasas CA and you’d like your California Residential Purchase Agreement prepared and negotiated by a professional who understands the nuances of this very important contract please call Tracey Thomas at (818) 652-2937.
This entry was posted on Monday, January 21st, 2008 at 10:17 pm and is filed under In The News Calabasas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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Sounds like you are the real estate expert in Calabasas.
Unless specified, I usually put “seller’s choice” in my contracts and have not had a problem in the past. But, I agree that is probably is not worth the chance of any confusion or disagreement. I find it amusing that people would actually name their company that.
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I like your approach – you should never give away your power – make a choice – it is important that your buyer know you are protecting them.
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