By Elliott Topkins, Esquire
12/8/11
Real estate professionals are more or less “conditioned” to the stress level which exists within our penumbra. In hardly any situation are all, or most, of the “players” involved (realtor, loan originator, buyer, seller, other attorneys) able to remain calm and relaxed throughout the process. There are a “million things to do,” and people do not, generally, have the patience, to tackle all of them. Sometimes the lender creates problems with requests for information which, my clients were sure, they already had. Sometimes, the walk-through does not go particularly well. Looking back on these situations, I have developed a few tried and true approaches to the real estate “pressure cooker,” which, perhaps, would be useful for my readers:

1. Try to stay calm. Problems are going to arise, and almost always when we least expect them. What can I say, or do, to assuage the issue? I have found that the last minute inspection problem, or the lender delay, or any number of other things which can delay a closing, or worse, are best addressed by calmness. Do not let yourself get emotional about the problems. Speak with the other professionals. Try not to relay bad news to a customer without suggested approaches to a solution. Think positive thoughts; convey your sense of confidence to your customer through your calm mien.

2. Do not point fingers. Many people try to blame another person or entity for what has happened, and step away. I used to do this, because lawyers are very fat targets when there is a problem, and I wanted to stress that I had done nothing wrong, but Mr. Jones or Ms. Smith, was the true culprit. I no longer take this approach. Rarely do real estate disputes actually result in litigation. If I have been the solution, rather than blame, oriented, I can preserve my relationships with my clients and the professionals I will have to work with at other times, and in other places. Furthermore, I have found that coming up with a solution in a difficult situation is the thing that a lot of people remember about me, and my firm, when the smoke clears.

3. Do not be afraid to call a “time-out.” In my profession, no one really gets paid until the deal closes. Sometimes a deal just cannot work, no matter how hard we try to push it forward. Sometimes, it can work, but the financing must be re-tooled to fit the specific situation of the borrower. My experience has been that it is better to call a “spade a spade” early in the game than to labor relentlessly on a project where there is little or no, hope of success. Call “Time Out”, regroup, and go a different path.

4. Never sacrifice your integrity to make a transaction take place. There are situations which arise where a half-truth or a lack of disclosure may let a deal go forward. I do not want to be a part of any effort which involves any deceit or subterfuge. I mentioned above that real estate matters rarely become litigations. If they do, however, and I am called upon to testify, I want to make sure that my behavior in the matter, from an ethical standpoint, is above reproach. Deals come and deals go. My reputation is forever.

(Mr. Topkins is an attorney with Topkins & Bevans, Braintree Executive Park, 150 Grossman Dr., Braintree, MA 02184. His blog can be found at http://realtorsresourceblog.com. His telephone number is 617/596-3184 and his e-mail address in etopkins@topbev.com.)