I spoke to a good friend of mine today, who is also a Realtor, about a shaky escrow he is working on involving personal property. This agent represents the seller and the seller told him to list their property "Turnkey", which was about 90 days ago now. It's our job as Naples Realtors to confirm that our clients and customers understand what "Turnkey" means, which this agent did before noting "Turnkey" in the MLS. "Turnkey" in Naples means that everything in the house conveys at the close of escrow, minus any noted exclusions. We're talking everything down to the towels and steak knives. Even the dull ones. The more exclusions, the less "Turnkey".
Apparently, this contract came together with no mention of "Turnkey" or similar phrasing in the contract, which is the first mistake I noticed. The second mistake is that the seller sent the buyers a Personal Property list excluding small appliances, silverware and pots and pans. The property is listed in the MLS as turnkey so naturally the buyer is asking; "Hey, what about those pots and pans and small appliances?" The seller's sudden change of heart doesn't mean they can just do whatever they want. This risks upsetting the other party and potentially losing the contract, which is where that contract is at right now. In this market, it's better to play nice in the sandbox if you really want to sell and move on with life sooner than later. That is the honest truth. Who has time to beat around the bush these days?
In the spirit of looking for solutions of getting the darn thing closed, I think the best thing to do here (without giving legal advice!) would be to figure out from the buyer's agent how much the pots and pans, silverware and small appliances are worth to the buyer. Are they worth $1,000? $2,000? Whatever that number is, ask if the buyers would take a credit in-lieu of receiving those items at close. If the buyers would take a credit, then it's off to the seller to present some options. It's pretty much guaranteed that a buyer would take a credit in situations like these. Now the credit request may be absolutely ridiculous, born out of bitterness from the seller's behaviour, but there is always a number. Find that out, and go from there.
The Critical First Date | Naples Real Estate
Presenting the seller with options will empower the seller, but probably not soothe them. But maybe those items aren't worth that much to the seller. By putting into perspective the cost of holding on to those items, maybe that's all that would be needed for the seller to let them go, per the marketing comments in MLS, so the buyers can utilize them. Maintain responsibility where responsibility lies without highlighting blame. Frame this responsibility respectfully and maintain the "Problem Solver" role that we are hired for. There is always a way forward where everyone will be happy.
So, option one is for the seller to give a credit to the buyers for what the buyers deem would be necessary for those items to stay with the seller, or option two; The seller lets the items go because $1,500-ish is just not worth holding onto items they could re-buy for $900-ish. Or, the dreaded third option; Since the buyers are in their due diligence period in an as-is contract, they cancel and walk away with their deposit leaving the seller holding their small appliances and pots and pans that they can maybe cling together to find another buyer. The cost of waiting for another contract can easily reach 10-100 times or more for the amount of those items. Another option is that the buyer accepts the change and still buys the property. But once the seller makes the decision to stand firm in their decision to keep those items and not give a credit, they risk losing their buyer. To each his own.
Perspective is often all we need to wise up and see the forest through the trees, or not. Some people are just too stubborn. But it is the job of a professional Realtor to bring about that perspective in a calm and diplomatic manner to our customers and clients who may be swimming in a sea of emotions that they didn't expect to be in while relinquishing a property that they put so much love into. Successful mediation between contractual parties, the other agent, lenders and escrow is what separates the part-timers from the full-timers.
There are many reasons to value a competent Realtor.
Josh Amolsch | REALTOR® | Naples
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Josh Amolsch
REALTOR® | SRS
Premiere Plus Realty, Co. | #SL3522310
1100 5th Ave S #101B, Naples, FL 34102
239.302.8475 | [email protected] |joshamolsch.com
Josh Amolsch Naples REALTOR
Naples Seller's Agent | REALTOR®
