Solution When A Deal Falls Apart Last Minute

Performance Property Real Estate Question

Q: Gerald, I have a real estate deal that I’ve been working on for a long time and it fell apart right before closing. What should I do? Michael, Somerville, NJ

A: I would need more specific information in order to give you more specific advice, but in general, the first thing I would suggest is that you take an honest, unemotional look at the situation. My 3rd real estate commandment is “Use Logic And Never Let Emotions Affect Real Estate Decisions”–obviously you are upset at the moment given how much time and effort you’ve already expended, but you can’t let that affect the decisions you make now. The past is past, you can only live life going forward. If you can save the deal, do it, but if you can’t then move on–don’t waste your time crying over spilled milk. It is important, however, to analyze what happened in your deal to figure out if there are things you could have done differently next time to avoid repeating the same result–this should include examining your actions and processes as well as the people you are choosing to do business with. Thanks for your question, Michael.

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