Reading The Contract; A Real Life Story

Buying or selling a home can be a sometimes, time consuming process. There's no doubt about it -- dealing with a real estate transaction will divert your everyday schedule. But doesn't one of your largest assets deserve a little attention of your time and effort diverted to it? I'm reminded of a real life issue I had several years ago with a seller. (yes, this story applies to home buyers too!) We were in the middle of the negotiation phase and I needed to discuss our next steps, counteroffer strategies, etc. I arrived at the seller's home in the evening. We sat down and I began to go over the issues at hand. Within a few minutes, the seller jumped up and explained he had some extra work he needed to do on a friends house and had to leave. He was in construction and often did side jobs in his off hours. I think it's very commendable to do extra work. However, I was a bit stunned considering I had a deal on the table worth over $150,000! I continued to get through my strategies and fast as possible as we moved out the door. My point is this: $150,000 vs. $25 per hour. In other words, to him, making $100 that night was more important than the $150,000 deal we were negotiating. Really? Even though I stressed the importance of reading the contract, I have a pretty good idea that he NEVER read the contract. Additionally, and as I do with all my clients, I suggest they seek an attorneys counsel if they do not fully understand the legal obligations at hand. In the end, the deal worked out and everyone was happy. He simply DID NOT understand the GRAVITY of the real estate contract. And yes, the contract is boring and it looks intimidating. But if you really put some time into reading it, you'll realize you DO understand it and will have more confidence and piece of mind when sign papers associated with your real estate transaction. I hope my past home selling client doesn't sign anymore legal documents without reading them... for his sake!