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Domino Contract (Episode 54) S4 E9
Manage episode 316632197 series 2936153
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You can watch this episode on YouTube: https://youtu.be/T3jiwSqvmy0
What's a "Domino Contract"? Why does it matter? Are you making sure that your contract falls inline with other contracts? Then you're playing dominoes well in real estate!
0:00 - Introduction
0:49 - The "Domino Effect" or "Domino Contracts" is when one contract has to close before another can close before another can close, etc. This can lead to a lot of stress if we don't plan how to handle the dominoes.
1:34 - Story time with narrator, Aric: properties A through E. Dollars complicate things, though. Not just purchase money, but earnest money as well. Make sure you have enough earnest money to cover your earnest money in the counterpart deal. Give yourselves a gap between deadlines - this is the same as the gap between falling dominoes. You can have those dominoes fall smoothly or fall chaotically. Does your agent care about this transaction happening smoothly?
6:48 - Settlement dates. You can't have all the settlement dates be the same. There is time needed between each property settling to allow each property to close. Allow gaps.
8:27 - Aric continues his story. Each property required time to close including time for wiring funds. Be aware of wire-cut-off times.
9:36 - Possession time. Pay attention to your possession and negotiate it according to your needs.
10:20 - White-hair wisdom with Tyler. People feel stress because they feel like they don't have control. How do you get control? Explore your options (get education), and take action. Is your agent allowing you to select the type of transaction you need / want? Or are they just allowing the transaction to unfold? All parties need to be sharing information up and down the domino chain.
14:02 - Just getting a transaction done is not the same as getting a transaction done smoothly.
14:30 - What'd we learn today?
16:27 - Bloopers.
* No dominoes were harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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