Real Estate Mediation – is there ever a winner?
This is my 9th year in real estate, and tomorrow I will attend my first real estate mediation court hearing. In our Oklahoma Real Estate Sales Contract, it is agreed that if there is a dispute of any kind between the Buyer(s) and Seller(s), we will attempt to resolve the dispute through mediation before hiring attorneys.
It’s my understanding that I will be unable to speak unless asked a specific question. To prepare for the mediation, I met with my clients to go over a timeline of events and supporting documents that they may wish to present. Of course, there were several pertinent decisions and observations that were discussed verbally, so I hope it doesn’t turn in to a “he said, she said” situation.
As with any situation that turns awry – in business life or personal, I attempt to learn something from the experience. As much as I hate killing trees with mounds of “cover your arse” paperwork, I wish I had documented a few things better. When pertinent information is discussed over the phone, it should be documented.
Real Estate Mediation – is there ever a winner?
In this case, I should have e-mailed the other Realtor and said, “Susie Q, I’m glad to hear that you and your Buyers feel our appraisal was not valid. Are you sure your Buyers would like to pursue different financing rather than challenge the appraisal as Chris Z appraiser suggested?”
So off we go to real estate mediation over disputed distribution of earnest money from a transaction gone sour. There really is no way to compensate the Sellers for the emotional turmoil, time lost on market and a long list of other woes.
Of course there is no “ruling” in mediation, so we’ll see what the parties can work out. Personally, I’m holding out hope for an apology, because that would be worth more than the worthless $1,000 that provided no earnest intent whatsoever.
