Junk Bond Words

If It’s Not In Writing, It Doesn’t Exist

First Things First……

Last week, we missed a few Jeff’s Journals from going out. It was about the Creative Process and how AI is being used in Marketing. You can check it out here….

My good grammar school friend, Kro from Highland Park, Illinois is a Seattle Seahawks fan for no apparent reason. He is obviously very happy this week with his team winning the Super Bowl. Kro and another buddy of mine, Beems, went to the University of Wisconsin in Madison. I remember them telling me about their roommate and their first encounter with Michael Medderick from New York City. New York Mike said, “If it’s not in New York, it doesn’t exist.” While we Chicagoans developed a second-city complex, the statement felt fairly true — although Michael Jordan, and then finding anything on the World Wide Web, eased our feelings of sitting in coach.

There are other absolute sayings in life. “It ain’t over till it’s over” — as we Yogi “Chicago” Berras fans know! “You only live once,” however James Bond (more about Bonds in a moment) said, “You only live twice.” “It’s always sunny above the clouds.” Sometimes below, if you reside in Florida, at the same time. Franklin claimed, “There is nothing as certain as death and taxes” (except us Floridians, who don’t have a state tax 😊). “Sure Jan”, from the Brady Bunch only to be amended by the would have been baseball Hall of Famer and alleged steroid user, Barry Bonds, who remarked “what’s wrong with Protein Shakes”?

All of this reminds me of an absolute saying in real estate: “An offer that is not in writing does not exist.” Buyers, sellers, and Realtors sometimes get into bad habits where they verbally horse-trade. There are six reasons why offers should be in writing….

1. Court

An old famous epigram attributed to Antonio in Shakespeare’s Merchant of Venice and later in a song by Rapper Wu-Tang Clan is that “My word is as good as my bond.” Well, in the courtroom, that bond is a junk bond. The judge will look at you funny and kick you out of the courtroom. In a court of law, a verbal offer is discarded. It means nothing. Writing is the basis of our society of law and will be the interpretation of all decisions. Case dismissed.

2. Study

Things get real when an offer is in writing. It’s easy to tell people to take a hike, or have someone say they will think it over. When the offer is in writing, it becomes real. People go back to their study and study it.

3. There Is More to an Offer Than Just the Price

Here are some of the key particulars to an offer other than the price…

a. First deposit
b. Second deposit
c. Dates between deposits
d. Who is holding escrow
e. Time of acceptance
f. Inspection time
g. Closing date
h. Special terms
i. Furniture
j. Type of contract
k. A million addendums
l. Disclosures
m. Mortgage
n. Contingencies
o. HOA or condo information
p. Was it signed properly

A–P are just the basics. There are countless addendums or contingencies that need to be checked. A full-price offer on your home that is contingent on them putting their home on the market and selling it is as worthless as the junk bond. Without seeing the offer in writing, how would you know that?

4. In Writing Settles the Discrepancies

People tugging over the rug being included or excluded at closing. If it’s in writing, there are no discrepancies. Black and white in writing of what is included, as far as furniture is concerned, is crucial.

5. Seal the Deal

People move when it’s in writing. They have a deadline to respond.

6. Disclosures

Were there termites or mold? Special assessments? Is a data center coming next door? All of that is something that a written contract would show.

Michael Jordan said, “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times, I’ve been trusted to take the game-winning shot and missed.” MJ also took something like 15 years to sell his home in Highland Park, Illinois. If you have your contracts in writings, there won’t be so many misses.