Deal Makers and Deal Breakers

For as long as I can remember we brokers have referred to Real Estate Attorneys as either Deal Makers or Deal Breakers. More often than not the deal breakers were those attorneys that did not handle real estate transactions on a regular basis. Rather they were litigators or personal injury lawyers that for this one transaction were just doing a favor for a friend....usually it ended up in disaster.

But these days despite the number of transactions getting done here in the city, there are a whole new list of issues that can easily become a "Deal Breaker". The following is a list of 10 factors that often sabotage a deal. For the solutions to these problems log onto www.therealdeal.com and click on the icon that says "magazine".

1) Inaccurate appraisals. Voted by real estate professionals to be the biggest issue today.

2)Deal Killing Attorneys. A personal pet peeve of mine, its just so key that you convince your client to use someone that has experience doing Manhattan Real Estate transactions. Would you hire a podiatrist if you needed heart surgery? Heck, they're both doctors!!!!!

3)Spooked Buyers. This normally happens when an excited buyer goes into the office to announce that she found the perfect home to buy and her best friend who is still living in a forth floor, rent controlled studio says.....now is not the time to buy, you must be crazy....UGH!!!!

4)Mortgage Snafus. Ever since the banking collapse this has been a big one. Go with a mortgage professional that you know and trust.

5)Greedy Buyers. Stand by the deal that you made. Re-Negotiating after the fact or at the closing is never a good idea and very rarely works, in fact, it has at times back fired and the deal has died.

6)Zoning. Not so much of an issue here in Manhattan but in the suburbs can cause problems.

7)Fluctuating stock market. A turbulent market causes fears in all parts of the economy and fear is a great motivator.

8)The Bonus Stigma. Coop boards don't like the uncertainty of applicants that work for a small salary and a large bonus.

9)Bank Delays. Don't even get me started on this one. I cant tell you how many times we have received a call just days before the closing letting us know that the bank now needed more information.

10)When the building doesn't measure up. Over the past twelve months the majority of buyers who had trouble obtaining a loan blamed had said that the banks had turned the building down, not the buyer.

So there you have it...be prepared and surround yourself with the best professionals available the kind of people that are Deal Makers.