Know The Deal Before Agreeing - Hard Money Bankers

There is a good story in Warren Buffets recent biography. When he was a child he agreed to shovel his neighbors driveway. He spent hours upon hours working on it. He was ready for a big pay day. When he went to the door to receive payment his neighbor gave him $5.00. He was shocked but learned the lesson that he needs to know is "establish the details of the deal before entering into an arrangement". It is a good thing he learned this at a young age or he could have made this mistake when there was a significant amount of money on the line later in life.

In real estate it is really important to to know what kind of house you are buying and the terms associated. It is important to know if there are any expectations leading up to closing on either side. When you run into a gray area in a sale or negotiation, one side is always left disappointed because their expectations are usually not met. The more clear you are the better it is for both sides.

Ian Walsh