THIS week's contributor is Greg Aspeling, Owner, gaps.solutions: The cart before the horse - I'm in the early stages of facilitating a sale and the buyer is gung-ho about getting contracts drafted. Have they discussed their financial capabilities with a lender or broker? No. Perhaps got a pre-approval? No. So why request contracts at this early stage?
Psychologically, getting contracts signed makes the deal stronger. Sure. But what happens, say, when a number of things go wrong. Valuation doesn't stack up, the seller won't budge on original price and you don't have money to make up the difference? No deal!
My point is, why incur an expense until you have to. When an offer is accepted and signed by both parties, we request you pay a deposit (we ask for an initial 5%). That already provides a clear indication of your commitment! But talk to a lender or broker first. Get an idea on your borrowing capacity.
Here's another old saying from the 1770's, "Take care of the pennies and the pounds will look after themselves". In other words, be prudent on how you spend your money and reap the rewards.
PS. We'll be at the APP2018, Stand F13 adjacent to the registration desk in the foyer. Please feel free to catch up and discuss any of this months' topics.
The above article was sent to subscribers in Pharmacy Daily's issue from 26 Mar 18
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