Real estate can be a little different than other industries. Likely, in more ways than one! Today, I want to dive into why no news is good news when you’re in a real estate transaction!
Whether you’re a buyer or seller, there are a series of dates/deadlines that you work through as part of your under-contract process. From title to inspection, and even your property insurance deadline, they are checkpoints along the way.
The State of Colorado wrote the real estate contracts very buyer-heavy, as they should! That means it is a buyer beware/do your due diligence. While buyers have nearly all the right to terminate the contract, it is the buyer’s responsibility to make sure they are okay moving forward with each deadline.
When the buyer works through these various deadlines/checkpoints, silence means acceptance in Colorado. For example, if you are under contract on a home with an HOA, the buyer has the right to review the HOA documents to ensure they are 100% cool with the rules and regulations. There is a date that would allow the buyer to terminate the contract should there be anything in the HOA documents that doesn’t sit well. As you approach that HOA objection deadline (the date on which the buyer needs to give notice if they plan to terminate), you either roll through that deadline or get a written notification that the buyer is terminating based on the HOA objection deadline.
When you don’t hear anything about termination, silence means that buyer is moving past that deadline and checking it off. It can seem slightly counterintuitive not to give notification of acceptance of the deadline. It can come down to each agent’s style of doing business, some will communicate on each deadline, and others do not. Either way is acceptable, as long as you understand the type of communication you are working with!
The same is true on the lending side. They always say folks will only reach out if I need something or if something is wrong, and that couldn’t be more true. The under contract process requires many different people, from title to Realtors, to lenders. Everyone is working through their processes. So if you never get a call from any of them, know that it is a good thing! That means that the professionals are diligently working behind the scenes to lock everything down!
The moral of the story, whether you are buying the home or selling the house, don’t get alarmed if you don’t always hear from one professional as you work through your contract. Remember, people only reach out when there is an issue. Silence is golden!!!
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