Dropping Contracts

This document is for the unfortunate situation when you need to drop or cancel a contract.

General rules:

1. Dont burn the bridge when you cancel a contract. You never know when the deal might come back around or the seller has referrals.
2. If you promised earnest money, pay it. Dont be a dirt bag.
3. When you drop a contract, it is not necessary to spend a lot of time justifying, just get to it and wish them on their way.

Process:

1. When the seller answers, dont waste their or your time by doing rapport building or small talk.
2. Explain to them that situations have changed or there are circumstances about the deal that make you unable to move forward.
3. Once you let them know the situation, move to exit the call.
4. Upon ending the call, send them a cancellation addendum.
   1. If the property was never in escrow or title work was not done, no cancellation is normally needed.