Scoring Points for Courtesy
It’s never great when one party to a transaction has to deliver bad news to the other — like, for example, when the Buyer’s inspection reveals a major issue (or several of them).
But it’s always better to deliver such news quickly and directly, for three reasons:
One. Getting the issue(s) on the table gives the parties more time to resolve them.
While the timetable for resolving inspection issues can always be extended if both sides agree, it’s good for a deal’s momentum to get a head start understanding the scope of the problem(s), lining up second (or third) opinions, etc.
Two. If the problem(s) can’t be resolved, both sides get to move on faster.
That’s usually especially important to Sellers, who want to know if their deal is still intact — and if not, to get back on the market as soon as possible.
Three. Good Will.
It’s the unusual (or unusually confident) Seller that isn’t at least a little bit anxious waiting for the results of the Buyer’s inspection.
Minimizing the time they have to wait — anxious and in limbo — helps create/preserve good will — good will that will be especially important negotiating the issue(s) to come.
