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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Arbitration vs Mediation Posted by Travis-CA on August 22, 2003 at 10:36 PM In Reply to: Re: Good show... posted by Daniel-CA-AZ on August 21, 2003 at 10:40 AM : : : Hello folks, FSBO update here: : : : Good news.. I got the condo under contract for $430k without any agents involved. I'll tell the full story after the dust has settled, since it's quite interesting. : : : Now, before I go open escrow, are there any pitfalls or things I should watch out for before then, and after? I've filled out and handed over the env. hazards disclosures, and the standard disclosure forms filled out meticulously... is there anything I'm forgetting to do here or that I should be cautious about that you guys can think of? : : ======================= : : Daniel, : : Only two things I can think of: : : 1. Sell the property "as is" regardless of how new or fixed up it really is. Will save you from being nit-picked to death when you're just a day or two from closing. : : 2. Never, never, never agree to arbitration. Agree to mediation all you want, but never ever agree to arbitration. : -=-==-=-=-=-=-=-=-=-=-=-=- : Wow.. thanks for the hints. could you explain your reasoning behind the second point? Thought that was really interesting. Any stories etc you can share, for example? : Thanks again, : - Daniel To make a long story short: Arbitration - The arbitrator (3rd party usually predetermined in the arb clause) acts like a judge and makes a decission which is binding upon the parties, enforced by the courts and appeals are not allowed. Mediation - The mediator (3rd party) works with both parties to work out the disagreement and gives advice on how to resolve the situation - this is not binding upon the parties. Travis Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : Hello folks, FSBO update here: : : : : Good news.. I got the condo under contract for $430k without any agents involved. I'll tell the full story after the dust has settled, since it's quite interesting. : : : : Now, before I go open escrow, are there any pitfalls or things I should watch out for before then, and after? I've filled out and handed over the env. hazards disclosures, and the standard disclosure forms filled out meticulously... is there anything I'm forgetting to do here or that I should be cautious about that you guys can think of? : : : ======================= : : : Daniel, : : : Only two things I can think of: : : : 1. Sell the property "as is" regardless of how new or fixed up it really is. Will save you from being nit-picked to death when you're just a day or two from closing. : : : 2. Never, never, never agree to arbitration. Agree to mediation all you want, but never ever agree to arbitration. : : -=-==-=-=-=-=-=-=-=-=-=-=- : : Wow.. thanks for the hints. could you explain your reasoning behind the second point? Thought that was really interesting. Any stories etc you can share, for example? : : Thanks again, : : - Daniel : To make a long story short: : Arbitration - The arbitrator (3rd party usually predetermined in the arb clause) acts like a judge and makes a decission which is binding upon the parties, enforced by the courts and appeals are not allowed. : Mediation - The mediator (3rd party) works with both parties to work out the disagreement and gives advice on how to resolve the situation - this is not binding upon the parties. : : Travis Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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