You chose to work with a Coldwell Banker real estate agent to ensure that the home buying or selling process goes as smoothly as possible. However, not all potential issues can be avoided entirely. In a previous blog, I explained the basics of a Liquidated Damages provision in real estate contracts. Today, I will explore another method of conflict reconciliation: Mediation.
Sometimes, issues arise between a home buyer and seller, even long after a contract is finalized and signed. If you find yourself in such a situation, there are options for resolution that do not involve litigation. One such option is mediation.
Mediation is a relatively informal method of resolving disputes. The process includes the involvement of a neutral third party, who facilitates discussion between the disputing parties. Mediation is an effective way to keep issues out of the courts – thus drastically reducing the price tag on resolution. But because this is a cooperative practice, willingness to compromise is necessary. The third party mediator aims to guide the conflicting parties to a mutually agreeable solution to the problem at hand.
For your convenience, Coldwell Banker provides information on the advantages and disadvantages of mediation. As always, do not hesitate to contact me with any other questions you may have!