With the declining real estate market, the last thing that a seller wants in the current market is for a deal to fall through. Additionally, some real estate or commercial transactions can be worth millions. When deals start to unravel, real estate mediation may be able to help keep them together. In particular, real estate mediation may be able to help prevent litigation.
When a party agrees to buy a property and the other party agrees to sell it, their interests may be very similar. The buyer may have fallen in love with a property and the seller may appreciate passing on the property to someone who cares about it as much as he or she does. However, there are many instances in which parties may begin to be at odds, such as disagreements over the price or concessions if a property needs repairs. If the parties begin to see themselves as adversaries instead of colleagues in a business deal, they may not complete the deal. However, walking away may not be in their best interest.
Mediation can often provide a much less expensive way to resolve a problem when compared with litigation. Additionally, litigation can take years to finish after going through the discovery process and possible appeals. During this time, the property may be in limbo until the judge or jury reaches a decision about its disposition. Mediation often provides a faster resolution. Additionally, with better communication, the parties may be able to reach a solution that works for both of them.