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The Top 3 Reasons Why a Transaction Fails
Manage episode 172013150 series 1293147
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Why do some real estate transactions fall apart? There are many factors in the real estate process, but there are three main ones that cause transactions to fail.
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Sometimes, real estate transactions can fall apart. It’s unfortunate, but it happens.
One of the biggest things you have to understand is that your agent’s job is to make the process as seamless as possible. When nothing goes wrong, that is when the agent has done their job for you. After all, the best way to prevent any obstacle is to get in front of it.
That said, there are three common reasons why real estate deals fail:
1. The home inspection. Sometimes, buyers look at the inspection and ask the seller to make thousands of repairs, which is not a good strategy. Instead, make sure that major items like the roof or HVAC system get taken care of. Smaller, cosmetic issues don’t need to be fixed by the seller.
Don’t get emotionally involved in the negotiation process.
2. Real estate agents. Too often, I see real estate agents become emotionally involved and get in the way of their clients' best interest. It’s important to hire the right agent to take care of your needs.
3. Negotiations. I have seen buyers send in lowball offers many times. If you are selling a home for $1 million and the buyer sends in an offer that’s $60,000 below market value, it’s easy to get upset. As your fiduciary, I recommend that you make a counteroffer. It’s easy to get offended and dismiss an offer, but you never know what will happen. I want to get you the highest profit so that you can get the greatest return from the value of your house. Let me be your third-party negotiator; whether you are buying or selling, don’t get emotionally involved during negotiations.
If you want to have a successful real estate transaction, it’s important to be aware of these mistakes so that you can avoid them. If you have any other questions about buying or selling a home, just give me a call or send me an email. I would be happy to help you!
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