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It’s a tough market out there…..

March 21, 2013

It is a tough market out there.   Both sellers and buyers are advised to take a chill pill.  Sellers are asking for the world and almost your first born child in order to get an offer accepted and then because buyers are paying a very high price, they want repairs to be done and/or credits at the last minute.  

So what is a Seller to do? Be reasonable. That means be open to working with that person who is buying a home.  Think about the home-let’s call it Jo instead of “it.” I think that all of the “Jo’s” in the world have a definite personality.
You have loved Jo, repaired her and lived with her through the good times as well as the bad. Jo has been the holder of many of your life memories. She needs to be transferred with both love and dignity. She needs her new people to be happy and excited going in.

The buyer does not yet appreciate all of Jo’s qualities. The buyer has been on a couple of dates and really likes her.  But then, they do a little bit of investigating into her background and find that she needs a bit of refurbishing. That could include anything from a new haircut (roof) to stitches on an open wound (broken window or failed seals) as well as outdated jewelry (electrical-cover plates, wiring, etc). So the buyer asks the seller for help. After all they are paying through the nose, in their minds, for what now could be called, in their minds, “tarnished goods.”

The honeymoon is over! So get back to basics.  Jo has had some problems but the issue us really about who has control.  Ultimately it is the buyer who can either go through with the wedding or initiate a divorce. As in any negotiation, the two parties want to feel that they are getting the best deal.  The seller wants to not pay for anything and close quickly while the buyer wants the seller to pay for everything and they are willing to wait.

The agents get to work and find out what the seller actually has to do in order for the loan to close.  Then they advise their clients regarding the other parties expectations and try to find a solution with as much ease and little money spent as possible. This can be very emotional with both parties feeling as if the other party is unreasonable. This is the time that e buyer and the seller have to be reminded of their ultimate goal in relation to the incidental monies and ever increasing time spent getting to that goal.

The seller has to recall the reason they are moving as well as the reason they chose this offer over others presented.  The buyer, on the other hand, may be thinking of all the why’s that Jo was the best house for them. For either party, a couple hundred or even a couple thousand dollars will not make much difference in the long run. Keep tempers and emotions in check, remember the past fondly and go forward toward the future.

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