Selling a home can resemble riding a roller coaster. There is the starting point of filling out paperwork, deciding on a price, taking pictures, and figuring out a listing date. Then there are the highs of receiving an offer and negotiating the contract. But sometimes the lows come flying in when the contract doesn’t come together. Sort of like riding a plane with a bit of turbulence followed by a safe landing.
Emotions can run the gamut when we are negotiating a contract. Sometimes buyers are left with the feeling of not wanting to make a mistake but also not trusting their agent to understand which road to take. It’s at these times when buyers can become “stuck.”
Whether or not a buyer is stuck, decision making is not easy. If the final price they will accept for their home or the ensuing repairs is a concern, it’s always a good idea to ask your real estate agent the consequences of not moving forward.
Recently, a seller client became stuck. He had received a cash offer, not asking for anything other than a home warranty plan that would probably cost $550 and a quick closing. The buyer was even willing to pay transfer fees and capitol assessments! And yet the seller stopped cold in the negotiation process and stalled at a specific price, higher than the final offer by the buyer.
My advice and sales comparisons were ignored and the contract fell apart. We are now waiting for showings to re-start and hopefully another offer will surface soon. If we receive a financed offer, there will be appraisal contingencies and the buyer has to complete the financing process. There are more ways a financed offer will fall apart versus a cash offer. Even this advice was ignored.
If you can’t trust your agent to be your advocate, then you are working with the wrong agent. Interview your agent and ask what they would do in the above situation. Sound reasoning and advice should be the answer. Too little too late, we don’t have any showings planned and he is now back pedaling wishing he had listened to my advice.
By Jan Green