HAPPY SALES TO YOU

When one party sells a home to another party, the process of coming together on price and terms can be emotional. We Realtors see and hear much of those feelings some of which can be uncomfortable, but most of which are understandable and can be short lived. Communication and expectations between the parties must be clear, reasonable and respectful.
In a sellers’ market where there are few properties from which to choose and a surplus of buyers looking for homes, the seller generally has more control over the price and terms because of the supply and demand. When several buyers are competing for that one property available on Maple Street, as long as the asking price is not over the bank’s financing guidelines, the seller can get “over asking” for the home in what we call a “bidding war”. Moreover, the seller is not likely to see any additional demands such as “leave the dining room set, Waterford chandelier, and the Lexus as gifts when you move out”.
In contrast, in a buyers’ market where there are many more properties than there are buyers, the dynamic shifts especially if the property is overpriced. In this buyers’ market it’s critical that all parties embrace the basic tenants of fairness and respect when engaging in the process of the transfer of home ownership from one to the other. Stubbornness, insensitivity and inflated egos can squash a deal in a heartbeat, so if you really want to BLOW the opportunity to own the home of your dreams, here’s how to do it:
Convince yourself that “The seller is desperate, so I’m going to LOW BALL my offer.” While there are some circumstances where sellers are not in a position to remain on the market until a reasonable offer comes along, they are few and far apart even in a strong buyers’ market. Sellers have been paying attention to the market and their asking prices now reflect that intelligence. While there is value to working with the buyer you have, there is little to no value to working with a buyer whose “LOW BALL” offer is unreasonable and evokes feelings from a seller who will remember the buyer’s name should the buyer “try his luck” again.
“Offer a fair price, but PLAN to RENEGOTIATE the price after your home inspection.” Once an agreement has been reached, every buyer should have a home inspection. A home inspection should be done by a competent professional of the buyer’s choice for the purpose of allowing the buyer to obtain information about the property so that he may learn among other things, if there are problems that were not known at the time of the agreement that substantially impact the value of the home. The deliberate practice of using the inspection clause in the agreement to come back for a second bite of the apple for issues that do not impact the value of the home is both unfair and antagonizing to the seller. Just when the buyer thinks he’s got the seller “over a barrel”, the seller often will direct his Realtor to “Give the buyer back his deposit. I do not want to deal with him again”.
“Ask for many items such as furniture, fixtures, appliances whether you want them or not to create ‘bargaining chips’”.
Let’s just hope the noises stop in your head in time.

The very best closings I attend happen when buyers and sellers have shown each other the mutual respect and understanding they deserve throughout the process. Many times good friendships have developed that last years between folks who came together over the most valuable asset in their lives. What more could one have in common with another but to love the other’s home? Be good to each other and “happy sales to you.”