Tahoe home-selling tips: Working together toward a common goal
November 4, 2016
Residential real estate has a lot of parts. From preparing a property and family for selling and moving, to selecting a neighborhood and home, a lot of work goes into getting ready for action.
Once a property or Buyer is found an offer is made and negotiations ensue. They can range from accepting the offer as submitted to multiple counter offers that test the will of the parties.
Once there is an agreement of the parties it is important that both sides are then working together toward a common goal, the successful closing of the escrow. There may be other items to negotiate along the way as inspection reports, appraisal, etc., are presented.
If there is significance to the information being presented then the parties will need to determine how they will be treated and/or paid for. At this point in the transaction, however, it is not uncommon to find the parties finding very fair common ground to settle on.
Once you are well in to the escrow process something radical has to occur for most parties to walk away. If a new $10,000 roof is required and there is no middle ground to settle on a party may walk from the other items that would normally hold them committed to the transaction. There are several ways to mitigate the roof problem by working together.
The attitude of compliance usually starts with the Agents. Seasoned Agents know that "things happen" in escrows and it is important to work together when they do. Buyers that act out poorly when an unexpected repair item is found during inspections can find themselves wanting when they have an unexpected credit bump, or underwriter request that delays their loan processing and the closing.
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If it delays past the contracted close date they may be in a position of losing the transaction all together, after putting the time and money into the escrow, loan application, inspections and much more. It pays to play nice when you need it reciprocated.
One of the worst experiences you can have is when an Agent starts to grandstand. Often it is to cover lack of knowledge about a matter, but regardless of the cause, it can be exasperating for all concerned. Instead of working for resolution, they are working to get more for their client.
This can lead to them protecting their client to the point of losing the transaction, the transaction that they so much wanted to make. The loss of $500 is usually far less than the overall financial and emotional loss of not getting the sale, or purchase that the client wanted.
Our Advice: Don't let your Agent get in the way of you getting what you want. Sometimes people just can't split an expensive repair with you, or otherwise meet you where you feel they should go during an unexpected complication in an escrow.
You must evaluate, is it worth losing the whole transaction over the item? If it is then so be it. If it isn't, be nice and understanding. Inevitably, that will be rewarded in a variety of ways and greater than the current perception of the value of the problem. Work together and everyone wins.
Most Agents are stellar in working through things together — they do it just about every day. They'll take your circumstances into consideration, the transaction circumstances and work toward the common goal of both parties, the close of escrow.
Working together doesn't mean compromising your position. You should be comfortable, or reasonably uncomfortable, with the results of any mid-escrow agreements that you make in order to keep things moving forward.
Some escrows are smoother than others, but the goal of all of them is to get them closed. Keep your eye on the goal!
Lisa Wetzel & Jim Valentine, CDPE, SFR, work for RE/MAX Realty Affiliates in the Carson Valley. Visit carsonvalleyland.com or call 775-781-5472 for information.
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