It is sad, but true: Every day, real estate transactions fall apart for a number of preventable reasons. By notifying clients of potential risks early on in the buying or selling process, however, it is possible for realtors to greatly decrease the risk of issues arising that can block a real estate transaction from proceeding.
The best realtors inform their clients early on in the process about potential problems as well as how they might best be resolved. The following will review some of the points that it is wise to bring up with property purchasers.
You can Lose Out by Being too Firm on Purchase Price
It is understandable that most property purchasers want to get a good deal. By being too firm on a certain selling price, however, buyers can end up losing out later on. Forcing a seller to the lowest price line possible often means that the seller will not agree to concessions for repairs or money to remedy problems that are discovered during inspection.
By making sure that purchasers understand this at the beginning of the property purchase process, you can avoid the deal falling apart later on because the seller changes his or her mind or refuses to perform repairs following an inspection.
Be Aware of Low-Ball Offers
There are some real estate markets where low-ball offers almost always result in a seller countering with a higher offer. A negotiation then proceeds and the buyer and seller eventually arrive at a reasonable selling price.
In other situations, making a low-ball offer can offend the property seller and cause the seller to walk away altogether. Instead, it is your job as a realtor to help a client arrive at a reasonable offer.
Realtors are Not Experts on All Property Issues
Each year, a countless number of realtors end up in difficult situations because they try to be overly helpful to clients in areas where they lack expertise or knowledge. There is a reason why appraisers, engineers, inspectors, and lawyers are involved in property transactions.
Rather than create the sense in a client that whatever their question is, you are an expert, it is a much better idea to inform your client that if they have any questions, you will help them locate the best expert on the issue possible.
Avoid New House Purchases Until After Closing
Sometimes, people purchase thousands of dollars worth of property for a new house out of excitement over owning the property, before the sale has been finalized. This scenario can end badly for the would-be purchaser if the sale falls through. It is a better idea for buyers to avoid any substantial credit changes or purchases prior to closing. There will be plenty of time after closing to make these purchases.
Speak with an Experienced Property Law Attorney
Purchasing a property has the potential to be a frustrating and overwhelming process, particularly when unexpected challenges arise. If you need the assistance of an experienced property law attorney, do not hesitate to contact Adam Law Group today.