Keeping Real Estate Sales on Track
The slick, entertaining formats of HGTV’s many buying and selling programs makes for great entertainment – but, as anyone who has ever actually bought or sold a house knows, they tend to leave some key information on the cutting room floor. Sure, real estate sales in can in fact involve elements of creativity, presentation, personality, all of which make for interesting television viewing. But in real reality, successful real estate sales are largely based on contracts, disclosures, inspections, contingencies, and time. They may be less telegenic, but can be dramatic, especially when you’ve done everything in your power to make sure that a deal works out smoothly, only to be faced with last minute surprises that threaten to prevent you from closing (or cost you a bundle!).
Here are some of the major issues that can impede real estate sales—and how to prevent them from happening:
Not Weighing the Comps
When you are in the process of making a major decision, it’s natural to seek the opinions of the people who are closest to you. When it comes to real estate sales, however, personal opinions from well-intentioned non-professionals can create distractions that wind up doing more harm than good. In the realm of contracts and negotiations, it’s important to give weight to the opinions of experienced real estate pros. They know how to provide unbiased guidance based on comps and statistics rather than emotion.
Whether you are selling or buying, it’s essential to get any agreements about repairs or updates in writing. Parties will often discuss repairs or credits and assume that a verbal agreement will suffice. Not true. Not only can a repair come back to haunt you later, but certain repairs left uncompleted can delay the close of escrow.
Last Minute Changes
Whether it’s taking out a loan on a new car or holding one final goodbye party at the house, last minute actions by buyers and sellers have an uncanny ability to hold up a deal. When you are in contract for a property, keep your eye on the prize: if you’re the seller, don’t do anything that increases the risk of damage to the house. If you’re the buyer, don’t make sudden changes in your financial life until you are the legal owner of that property.
Buying and selling property is more intricate than a 30-minute TV show, but the end of the episode should feature the same broad smiles and satisfied handshakes—particularly if you don’t let an innocent move derail the purchase. Real estate sales in are my business; call me anytime!
Ann Motz, Broker
Ann Motz Realtors