There is often quite a bit of drama included in the selling process of a home. Often, just when you think everything is proceeding normally, a curve ball is thrown. As a professional real estate agent for over 20 years, there is a good chance I have seen it all, but it is understandable when a seller calls our office and is panic-stricken when an unexpected emergency pops up. Keep in mind, that 95 percent of the time, problems relating to the sale of your home can be resolved.
So what are some of the issues that can cause a sleepless night for a seller when they can’t get a hold of their real estate agent?
My house hasn’t received a single offer! Only lowball!
Like not being asked to the prom, not getting offers can touch an emotional note for sellers. They don’t understand why buyers don’t love their home as much as they do. Receiving lowball offers though are often downright insulting. Keep in mind, that no offers or lowball offers should not be taken personally. Yes, this is easier said than done, but remember, you are not your house, and when trying to sell your home, buyers are not rejecting you personally, but they are rejecting your sales price. Chances are, your home is overpriced if you have not received a legitimate offer. If your realtor has been begging you to lower your price, then it’s time to take this under serious consideration. Once you drop your price, you will find a whole new set of buyers ready to visit your home. It’s the best way to revive buyer’s interest and put a “sold” sign up on your front yard.
My home appraisal is much lower than I thought!
This is particularly difficult for sellers who have lowered the price of their home. When an appraiser comes in and adds salt to the wound by stating the property is worth even LESS, well, it might be hard not to freak out. But don’t. First of all, you are not alone. This issue happens frequently, especially in a housing market that has declined in recent years. So, first step: take a deep breath. Then it’s time to review the low appraisal with your real estate agent. Remember, appraisers make mistakes, so perhaps there is something that was missed. However, if the appraisal seems accurate, then see what the buyer is requesting and see if the lower price works well with you. You will have to choose whether you want to take the lower price or take your home off the market. This is a choice only you can make. If you need to sell the home and you must take the new price, then suggest selling the home “as is.”
The home inspection came back with major repairs!
If a seller thinks they have a home in very good condition, then it’s always a major shock when an inspector comes back with a report that is not only full of needed repairs, but many of them are expensive. The first thing to do is to sit down with your realtor to carefully go over the inspection report. Your experienced realtor (this is just another reason you want to have a professional, experienced real estate agent on your side) should give you some negotiating solutions to help you when it’s time to work with the buyer. Don’t agree to anything until you get two bids on the major repairs. It’s always a good idea to have an estimate on what the repairs will cost. Also, showing these bids to the buyer may show that the repairs are not as expensive or urgent as needed. This can set the tone for a compromise. Regardless, the options are unlimited: you can do the repairs, some of the repairs, give the buyer a credit, reduce the price of the home or finally, do nothing. It is your decision, but it doesn’t mean the end of the deal.
My buyer’s loan fell through!
We have been seeing this more and more in the past few years. With banks making it a bit more difficult to secure a mortgage, it seems everyone is holding their breath until the approval comes in … or doesn’t. What can be equally frustrating is if your buyer is the only one who has made an offer AND if you are trying to buy a home, which is dependant on your home selling. Yes, this can cause a panic attack. Unless the seller can finance the loan themselves, then unfortunately, the news is not encouraging for this problem as there is no negotiation tactic since a seller depends on the buyer’s lender to seal the deal. So, what you must do is put the home back on the market quickly. Don’t let the momentum stop. If your home purchase is dependent on selling your current home, then try to buy as much time as you can. But really, know that there are some things that are just out of your control when selling a home. This is one of them. A good idea is to have your real estate agent only entertain offers from those that are pre-qualified before you accept any offer. That way, your Windsor property for sale can stay on the market and show while you see if your buyer is able to make an offer.