Last week, we turned our attention to the inspection process and how it commonly leads to a breakdown in the real estate transaction. This week, I wanted to dive a little deeper into this topic and specifically, address common scenarios & pitfalls that should be avoided.
DON'T BE THESE GUYS
Blinded by Love: Sometimes buyers fall in love with a home because it’s charming, or it’s in the perfect subdivision where they have dreamed of living, or maybe it’s just so much newer than the house from which they are moving. They literally have heart eyes for the house! But falling in love with the wrong house can be a lot like falling in love with the wrong person. When the inspection invariably later points out its numerous flaws, the fall from heaven is swift and jarring. By all means, fall in love with the house! But accept it for what it likely is: Imperfect, and in frequent need of attention.
The Do-It-Yourselfer: “Newly remodeled kitchen,” and “updated bath” sound positively enchanting as a marketing strategy, and will no doubt attract a buyer. But if an inspection later reveals shoddy workmanship, then buyer disillusionment is not far behind. No one is suggesting sellers have to pay a fortune to ready their home for sale, but any labor done should be performed by an experienced professional or someone familiar with that type of work.
The Unyielding Buyer/Seller: While the buyers & sellers involved in the real estate transaction may very well all be “good folks,” the negotiating process itself can naturally place these parties in adversarial roles. Buyers often adopt the position that everything on the inspection report needs to be fixed before they will proceed to close; on the other hand, sellers often adopt the opposite position, say they will fix nothing, and appear insulted that the buyer even asked.
The key point to remember is that all parties need to be reasonable. Emotions--including fear!--run high on both sides of the transaction. Cooler heads always prevail.