What is a Deal Killer in Real Estate?
The hard part is getting under contract. The harder part is going through inspections, appraisals, underwriting, and general due diligence. The hardest part for buyers and sellers are keeping your emotions together and trying to find common ground to make it to the closing table. Here are the top 5 deal killers in real estate.
1- Emotions Instead of Logic
Whether you are the buyer or seller…..the house is under contract. Buying or selling a home “is” an emotional process. It is important to keep it together. Be sure to make decisions logically versus frustration or pride.
2- Poor Communication Between Agent and Client
A good agent listens. There is so much more than just sticking a sign in the yard. We, as agents have to understand not only the process, but also the emotional roller coaster that comes with selling or buying a house. A good client also listens. There is an old saying with most professions that goes “we don’t get paid for what we do, we get paid for what we know”. Communication between the agent and client are paramount. If your agent is not responding to you; you have a problem. Likewise, if the client will not respond and communicate; same problem. If communication breaks down, trust breaks down. Collaboration wins every time.
3- Unrealistic Expectations
There are many things that can happen in a transaction that may not go your way. We have to work together to find the path to closing. Price, repairs, concessions, timelines….it should all be reasonably discussed. When expectations don’t match reality the deal hits a wall.
4- Major Inspection Surprises
Sellers don’t like surprises. Buyers don’t like projects. If your home is older a pre-inspection may be best to avoid surprises. If you have had work on your home recently whether it be an HVAC repair, a roofing repair, or just simply painting the home and you have warranties for all; keep and disclose the receipts. Transparancy and documentation saves deals.
5- Slow Response Times
Even if you are holding a grudge that you as a seller or the buyer didn’t get the price you wanted; don’t hold the deal hostage by not responding or making requests in a timely manner. Moreover, if you made an offer and there is some back and forth even before getting under contract, respond in a reasonable time. There are other buyers out there and also more inventory. Fast responses are indicative of smooth closings.
