Buyers and Sellers
Smith Lake Property Transacting
Is Now Considered A “Team Sport”
Have you ever wondered about the circumstances surrounding the recent sale of a neighboring Smith Lake house? What factors caused this house to sell while other comparable homes in the immediate area continue to languish on the market? Was there some sort of perk offered to stimulate the sale?
In this case, the house, while competitively priced, was not offered below market. Although the house contained numerous bells and whistles, on a comparative basis, the accoutrements were considered to be within the norm.
Considering the current conditions that exist with today’s real estate market, those attempting to successfully transact the sale of Smith Lake property, will need every participant to play “team sports”.
In the next few lines we will share with you how playing team sports can turn a real estate purchase offer, possibly heading for implosion, into a closed transaction. A prospective buyer asks the seller to investigate a “smell” emanating from the basement area, which in the buyer’s mind, has permeated the entire house. The seller hires a qualified firm to rectify the situation. In this case the seller understands that left unattended, the buyer’s objection, could become a potential deal breaker. A few hundred dollars is a minimal investment when compared to the loss of a sale.
Let’s briefly review this example, the buyer has written a sales contract with a contingency to address the “smell” issue. The seller invests a small sum of money to identify the source of what is objectionable to the buyer. The seller, by his actions, has demonstrated to be upfront, trustworthy and willing to contribute in order to facilitate a successful transfer of his Smith Lake property. To the end, the buyer was reassured by the actions of the seller. In this example both participants worked as a team.
When mortgage lenders, appraisers, home inspectors, realtors, closing attorneys, buyers and sellers all work together as a team, the process, while sometimes cumbersome, will work as intended.
If you are a prospective buyer, prepare yourself for negotiation. In most cases, the seller will expect it. If you are a seller, consider what will be necessary on your part, to accommodate a buyer’s reasonable requests. Today’s Smith Lake property market is unlike any that we have seen in recent decades. Make sure your interaction with other team players serves to achieve a satisfactory end result. As a buyer or seller, consider yourself a “co-captain”. With the new mortgage regulations, flood insurance requirements and appraisal practices in place, the responsibility for initiating fulfillment of these items falls on the shoulders of the “co-captains”. Go team!