Real estate transactions can fall apart for a number of reasons, but I have noticed three in particular that cause deals to fail in today’s market.
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Whether you are buying or selling a home, you may end up in a real estate transaction that falls apart. Why do some real estate deals fall through?
There are many factors that go into a real estate deal, but there are three main reasons why a transaction could fail:
1. You ask for too much on the inspection report. Since we have low inventory right now, sellers often end up with multiple offers. As a result, they are not going to fix every single item on the inspection report. If you are buying a home, focus on the major issues in the home rather than requesting a bunch of cosmetic fixes. If you ask the seller to take care of everything on the list, they will simply move on to one of the other six offers they have on their home.
2. Your real estate agent gets emotionally involved. Unfortunately, there are a lot of agents out there who let their emotions interfere with your transaction. As real estate agents, our job is to represent our clients’ needs and interests. Sometimes agents feel as if they are the ones buying the property and end up taking everything personally, which can cause your deal to fall through.
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Focus on major issues in the inspection report instead of cosmetic fixes.
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3. Bad negotiation tactics. In today’s market, if you offer $250,000 on a house that is worth $300,000, you could really insult the seller. Our job as real estate agents is to get you the best deal, but we are also here to educate you. That way, you can offer a fair price, avoid angering the seller, and get a deal done. If you insult the seller at the beginning, you’re in for a difficult battle during the negotiations.
Fortunately, a professional real estate agent can help you avoid any of these problems. If you have any other questions about buying or selling a home, just give me a call or send me an email. I would be happy to help you!
