Like in any sales industry, real estate deals can fall apart. There are three common reasons why a real estate transaction might fail too:
- You get a bad home inspection. The buyer may look at the home inspection report and ask the seller to make dozens of repairs, which is not always the best strategy. I recommend that you look for issues with big-ticket items, like the roof, HVAC system, electrical, or plumbing. Focus on those major issues rather than worrying about a ding on the wall or a stain in the carpet.
- The real estate agent might get in the way. This one is the most concerning. Sometimes, I see real estate agents get emotionally involved in the transaction. During the negotiations, they may make things more about their own best interests rather than the client’s. That’s why it’s so important for buyers and sellers to hire the right real estate agent. Make sure that your agent will keep your best interests in mind while negotiating.
- Negotiations get off to a bad start or simply don’t come together. Remember, every offer is an opportunity. Don’t worry about where the offers begin; it’s all about where they end up. You can take any offer and negotiate for the best deal. If you are selling a home, don’t get offended by lowball offers. Instead, look at them as opportunities to negotiate for the best deal. Ultimately, that is your agent’s responsibility.
Although there are many reasons a transaction might fall apart, these three are the most common. The best thing you can do is hire a real estate agent who knows how to navigate these problems. If you have any questions, please don’t hesitate to reach out to me. I look forward to hearing from you!