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Assurance Home Inspection Group, LLC InterNACHI Certified Home Inspections in Northwest Florida. Serving the following counties, Jackson, Bay, Calhoun, Gadsen, Gulf, Holmes, Leon, Liberty, Wakulla, Walton, Washington. Experienced, Certified, Professional. Your complete Home Inspection Service. 850.209.4370 or 850.209.4405
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"No other industry works countless hours for free while expending their own funds on the OFF chance that they might make a sale"
Real estate deals fall through every day for a variety of reasons. Unfortunately, many times these deal-killer scenarios could have been avoided if the real estate agent or broker had just educated their clients as to the process before the first purchase contract was written. Don't be afraid of giving your clients an early education in problems that might be encountered, how they are usually resolved and your role in the process. Negative surprises in the emotionally charged and time-sensitive home purchase process can be avoided in many cases by going through a checklist of instructions to buyers. We don't presume to tell you your business but everyone can use a tip now and again.
Everybody wants a good deal. Working a motivated seller into a bargain purchase price is the goal of most buyers. Explain to your buyers about how this will influence the process in almost every aspect through to closing. Let them know that getting a seller to their rock-bottom price line will generally insure that they will not agree to further concessions for repairs or money to correct inspection problems. As long as you've educated your buyers to this fact, you will hopefully avoid the deal falling through due to seller remorse or inspection correction negotiations.
Slowing markets with increasing inventories sometimes encourage buyers to make really low-ball offers to test sellers motivation. For some markets its not that unusual, and sellers simply come back with a high counter offer to draw the buyer up to a reasonable price. On the other hand, your buyers could pay up if they're not careful about this low-ball approach. With first-time sellers who have cared for and maintained their home for a long while, a very low offer can insult them and pride will force the price up.
When you get the question "What price should I offer for this home?", popping out a number is probably not your best approach. Perhaps you should advise your client via a comparative market analysis of similar recently sold properties in that area. This should yield a range and your client can make an offering based on accurate statistics. If there are other factors that you can legally divulge about seller motivation or recent market changes, be sure to do that and help them to feel comfortable with the price they choose.
Many real estate agents and brokers get into trouble by trying to be helpful to their clients in areas where they lack the prerequisite knowledge. You are probably not an appraiser, engineer, lawyer, or an inspector. Don't take on their tasks and responsibilities believing that you're providing service to your clients. "I don't know" is a valid, truthful response, especially when followed by "but I will help you to find out." You actually augment your value to your client by being honest about your knowledge and helping them to locate the appropriate professional.
Sounds like you're hungry and want to get paid. Many agents, especially new, hungry ones, get burnt out early, showing, showing, hardly ever a sale. If you never learn any sales techniques, learn this one. You want to help your clients find the home of their dreams, and you want to be able to devote the time necessary to turn over every little rock to locate it, to these ends, you would like to execute a buyer representation agreement. Explaining and getting this agreement in writing will help assure you a commission if they do buy.
Many buyers purchase homes at the top end of what they can afford, there isn't much room left in their loan qualification scores. Deals have been lost days before closing because the lender did a final credit check and found several thousand dollars of new appliances had just been purchased on a credit card. Be sure to advise your clients to make no major credit purchases or credit changes in the critical pre-closing phase.
There are many mutually dependent activities involved in a closing. It's not unusual for there to be last minute delays that move a closing a few days further out. Many times this is due to loan documents, appraisal, survey, title and other documents. If any of these are delayed, the closing might be later than expected. It can't always be avoided, no matter how you plan. Try and make sure your client doesn't arrive with their furniture on closing day with no place to live or money to pay storage because they can't move in for days, or horror, weeks.
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Assurance Home Inspection Group, LLC. P.O. Box 471 • Greenwood, Florida 32443 850.209.4370 or 850.209.4405 FAX 850.482.3135
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