Nov. 12, 2015
by Teresa Larson, Village Real Estate, Murray, Utah
20+ years real estate experience
If you own your home that you need to sell prior to purchasing a new home you are considered part of the move up market. There is a lot that has to happen for you to successfully get your new home. A real estate agent can help you get through it all successfully.
When you find a buyer that has offered you what you want for your home you need to treat that buyer with utmost respect! Of course the buyer on your home needs to be realistic too. Sometimes it is easy to let your emotions get in the way of a successful transaction.
If you are a move up buyer you may very well be dealing with a first time buyer on the sell of your home. There have been reports recently that home ownership is at an all time low. It is true statistics show that people are waiting longer to buy their first home. Some opting to live comfortably with their parents while they save money for a down payment.
First time buyers need to be treated with consideration. Home ownership is a big consideration for them. They are nervous and need to feel like things are going in their favor. Buying the new home is depleting their savings and possibly even cramping their style a bit. Usually the amount some one puts out for rent is less than the new house payment. With this raise in monthly housing expenditure a first time buyer can be on edge. Most buyer want their new home to be in good condition.
During a real estate transaction you have some important dead lines to meet. Some things are beyond everyone’s control who are involved in the transaction. Some of these things would be the inspection report and it’s findings and the other is the appraisal report. These are things that usually have to be worked out more as you get into the transaction.
Deadlines are important. It helps to have a good real estate agent working for you to keep on top of this. You have a due diligence deadline and an appraisal and financing deadline. Sellers should consider doing some things additional if the buyer asks for this during the due diligence period. The seller has to decide if they will be upset later if the buyer walks away because they refuse to do some minor fix up. It is very likely that another buyer will come up with things if not the same things also.
Buyers and sellers should work together on appraisal problems which do happen in all kinds of markets. If the home appraises for less and the seller is paying points maybe the seller will not want to pay points any more. Maybe the buyer and seller could meet in the middle? Consider that the buyer has already put out close to $1,000 in the process of paying for an inspector and an appraiser to buy the home. That says a lot! A bank wont lend more than the home appraises for and most buyers will not pay more than it appraises for.
Buyers and sellers need to think logically and keep their emotions out of it. The process can become frustrating for both parties. With understanding from all the parties concerned many buyers and sellers have successful transactions.
©Teresa O Larson PC, 2015