What can go wrong? About a gazillion things, but this is true if you’re
working with a broker, too. A broker is probably more experienced than
you, and may well have confronted and solved your problem on a previous
home sale. If you can stay calm and think under stressful conditions,
you can be your own problem solver without the need for a broker. Plus,
there is no guarantee the broker will get it right.
A longer list of possible problems from real life are for a later
article. I will include a couple here just to help you size up your
willingness to cope on your own.
Problem One
You have a contract with a buyer, but the buyer gets cold feet.
Solution
Be calm, matter of fact, and pleasant. Encourage your buyer to open up
and tell you what’s in the way. “I don’t want you to buy our home if
it’s not right for you, but you seemed to really like the house
(condo/townhouse/whatever), and now you’re not sure you should go
forward. What’s changed? What’s troubling you?”
If they level with you, you have a shot at helping them overcome their
objections and solve their issues. You may even find they’ve
misunderstood something. If so, correct information may be all that’s
needed.
However, if this approach doesn’t work, and the buyer no longer wants
to buy, let them go and move on. As long as the buyer wants to buy and
the seller wants to sell, most problems can be sorted through. If one
of them changes his mind, it’s over. (You can probably sue for
“specific performance” under the contract, but do you really want your
property off the market while you deal with that?)
Problem Two
Your buyer has made an inspection by a home inspection firm a
contingency of the contract. The home inspector comes up with a laundry
list of items to be repaired or replaced. Your buyer requests that they
all be done prior to settlement.
Solution
Don’t let your ego get in the way. It’s not personal. It’s real estate,
and big bucks are involved. Take a deep breath. Go over the list. How
much money is really needed to make the repairs? Can you do any of it
yourself? Call a plumber, carpenter, roofer, electrician, or whatever
trades you need and get a ballpark idea. If the result looks
reasonable, get closer estimates and agree to have the work done.
If it’s too expensive, explain to the buyer that the price of the home
takes into account the condition. If the repairs are too expensive, can
you and the buyer agree to “split the difference?” That is, can you do
some items on the list and not do others because (you will explain to
your buyer) the home was priced accordingly, but you are willing to
compromise if he is.
If the repairs are too time consuming (the trades can’t take care of it
before scheduled settlement), you are going to have to give it some
thought. Can you agree to provide a sum of money to the buyer at
settlement with which he can have the repairs made?
The key to coming up with solutions to the particular problem is to
stay calm and thoughtful. The buyer is not your enemy. With any luck
you can work out a win/win solution.
