Here is the single biggest caveat for sellers in today’s real estate market:
Not all buyers are the same.
“Buyers are liars,” says the old adage. That’s mean and it really isn’t fair. Most home buyers are honest people navigating a complex and intimidating marketplace.
If buyers do have a primary fault it’s that they are dreamers. People naturally want more than they can afford and don’t always know their budget before shopping. Maybe that’s why home buyers are notorious for unwittingly misinforming sellers regarding their level of purchasing power. This can pose a serious problem in the real estate market, a place where productive negotiations are dependent on both parties making large financial commitments.
The lesson here? Only show your home to pre-approved buyers. Your real estate agent will know how to legally and tactfully make sure that anyone viewing your home truly has the ability to purchase it.
Which brings up a second and equally important lesson: Sellers should work with an experienced and knowledgeable Realtor. The buyers interested in your home likely have an agent working on their behalf and so should you. Trying the whole For Sale by Owner (FSBO) thing may seem appealing since it negates at least some of the commission cost, but consider the other costs and stressors involved in going it alone like:
If you need a referral for a fantastic Realtor in your area, the Loan Team at Ruoff can connect you with someone. Ruoff’s home loan professionals work with the best agents in their respective markets and can help you find the agent who is best-suited to market your property.
In summary, make sure qualified professionals stay involved during all steps of your home sale…A Realtor for you and a Loan Officer for your prospective buyer.
Underwriting! How’s that for a big, portentous word that may or may not mean what you think? If you’re still in the dark on this one, don’t fret. This blog ...
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