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| Plano Real Estate |
1.
Great
Price and Seller Concessions?
Everybody wants to make a good deal on Plano real estate,
and working a motivated seller into a great purchase price is the goal of most
buyers. Be sure to talk to your buyers about how this will influence the
process in almost every aspect through the entire closing process. Let them know that getting a seller to accept
their low ball price will generally insure that they will not agree to further
concessions for repairs, etc. As long as you have educated your buyers to this
fact, you will hopefully avoid the deal falling through due to seller remorse
or inspection correction issues.
2. A Really Low Ball Offer May Backfire on You
A slow DFW
real estate market with high inventory may encourage buyers to make low ball
offers to check the sellers motivation level. Sometimes this is not that
unusual, and sellers simply come back with a high counter offer to draw the
buyer up to a reasonable price. However,
with first time sellers who've cared for and loved their home for many years, a
very low offer can offend them and they will outright reject the offer and
refuse to negotiate with these buyers.
3. Do a Comparative Market Analysis for Validate
Your Offer
When Dallas Realtors get the
question "What price should I offer for this home?". You should
advise your client via a comprehensive market analysis (CMA) of similar
recently sold properties in that area.
This should give a range and your buyer can then choose an offering price based
on accurate market statistics. If there are other factors that you can legally
divulge to your client about seller motivation or recent market changes,
definitely do that and help them to feel comfortable with the price they decide
on.
4. I'm Not an Expert, But I'll Help You to Find
One
Too many real estate agents get into trouble by trying to
be helpful to their clients in areas that they shouldn't be. You're not an
inspector, appraiser, engineer or lawyer. Don't try to take on their tasks and
responsibilities believing that you're providing service to your clients.
"I don't know" is a valid response, especially when followed with
"but I'll help you to find out." You actually enhance your value to
the client by being honest about your knowledge and helping them to locate the
appropriate competent professional to answer their questions.
5. Real Estate Sales is How I Make My Living
This will lead to the assumption that you want to get
paid. I see too many agents, particularly newer ones, get burned out early in
the game showing a great numbers of homes to a buyer who calls one day to say
they called on a sign and purchased a home with another agent. You want to help them to find the home of
their dreams, and to devote the time necessary to turn over every rock to find
it, you would like to execute a buyer representation agreement. Explaining and
getting this agreement in writing will help to assure you a commission if they
do buy a home.
6. Don't Buy Anything Until After Closing
With many of today's buyers purchasing homes at the
higher end of what they can afford, there isn't much room left in their loan qualifying
ratios. Closings have fallen apart days before closing because the lender did an
updated credit check and charges for new furniture or appliances on the purchasers
on a credit card. Always advise your
buyers to make no significant credit changes or purchases in this critical pre-closing
phase.
7. Sometimes Stuff Just Happens
There are so many different aspects involved in a real
estate transaction and closing, so it's not unusual for there to be last minute
changes and delays that move a closing a few days farther back. Many times this
is due to loan documents, as the lender wants to see the appraisal, survey,
title and other documents first. If any of these are delayed, then the closing
might be later than expected. Though it can't always be avoided, try to be sure
that your client doesn't arrive with their furniture on a moving truck on
closing day with no place to live or money to pay the movers for van storage
because they can't move in for three days.
