The Home Sale: Securing the Deal
Ready to close the deal? Maybe not.
Sometimes unforeseeable issues arise just prior to closing the sale. Hopefully, with negotiation, most of
these have a workable solution. Unfortunately, this is not always the case. But don't panic. Another buyer
might still be found who is willing to accept the house as is.
Imagine that your prospective buyers are a couple with young children. They envision your unused attic as the
perfect playroom for the kids but, before closing the deal, they request an inspection to see if it's safe and
also if they will be able to install a skylight to provide natural light to the new space.
This inspection reveals that under the shingles that are in good condition is a roof that will only last another
year or two. The prospective buyers immediately balk, not wanting to incur the time and cost of replacing the
cost of the new roof, they say, is just too much.
At this point, you sit down with the prospective buyers and calmly discuss the situation and how it can be
solved to the benefit of all. First, you agree to get another professional opinion on what really needs to be
done. Inspectors are only human, and are not infallible. Once the extent of the damage is agreed upon, you
can jointly decide what to do about it. While the buyers hadn't planned on that expense, you show them that
instead of a limited roof life that they would get with most existing homes, they'll have a new worry-free roof
that won't cost them in repairs for the next decade or so. Since the roof wasn't in as good shape as you had
thought, you agree to lower the purchase price to help offset the cost of the new roof.
By negotiating calmly and looking at all possibilities, what could have been a "deal breaker" can be turned
into a win-win situation for both the buying and selling parties. In other cases, the most workable agreement
for both parties might be for the deal to be called off. The seller can always find another buyer and the buyer
can always find another home.
To protect yourself against last minute "buyer's remorse," make sure the purchase contract anticipates and
closes as soon as possible.
Ready to close the deal? Maybe not.
Sometimes unforeseeable issues arise just prior to closing the sale. Hopefully, with negotiation, most of
these have a workable solution. Unfortunately, this is not always the case. But don't panic. Another buyer
might still be found who is willing to accept the house as is.
Imagine that your prospective buyers are a couple with young children. They envision your unused attic as the
perfect playroom for the kids but, before closing the deal, they request an inspection to see if it's safe and
also if they will be able to install a skylight to provide natural light to the new space.
This inspection reveals that under the shingles that are in good condition is a roof that will only last another
year or two. The prospective buyers immediately balk, not wanting to incur the time and cost of replacing the
cost of the new roof, they say, is just too much.
At this point, you sit down with the prospective buyers and calmly discuss the situation and how it can be
solved to the benefit of all. First, you agree to get another professional opinion on what really needs to be
done. Inspectors are only human, and are not infallible. Once the extent of the damage is agreed upon, you
can jointly decide what to do about it. While the buyers hadn't planned on that expense, you show them that
instead of a limited roof life that they would get with most existing homes, they'll have a new worry-free roof
that won't cost them in repairs for the next decade or so. Since the roof wasn't in as good shape as you had
thought, you agree to lower the purchase price to help offset the cost of the new roof.
By negotiating calmly and looking at all possibilities, what could have been a "deal breaker" can be turned
into a win-win situation for both the buying and selling parties. In other cases, the most workable agreement
for both parties might be for the deal to be called off. The seller can always find another buyer and the buyer
can always find another home.
To protect yourself against last minute "buyer's remorse," make sure the purchase contract anticipates and
closes as soon as possible.
| "Helping hundreds of people find the home of their dreams." Contact me today! |
Emilie Spencer,
Broker
Broker
