“At The Mercy Of The Market” was mentioned briefly in our July 1st post, Sellers – Fight In Your Own Weight Class.
In it we identified the “market” as simply the competition. But what or who is the competition? In our terms, it is anybody or anything that can get in the way of a sale! Any of these can present obstacles to closing.
- Other homes on the market, and even those not on the market. It happens, although not frequently, that buyers and/or their agents knock on doors when inventory is low to ask if the owner is interested in selling.
- Buyer simply changes their mind during Due Diligence Period.
- Buyer’s agent redirects their attention.
- Buyer’s home inspection report reveals significant issues.
- Buyer’s lender appraisal does not support the contract value.
- Buyer’s financing pre-approval letter issued in error.
- Buyer’s financing conditions change prior to closing.
- Neighbors with an ill kept yard or deferred maintenance, or the casual over-the-fence conversation; e.g., “Oh, you’re interested in the ‘sinking’ house on the corner”.
- Insurance CLUE Reports, State Sex Offender Registry, Police Crime Reports.
Two additional parties who may not initially come to mind as a possible detriment to the sale:
- Listing agent who is supposed to be on the side of the seller as an advocate, cheerleader, partner and salesperson. Too often the hiring is based on personalty with little to no energy given to a formal interview process. In other instances, just like in any business situation, the candidate who initially seemed to be the right choice turns out to be the wrong person for the job.
- The seller who has an unrealistic market value expectation, negative emotional response to a particular buyer’s behavior or negotiation style/tactics, or succumbs to what we call “seller fatigue” and just gives up on maintaining the property, making the house available for showings, etc, after suffering through many weeks on the market with dismal results.
MGR prepares the seller and positions the property in advance of launching a house on the market, and that includes considering offensive and defensive measures or tactics to counter issues that can jeopardize the sale. The quality of our CARE (conversations about real estate) is a significant asset contributing to our success in getting clients to the finish line with more money in less time.