Call 913-908-2453 or email
me if
you would like professional representation in purchasing your next home.
Whether you made a conscious decision to
purchase a home For Sale By Owner, or happened to find the home of your dreams
through a FSBO, you should weigh the financial and emotional risks associated
with dealing directly with a FSBO.
First and primary: Do you know what constitutes
a valid contract? Are you absolutely certain the seller knows? Where will you
obtain current, legally approved, valid residential real estate sale documents
for your State? Laws vary from State to State and legal contracts undergo
frequent revisions. Real estate documents are lengthy and filled with language
difficult to comprehend. Waiting until the highly emotional period of
contract negotiation (perhaps in the presence of multiple offers) could mean
you may not have the time or inclination to thoroughly review a lengthy sales
contract. You may not have the time to consult with an attorney either! Take
some time before you begin looking at homes to obtain and familiarize yourself
with current real estate documents in your State. If you don't understand the
contract in its entirety, consult with a real estate attorney. (Don't depend on
or trust the seller to "take care of everything" or advise you.)
A real estate transaction often starts out
well, with both parties believing they understand the terms and conditions
agreed to. Buyer and seller may even feel an affinity towards one another, but
that can change quickly. A house isn't just a house, it's been
"home" to the seller. That alone implies emotional ties. The seller
may not be thrilled about the move and conflict among family members over the
move may also create tension in your dealings with the seller. Realize that
even in the best situation you are in conflict with the seller. What do I mean?
Well, you (the buyer) want to purchase at the lowest price possible in terms
favorable to the you. The seller wants to sell at the highest price possible in
terms favorable to the him/her. Both buyer and seller are looking out for their
own best interests and those interests conflict with one another. Add emotions
into the mix and the whole tone of the transaction can change in a heartbeat.
One of the most sensitive parts of a real
estate sale is the inspection period. There are several ways that inspections
can complicate the process. While not
comprehensive, they include:
·
inspections
are not completed within the prescribed time frame in the contract
·
the
inspection reveals serious issues that are costly to address
·
the
credentials of the inspector may be called into question
·
the
seller refuses any or all of the requested repairs or to make financial
concessions for the buyer to correct after closing
·
parties
are unable to reach an agreement during the prescribed time frame in the
contract, voiding the agreement
·
agreed-upon
repairs are not completed
Get the idea? The inspection can reveal
multiple issues so it's important to recognize and differentiate between a
serious issue and a minor issue and then weigh appropriately items worthy of
negotiating. Upon making that determination, it takes skillful negotiation
and tact to present these to the seller and obtain agreement. Consider also: if you are working
directly with the seller, your access to the house for inspections and the
appraisal is dependent entirely upon the seller's availability and cooperation.
In spite of all this, inspections are a great idea. Why? Homes are not
self-maintaining. If maintenance has been deferred, the home will have varying
degrees of deterioration or neglect. It's in the buyer's best interest to know
of any issues before closing.
Employing the right timing for various aspects
to the sale may be a factor few buyers consider. For instance, a buyer may
think it best to order an appraisal right away - as soon as the contract is
signed. Since the inspection period can be one of the "make or break"
parts of the sale, it's generally best to wait until the inspection period is
over before ordering the appraisal. An exception would be when there is too
little time between the effective date of the contract and the closing
date.
Any of the situations described above can be
serious enough to cause the sale to fall apart. Many things can trigger
collapse of the sale and both buyer and seller can experience financial and
emotional losses when a sale falls apart.
While there's never a guarantee of a
trouble-free transaction in transferring real estate, a professional real
estate agent has the knowledge and experience to help buyers (and sellers)
navigate through the process and come out of difficult situations with a happy
result for both buyer and seller. Take advantage of my experience and
professionalism to represent and advise you in your real estate purchase.
Call 913-908-2453 or email
me if
you would like professional representation in purchasing your next home..
Find out what your home in the Greater Kansas
City area, including Johnson County, KS is worth on
my website.
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