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Priceton Area Real Estate– 5 Tips For a Successful Sale.

Good deal This is a true story and the lessons are important for Buyers and Sellers. It all started when the Buyer agreed to a condition in the contract, regretted it later and tried to get out of the contract. As the back and forth went on between the parties the good will and excitement were replaced with negativity and mistrust.

Through it all the agents on both sides were performing miracles trying to keep the clients focused on the end goal. After many delays the deal was moving to closing. However there was one more thing the buyer wanted. The home inspector suggested that a HVAC expert examine the furnace. The buyers insisted that they hire this inspector since they did not trust the Seller. The Seller agreed on the condition that only the agents be present at this inspection because he did not trust the Buyers.

At the day of the inspection, the Buyers come on to the property, having previously agreed not to. The infuriated Seller cancels the contract. Both parties lose money and three months of the summer selling period and the opportunity to sell and buy. Broken Contract

What should the Sellers and Buyers learn from this story?

Know the Contract

Understand the contract and all the implications of what you are committing to. Understand the precise meaning of words. If it says “ documentation”, specify what kind of documentation. You may not be able to go back and make changes after the lawyers approve the contract.

Act in good faith. Do not try to get out of the commitments made by parsing the words in the contract. It undermines the trust between the parties and creates problems along the way.

Understand the Inspection provisions - how many inspections and what kind, who will perform them, what would be the follow-up procedures,etc.

Use agents as intermediaries and trust their advice and opinions –that’s what you are paying them for. The agents can separate the emotion from the reality and help parties focus on their end objectives.

The property belongs to the Seller until the end of closing. Buyers should understand this and not come to the property without the Seller’s permission. It is against the law.

House For Sale

If you have any questions regarding buying or selling your home in Princeton, NJ area, please call Faina Sechzer at 609-553-4175.

Posted by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert on 09/23/2007 11:15 PM

Comments (15)

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15 Comments on Priceton Area Real Estate– 5 Tips For a Successful Sale.

I am so sorry that this happened to you. I once had a buyer (not my client) go through a window on the house that was under contract (my seller). Boy, was it a mess!

09/23/2007 11:21 PM

by Sheri Sanders -Easley,SC Real Estate (Prudential C Dan Joyner Co)

Oh my goodness, I can not believe that this happen to you guys. I hope that I do not have these problems arise, but from the sounds of it I guess it is not uncommon. Thanks for your great post.

Nicole Garner-Portland Metro Oregon
503-840-8048

09/23/2007 11:32 PM

by Nicole Garner (Not Available)

Faina, very well written ... I think you pegged the issue when you described the sellers not trusting the buyers and then the buyers attend the inspection anyway. Real estate is both an emotional and a financial transaction. Sounds like the personalities weren't a fit. The deal probably would have fallen apart sooner were not the agents working hard to keep it on track.

It's very important to remind clients what the end-goal is, the long term objective. Well done!

09/23/2007 11:34 PM

by Andrew J. Lenza (ABR*GRI*MBA) Monmouth County NJ Real Estate Broker (Andrew J. Lenza Realty)

Sheri, Nicole - when we think we have seen it all... We need to continue to educate our clients, so they get to their goal.

Andrew - you are so right. It's when the emotional, especial negative emotional overtakes the rational - the difficulties get harder to solve.

Thanks for your comment.

09/23/2007 11:46 PM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

Terrible, where did the mistrust come in ? Too bad for all the parties.

09/24/2007 05:52 AM

by Missy Caulk Ann Arbor Real Estate (Keller Williams Ann Arbor, Michigan)

I'm sure there's a lot more to the story, but, really, as a buyer that pays for an inspection, wouldn't you expect to be present? It's not like that is an unusual procedure. Would it be out of line to ask what the 'regretted' condition entailed?

09/24/2007 06:23 AM

by Robert Smith (Preview Properties)

Missy -very true.

Robert - it is long story. It's not neccessarily obvious thet the buyers can be at this inspection, since it was above and beyond the regular inspection. Had there been positive attitude from both parties it should have not been a problem.

09/24/2007 09:51 AM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

Missy -very true.

09/24/2007 09:51 AM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

FAINA: It's funny how buyers and sellers take ownership on stuff that's NOT theirs and drop ownership and stuff that IS theirs. Looks like everyone loses on this deal. What a shame! Hugs darlin!

09/24/2007 01:44 PM

by Shannon Lefevre Naples, Florida CRS (John R. Wood REALTORS Inc.)

Faina: Interesting story. I haven't heard of a buyer not being allowed on a seller's property for inspections. It is quite the contrary in other states. I always encourage the buyer to be there to ask questions etc. and have never had a seller oppose this.

09/25/2007 02:02 PM

by Lake Norman Real Estate ~ Diane Aurit (RE/MAX at the Lake)

Diane - this was the 2nd inspection that the buyer requested after the Original inspection. They were obviously present at the first inspection. The second inspection was many weeks later and allowed by the seller as a courtesy, but on the condition that the buyer not attend. They obviously would have gotten the report and could have discussed the findings with the inspector. This was my first experience with this issue, so I thought others may want to know.

09/25/2007 02:15 PM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

Act in Good Faith. That's great advice. So many problems show up when people think only of their own needs instead of keeping their word. I'm sorry for all parties...sounds like you did your absolute best. Thanks for sharing!

09/25/2007 03:13 PM

by Hemet Home Loan Guy, Joey Aszterbaum (Patrion Mortgage)

Joey -I agree, Good Faith -that's probably the long and the short of this story. At the end of the day, so many problems happen in our field because the trust was undermined.

09/25/2007 04:53 PM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

Faina- You give some great advise to your sellers and prospects in your area. They are wise to choose you as their real estate agent for all their real estate needs. Katerina

10/08/2007 10:19 AM

by Nestor & Katerina Gasset, Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.)

Katerina - there is so much real estate advice everywhere you look -everyone is now an expert. I try to make it current, relevant and personal. After everything is said and done, people buy/sell their homes using the agent they like.

10/08/2007 02:20 PM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)