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Prep your buyer for the "parental review and approval"!

By
Real Estate Broker/Owner with Crescent Realty, Inc. Spanaway, WA.

I'm not really sure why some buyers want some one who is not a part of the purchase of their home to give an endorsement as a condition of buying.

With parents, it may be because mom and dad are loaning them the down payment, or it could simply be that they want reinforcement from the family that they made a "good choice".

When it comes to siblings or friends, their endorsement may almost be impossible to acquire  - simply because of ego or because they believe that it's their job to "get you a better deal."

I"ve learned that when a sale is conditioned upon some one else's approval (aside from home inspections and such), as an agent your antenna should be at full alert.

Remind the buyers before the "approval" that they've looked at many homes, they feel good about the decision they've made, and that for some un-known reason the party they're are trying to get approval from may not be as giving as they'd hoped.

You'll close more deals.

 

Comments(7)

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Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

I had a buyer head out with mom today and I was definitely worried.  However, she was very supportive and her validation has made a huge difference.

Mar 19, 2010 01:03 PM
Larry Bergstrom
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI

Good for you.

Mar 19, 2010 01:04 PM
Janet M. Nation
Weichert Realtors Quality Homes - Baldwin, NY

I agree it's a little frustration that an offer should be contingent upon parental or sibling  approval but it is what it is; family opinion and approval is important to a lot of people.

Mar 19, 2010 01:05 PM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I just lost a deal like that.  A Land Contract that Seller and Buyer was happy for and then Dad came down and killed the deal. The Buyer's did not recover from the blow and lost an opportunity of a lifetime.

Mar 20, 2010 11:39 AM
Larry Bergstrom
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI

Evelyn; sorry to hear about your deal flipping.  I hope this experience and my post make those occurrences few and far between. 

 

Mar 20, 2010 01:43 PM
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Larry...It is one of the things we have to be prepared to handle and you are right to remind the buyers that they have looked at a number of properties giving them the advantage of knowing a good purchase while their relatives might not have the knowledge to recognize that fact.

Kate

Mar 20, 2010 02:33 PM
Larry Bergstrom
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI

Kathleen, thanks for your response.  Most often Mom & Dad paid under $20K for their house. They don't have a grasp on today's market.

Mar 20, 2010 02:43 PM