"Get Control of Your Buyer" the Listing Agent Screamed!
I recently assisted a buyer who submitted a full price offer, requesting no closing costs and agreed to a cross qualification by the sellers lender. During the buyers consultation I remind clients of the three contractual reasons for nullifying a purchase agreement; appraisal and loan contingency along with agreement on a Request for Repairs. Unfortunately based on our full price offer the buyer assumed every item on the home inspection should be corrected.
During a heated discussion with the Listing Agent she screamed at me "Get control of your buyer!" Those words have stayed with me and I wondered how I could have more effectively managed the transaction. I wondered if it was a lack of negotiation skills which led to such an angry transaction.
Well I found an answer in a post I read recently titled "How to Negotiate Home Inspection Issues," by Bill Gassett. The author referred to buyers, and their agents, who felt the Request for Repairs was an opportunity to renegotiate the contract. (Which is the way I viewed the negotiation.) Gassett explained the home inspection is the buyers opportunity to discover whether or not there are issues with any major systems of the home.
I think I'm on the right track. What is your perspective on the home inspection and request for repairs?
As a former new construction sales agent my experience had been that buyers expected a nearly perfect home. As I have learned it is not the same in resale homes. Moving forward I will set better expectations for my buyers regarding the home inspection and a request for repairs.
Always learning and growing to better represent my clients.