"Get Control of Your Buyer" the Listing Agent Screamed

By
Real Estate Agent with KB Home Bre # 01424127

"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.

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If you are considering  buying or selling new construction in the Inland Empire ~ Give me call or email me 

Cause We Like Em' New!

 

Kristal Wilson                                           

cell: 951- 288-7079

Shoot for the moon & if you miss you'll be among the stars

 

 

Comments (8)

Catherine Robles
American Lighthouse Estates, Inc. - San Francisco, CA
Lighting the Way to the American Dream

Good post.  I've been in situations like this where the buyer wants a perfect home, in the perfect location, with a less than perfect budget.  It's our job to explain to our buyers that often times, the great price, reflects the amount of work required on the home.  If they want a home with a good roof, remodeled kitchen, and upgraded systems, that would increase the price beyond their means.  Sometimes we have to revisit their ultimate wants, needs and reassess if it is possible.  Sometimes we need to recommend downgrading to a condo or townhome, or showing homes within their realistic range,... and that could mean moving from their desired neighborhood/location. 

Jan 24, 2014 05:23 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Kristal:  I applaud your post and approach.  You didn't get huffy about someone yelling at you (which in my estimation is a little uncool and lacks professionalism, no matter the topic) ... but instead you sought solutions, education, and answers.  THAT to me is the hallmark of a true professional. 

Gene

Jan 24, 2014 05:26 AM
Pamela Rachal
Long and Foster Crofton/Bowie Tri-County Sales - Upper Marlboro, MD

Kristal, I think it's great that you used this experience as an opportunity to learn and grow.  As a new agent, we are still trying to get a handle on the best approach to managing difficult negotiations. You will definitely be better prepared (as will your clients) next time around.  Best of luck!

Jan 24, 2014 05:45 AM
Kristal Wilson
KB Home - Fontana, CA
Cause We Like 'Em New ~ New Home Specialist!

Catherine ~ sometimes the difficult conversations are necessary.

Gene ~ Thank you and I know any professional wants to grow and improve.

Pamela ~ Negotiation is a learned skill I'm working on now.

Jan 24, 2014 07:06 AM
Tg Glazer - The Right Realtor® for the Right Results!
Coldwell Banker, Westfield, NJ - Cranford, NJ
Westfield/Cranford, NJ area

During my consultaion with Buyers, and again during the writing of the offer, I always explain that the inspection is to discover any issues with 5 key areas:  structural, mechanical, systems, pest, or radon.  It is not for anything cosmetic, and not to "renegotiate" the contract.

Jan 24, 2014 12:35 PM
San Monahan
Denver, CO
Helping you Buy & Sell with Southern Grace

Good Post!

I'm searching for information on farming. I live in a condo community with 408 condos built 2006-2007. Due to various reasons, value dropped a lot and now 215 units are filled with renters. I want to meet these renters and see if I can 'apply for the job as their buyer advocate' IF they are thinking of buying when the lease is up.

Anyway, somehow I found this post as well. I'm always learning!

Feb 02, 2014 12:19 PM
Kristal Wilson
KB Home - Fontana, CA
Cause We Like 'Em New ~ New Home Specialist!

San ~ thank you for the response and happy farming to you!

 

Feb 12, 2014 02:24 AM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

The repairs issue can sometimes be a sticky situation.  When it's obvious that the home is not in pristine condition, I like to make sure the buyers understand that a request for repairs can end up in a stalemate, and they should be prepared to either cancel, or suck it up and buy the house anyway.  Most sellers will try to accomodate with some of the items.  Rarely a seller will plant his feet and refuse to do anything, which is unfortunate since it could be a deal killer.

Mar 14, 2014 11:54 AM