Every real estate transaction has a lot of variables that come into play. A bad inspection or low appraisal can quickly put a damper on what was a normal transaction. I recently ran into a problem found during the inspection. The supports under the home had started to decay because of the age of the home. Many of them were badly slumped and slanted. This all came about after we spent two days negotiating seller concessions and settling on a Fair Price!!!! It was a relief to finally be over the negotiating hump, but the bad inspection sent us right back to the table. As a Realtor, I pride myself on getting my clients a fair deal. I want a win-win for everyone. It's very important for a Realtor to be able to negotiate through cumbersome transactions. The other agent immediately asked for the sellers to included an extra 2k to pay for the repairs in the seller concessions. So, we went from a negotiating a lower price for seller concessions to giving almost twice what was originally asked in seller concessions. My clients were not happy about this, and they were considering walking away from the deal. I didn't want them to walk away from this deal feeling like the losing team. After many emails and phone calls to the other agent, I was able to get the buyer to pay for some of the repairs, which lowered the seller concessions considerably. I could have caved in and let my clients pay the seller concession, but I felt like I could negotiate a better price and it worked out for everyone. Moral of the story, a Realtors ability to negotiate is priceless and for the consumer it can mean keeping more $$$$$$ in your pocket.
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent
By the end of the inspection period, both parties have skin-monetary and time, in the game. Walking away for the buyer means wasted inspection dollars. Not to mention the need to start the process over (and pay for another inspection).
For the seller a dead deal means searching for another buyer AND disclosing ALL defects found in the inspection.
Generally speaking, the best path is to keep the current deal together.
Jun 16, 2014 10:58 PM
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