The reasons property listings do not sell.
There are many. And usually the need to sell or to buy real estate is a pretty strong one that does not go away. Pressure to sell increases with time for most unless a case of seller's remorse strikes. That particular real estate illness, the regret mixed with remorse cocktail, does not just happen to property buyers.
Like most things in life, what you think you see taking place in life for a real estate sale process is way way more complicated than it appears. Much can be missed or misinterpreted.
Real estate sales in particular have a lot of quickly changing factors, plenty of emotion and often boil down to a simple math exercise to get to a closing or fail on the operating table.
Who is going to pick up the tab for repairs the home loan appraiser lists on the report for deficiencies to correct? Did everyone expect those or a few of the items on the list but not that many that need addressing for a clear to close memo to make the rounds?
Pro-rate the fuel in the tank to heat the home, the buyer suddenly figures whatever Texas tea number two heating oil is in the tank should stay right where she lies in the real estate sale. Not going to add any compensation on the settlement statement space for oil pro-ration even if it was agreed to six weeks ago when the ink was still drying on the purchase and sale agreement.
All the expenses of a real estate sale can scare the heck out of the buyer who suddenly feels they are going to come up short. The good faith estimate for closing costs was discussed early on by the loan arranger but money seems to be going out faster than the buyer who is used to be a renter figures it should. Real estate buying is bitter sweet... both exciting and scary at the same time.
And those extra trinkets. The seller has some nice personal property. So let's re-cut the shuffled deck before the closing. The buyer can figure while you are at it, that 54' inch zero turn Nascar quick lawnmower should definitely stay parked in the garage after the sellers back away and leave the property with the sold sign out front. Just like the mega big flat screen TV hanging on the living room wall that the home buyer wishes he had scored and missed out on during the Black Friday shopping frenzy at Wally World.
Buying and selling advice from lots of folks you love and trust and those too that you don't know from Adam.
It comes at a home buyer and property seller from all directions in a continuous 360 degree pattern. Do this, don't let that happen. And the buyer and seller are just nervous enough to take it all in as gospel. As if it was the truth, the whole truth and nothing but the truth so help you God. You may sit down now and sit up straight, address the jury, plus be sure to speak loud enough for the court reporter to put the testimony from your words to into her transcription hard drive. So we can all rise and high tail it for wherever we left whatever we are driving in the parking lot if we have a closing at all. Things can fall apart easily without an experienced navigator.
Today everyone has an opinion and is highly vocal in conversations held online and around you in your daily life.
The hair twister hovering as you sit covered in a plastic cape wrapped around your neck in the pump up the volume swivel chair.
She knows a friend who should have handled her real estate sale a tad differently. That Edward Scissor Hands means well but knows enough to be dangerous. Just lower the ears with one good looking hair cut or do the coloring, the layering on those scultured monthly hair doos.
The mail man adds his two cents to what they know about real estate deals too.
Everyone had heard something about real estate deals and the facts and events in them is a little fuzzy. All you bump into somehow have a just like it if they think hard enough real estate list and sale scenario to share. They think. And your mother in law. Don't get her going. 'Nuff said in that area in this blog post on reasons real estate sales just don't happen. Those with strong opinions in person, on facebook for all to see in the comment trail... They can be over the top pushy on what you should or should not do next. The outside help and he said she said just interferes with a sale from out in the shadows.
Agents, brokers, REALTORS have extra pressure to keep in check so the outside influences don't derail the sale.
Sometimes the buyer or seller that threatens to do this or that and sabre rattles just little too much over the top is the deal killer. Neither really meant to push or pull so hard but it broke the delicate sale connection. Ego, pride, just frustration from the delay and tired of all the advice from others on what they would do and you should too. We are all human and not androids or HAL 9000 units. Real estate is full of emotion good and bad. Long time delays are costly and added to the rattle and hum.
The elements involved in and around the property listing transfer are like a boat on the open water trying to get to the closing with a loud clock heard ticking in the background. It takes a professional that is focused and sharp as a tack that knows a few things because they have seen a few situations to draw from to help guide the property sale.
Let's face it, real estate is a high ticket item to buy, sell, trade.
The largest set of zero places most of us ever attempt to purchase or convey for a tangible asset comes with a legal description and usually a hefty mortgage lien recorded in a local registry. So it just figures that the stakes are bumped up several notches when a real estate transfer is needed. Estate sales for high emotions can be the toughest property listing to wrangle. Too many family members can all take turns poking the finger in the pie and adding drama to stir the pot for the listing the real estate agent or broker has been commissioned to market, sell.
Haggling over money is a common denominator that rarely is missing in a real estate sale. Wanting more than a property is worth or reaching for a house in a price bracket too high to reach comfortably. That's one of the top sure fire ways to spoil a perfecting good real estate sale. Here are ten more reasons real estate sales don't close.