What I love about blogging is I am able to share experiences in right now time. Prior to this informative level of social media, I would have to keep Learning Experiences to myself until I could share it with another valued Client going through something similar.
So thankful this communication medium allows me to prepare my valued audience for the journey and make successful decisions in right here and now time!
Please allow me to do a disclaimer here before I get started. I hold Home Inspectors in high regard. This is a true story I hope they will read to help them understand what goes through a Buyer’s mind during and after an inspection experience.
I have written about home inspections previously, and have called them “The Dream Killers!”
Recently, I had received multiple offers on a renovated midcentury home located within the far southern borders of the Chicago-Southland.
The Buyer with the highest and best offer drove the selling price around 1% higher than the list price within my having the home on the market about a week. A home inspection was ordered and done immediately by the accepted buyer.
His Realtor who also happened to be His Mom had the double challenge of serving her Son objectively, while allowing Him the independence of processing His thinking about this being the right home to pursue initially, and what was to come emotionally after the technical inspection tour of the home.
In other words, She made every effort to not insert Her influence on His decision making. I admired Her Parenting stance in the face of all the other opinions She discovered He was seeking. I wanted to tell Him to please not put His Mom through this frustration.
The Inspector was very thorough I am told following up after the inspection with a 79 page report. Want to talk about sufficiently justifying the cost of their services, I am also told upon a verbal follow-up conversation with the Buyer, when asked if the Inspector would purchase the home, the answer was a flat out no.
When I heard this from his Mom Agent, I immediately felt bad for both Her and Her Son. I thought doesn’t this Son consider his loving Mom would never show or represent him in purchasing a home she felt unworthy?
Immediately, the next day Her Son the Buyer had His Attorney write a letter of cancellation. I called his Mom His Realtor right away with the permission of my valued Seller, and offered a 24 hour grace period before our moving on to the next Buyer.
I asked her to tell Her Son on my and my Seller’s behalf, the way real estate is supposed to work is the Buyer shares the inspection report with the Seller along with their list of requests, giving the Seller an opportunity to address their concerns.
My Seller was flatly denied this negotiation courtesy.
I knew the Buyer was at the extreme stress level of an emotional reaction to his home inspection experience. As I have written before, I go out of my way with my valued Buyers in preparing them for the home inspection.
I help them to understand homes are constructed by very imperfect human hands. They all require maintenance, and some may possess repair issues even the Seller may be unaware they exist. The payoff is well maintained homes are suppose to appreciate in value over time.
Inspectors, can be very passionate about discovering every flaw, unaware while they are just casually verbally commenting about what they see, they can be so focused on their plan of action, they are unaware what the Buyers are hearing is eating into their dream quickly turning into a money pit.
Why, I tell Buyers when you hear some alarming comments to ask the Inspector is this a repair or a maintenance I need to be mindful of in the future? This way in the moment the Inspector really thinks about the appropriate response. Plus, when the Buyer concentrates on reading the 79 page report, they can far more easily qualify what is reported into those two significant categories.
More importantly, this form of processing knowledge about the home can move them from emotional turmoil to rational thinking. I mentioned above in this message another problem in real estate for first time Buyers, too much noise from sharing their personal business with friends and loved ones not involved in the traction, slowing down the natural process of moving from emotional reaction to rational decision making. My Mom use to tell me growing up "never let the right hand know what the left hand is doing," her way of telling me to keep unqualified people out of my business!
When evoking these types of opinions it is hard to determine the real motivation of those voices. I call it "unnecessary noise!" What appears to be caring advice may be disguising jealousy? Even worst, listening to those voices can cause your imagination to take you down a journey you may never be required to travel.
What is more affective is to use a trusted site like http://homeadvisor.com to determine the scope and cost of the repair recommended, so you now have a negotiating tool you can use to help a Seller respect your concern.
After waiting the 24 hours for the Buyer’s rational thinking to kick in and be stronger than the emotional explosion, it was evident this Buyer needed more time for the rational spot-light to turn on. As compassionate I was for His Mom His Realtor, I had to be more protective of my valued Seller who had a couple of other apparently more motivated Buyers, because they had not moved on to purchase another home.
The funny part is 24 hours after coordinating a new deal on the home, the Realtor Mom sends me a message her Son had changed his mind about backing out of the transaction. The moment reminded me of what Gladys Knight’s Cousin Edward Patton once said about Musical Groups. He said “when Acts are struggling for success it takes an axe to slip them apart, but when the success comes, all it takes is a butter-cutter!”
In 32 plus years and all the hundreds of transactions I have served, when Buyers go to this level of emotional discouragement, the least little bump in the road, they are ready to bail off the ship. The entire transaction is spent holding their hand to walk them even across the street. I told His Mom to tell Her Son for me to not put His Mom through this again.
I ask Her to tell Him from me, now imagine on the next home He spends the over $300 dollars for the inspection again, ending up with another 79 page report, how He is going to feel He has just thrown more good hard earned money after bad!
Buyers, never allow anyone to still your dream. You first must trust in your own ability to make good decisions for yourself. You know you are a full grown adult when you can do this with ease!
Yes, inspections are a good thing. They are designed to give you a technical tour of the home, revealing needed repairs and maintenance. They are a superb negotiating tool possibility exposing issues even the Seller does not know may affect their own present health and safety.
Never allow an inspection report to cloud your ability to make good decisions about your future. When fear causes you to want to run away, negotiate the time you need to research further the remedy of repairs, and give the Seller the opportunity to revisit their home from your point of view. In hanging in there you may just open the door to all repairs made to your satisfaction, or offered a generous credit to hire your own trusted professional to make the repairs, or negotiate a sizable price reduction in lieu of the Seller making the repairs.
The Son denied His Mom His Realtor and His Attorney the opportunity to serve Him in their trained and skilled best negotiating capacity on his behalf. His emotional thinking would not allow him to see the grace and mercy I and my valued Seller were extending him. He had a Seller willing to give him thoughtful consideration of his worries.
Buyers, this is why it is so important to not to ever think of a Seller as the Enemy in a purchase. They have been in your shoes as a Buyer. They understand your fears. Yes, they do want to obtain the highest profit possible. Equally important, they want you confident in your investment so they can look forward to as smooth as possible a relocation transition with a positive conclusion for both you and them.
Know this about me, I strive daily to coordinate “Win-Win Transactions for both the Buyer and the Seller!” Referrals Appreciated!