Just because an offer is made and accepted, it doesn't mean that the deal is complete. In fact, lately we have seen an increasing number of homes falling out of escrow, the period after an offer is accepted, which is a frustrating experience for both the seller and buyer. This happens for a number of reasons. For instance, the dollar value of the transaction makes people very nervous. Despite the doubts a buyer may have about such a large investment, are there ways you can mitigate the factors that may lead someone to back out of deal?
The first thing we tell sellers is that they need to treat everyone like they're a customer, to treat them fairly and reasonably. Once you put your home on the market you are in the business and selling a product - you have to act accordingly. Even if a seller throws a low-ball offer at you, the situation needs to be handled respectfully.
Secondly, escrow is not the finish line. There are two big issues that may keep the sale from going through: the home inspection and the loan. Something almost always comes up during the inspection. As a seller, you need to realize that it is totally understandable for a buyer to have a problem with a defect - you need to be prepared to renegotiate if necessary. As a buyer, you need to accept that no house is perfect, you're likely living in a home now that has defects you're either accustomed to or unaware of.
What we're trying to get at is that you need to keep a few things in mind after the offer has been accepted, whether you're a buyer or seller:
- There will be bumps in the road.
- When things do come up, think them through: don't make a snap decision.
- Always look at the whole picture when making decisions.
Those three tips are a good starting place. However, an agent can make this process easier for you. We are expert negotiators who are aware of the subtleties in each particular situation. If you want guidance through the buying or selling process, or want further advice on how to close the deal, give us a call. We'll help take the pressure off.