Common Pitfalls That Can Kill a Deal
Don’t let these three common real estate pitfalls ruin your deal.
Here are the three most common pitfalls of real estate transactions and why they occur:
1. Sellers thinking the home inspector doesn’t know what they’re doing. This is the most common pitfall because many sellers get their home inspection back and think the inspector doesn’t know what they’re talking about—though most sellers get past that feeling and realize some things need to be done to the home. However, some sellers can’t get past it and think they know their home better than the inspector, and to some extent that’s true. Nevertheless, I’ve seen plenty of deals blow up because the seller refused to believe that deferred maintenance needed to be repaired.
" If one buyer says there’s too much wrong with a house, another likely will too. "
2. Standing firm on principles. A buyer or seller may decide to stand firm over certain principles. If the issue at hand is true and worth losing the deal over, then that’s fine. However, you need to evaluate your principles and the trade-offs. Is standing firm on this worth not moving forward with the life you want?
3. Believing that the grass is greener on the other side. For example, a seller may decide they don’t want to fix what the home inspector suggested and go find another buyer, or the buyer sees multiple items on the inspection report and decides to go find another home to buy. We know that inventory is extremely limited in the current market, and if one buyer says there’s too much wrong with a house, another likely will too. So if you start feeling that you’ll just go find another buyer or house to buy, consider whether these same issues may follow you to the next deal.
If you have any specific questions about these pitfalls or real estate in general, please reach out to us via phone or text. We’re always here for you.