What you should let your real estate clients know.
Real estate deals fall through every day for a variety of reasons. Unfortunately, many times these occur because the real estate agent or broker forgot to or didn’t explain something clearly to the client. It may seem overwhelming, but educating your buyer clients early on in the process can spare you heartache down the line. Here is what you should tell your buyers early on.
A very low offer can backfire on you.
Sometimes, a slow market with rising inventory can encourage buyers to make low-ball offers to test the sellers’ motivation. It’s typical that sellers come back with a high counter offer to draw the buyer up to a decent price. However, going in with a low offer approach can backfire. If the homeowner has loved their property for many years, such a low offer can offend them and cause damage to the relationship.
I’m not an expert in X, but I can help you locate one.
Many buyers have this preconceived notion that a real estate agent can help them with all things home and property related. In many cases, this is true. However, you may not also be a lawyer, appraiser, or engineer. Don’t take on too many tasks that you are not comfortable with, as this can end up with them being disappointed later on.
Avoid buying new furniture until the deal closes.
We’ve all been there – close to a sale where the buyer gets too excited and starts splashing out on new furniture to fill their new home. This can dramatically affect their credit, meaning that if the lender runs a check the day before closing, they may reconsider the agreement because of this new debt. Advise your buyer to make no significant credit changes or purchases during this critical period.
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