What Can Go Wrong During The Sale Of Your Property

The things that can go wrong dur­ing your trans­ac­tion can cost you $20,000 on

your selling price!

There are a lot of things that can go wrong when selling your prop­erty, but have you ever thought of what can go wrong dur­ing your transaction?

So you’ve got a buyer and you have agreed to a price. So what’s next? Don’t you to just send the paper­work to the soli­cit­ors and they will hash out the details?

Well you can do that but you might find a rude shock when you have to pay for a dish­washer or a dryer. You see it’s all got to do with how you set up the trans­ac­tion before a con­tract is signed.

This is where a real estate agent’s exper­i­ence saves you money and sets up the vendors and the buyer to win before a prob­lem could poten­tially arise. The thing is if you don’t explain such things as;

  • Nav­ig­ate the dis­clos­ure of modi­fic­a­tions and extensions
  • Nego­ti­ate rent back options
  • Valu­ations and bank valuers
  • Nego­ti­ate chat­tels of fixtures
  • Pre-settlement inspec­tion
  • Nego­ti­ate set­tle­ment periods
  • Attend pest inspections
  • Attend build­ing inspections
  • Advise buy­ers law around deposits

Without nego­ti­at­ing these details you may not even get to the point where you have a signed con­tract with .25% deposit. It is not a good idea to rely solely on your soli­citor to nego­ti­ate the details after you’ve agreed to a price. You may even lose the deal alto­gether. Click here for what char­ac­ter­ist­ics should I look for in a good solicitor? 

There is a fine art to keep­ing together a deal through the cool­ing off period. I have seen many good prices achieved for own­ers only for the buy­ers to get scared off and pull out of the deal or the bank valu­ation comes in too low and the bank choos­ing not to approve fin­ance for what the buyer needs.

Seven Hills Real esate agent Working Hard

This is where the skill of the agent kicks in.

Some deals are easy to put together and some deals keep on fall­ing apart and we have to keep on stick­ing them back together again all the way up until set­tle­ment. When one of those deals finally goes through and we get our com­mis­sion we know we have earned it.

What people don’t real­ise some­times to put together a deal like this we have been mak­ing and receiv­ing phone calls any­where from 5am in the morn­ing to 10 or 11 o’clock at night.

Giv­ing examples here of what can hap­pen in one trans­ac­tion from sign­ing of

the buyer to settlement.

  • open home

buy­ers can see an exten­sion that was not ori­gin­ally part of the home and they ask us “did the home owner build them­selves? does it need to be Coun­cil approved?” Believe it or not this can make a buyer nervous.

  • Private inspec­tion

They come for a private inspec­tion they see a dish­washer and ask if that’s comes with the house. What they are doing is they are cal­cu­lat­ing how much they have to spend on extras and build­ing that into their offer.

  • Nego­ti­at­ing price

Lots of buy­ers don’t know the law around depos­its and think they can take your 2.5% deposit if they pull out dur­ing the cool­ing off period. Also, they want to do their pest and build­ing inspec­tion before they put a deposit down which can slow down the buy­ing pro­cess and per­haps this could loose a good price for your prop­erty. If you want to know more about law around depos­its and how the cool­ing off period works click here.

  • In the cool­ing off period

This is the thin red line when nego­ti­ation skills really pay off. We attend pest and build­ing inspec­tions for you but some­times these inspect­ors can exag­ger­ate their find­ings and it’s up to us as agents to explain in detail to the buyer what these reports really mean and the solu­tions that can be usu­ally done. We attend bank valu­ations as well and noth­ing more can kill a trans­ac­tion quicker when we achieve a great price for your home. There may be no com­par­ables and the bank may not think it is worth that price all of this can add up to the buyer want­ing to extend their cool­ing off period or even the buyer pulling out with lack of funds.

  • Dur­ing the settlement

Dur­ing set­tle­ment we find ourselves as an agent called in between the buyer and a seller when to help smooth out dis­putes such as;

  • Rent back options and rental prices
  • Pre-settlement inspec­tion (some­times things are not main­tained or items left of the property)
  • There may be an issue that is delay­ing set­tle­ment that we can help keep it on track.

This can be very stress­ful and even frus­trat­ing for sellers to handle while try­ing to move out them­selves. This usu­ally is a very emo­tional time and many illo­gical mis­takes can be made dur­ing this key time. You can even be sued and charged pen­alty interest if you cause any of these prob­lems in this period.

How an agent can eas­ily dis­arm the bomb before it even starts ticking

A com­mon example is an over the zeal­ous build­ing inspector com­ment­ing about brick growth. The first home buyer may freak out about build­ing reports yet an act­ive agent can smooth out this issue by explain­ing “how he is sold other prop­er­ties down the road sim­ilar to this one that have the same issue.”

It can be quite simple to say and to do but if it’s churn­ing in a buyer’s mind for days it’s enough for them to pull out because fear has over­taken them.

The simple things that we exper­i­ence day in and day out and the solu­tions we have com­bat the end dis­arm situ­ations before they arise truly can save you thou­sands of dol­lars and your blood pres­sure rising.

If you would like to keep your blood pres­sure from rising and save thou­sands of dol­lars please call us for a no oblig­a­tion chat about your prop­erty and how we can take the stress out of the whole process.

 

About 

Jhai is an award win­ning Inter­net Mar­ket­ing Real Estate Agent for Eld­ers Toongab­bie and Kings Langley. After run­ning his own inter­net mar­ket­ing busi­ness he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to mar­ket them­selves online. Jhai is now fixed on one goal. To teach real estate agents that they can mar­ket online so much bet­ter than they cur­rently are.

Since then he has been con­sist­ently quoted in the Sydney Morn­ing Her­ald and Real Estate Busi­ness online. He is a reg­u­lar guest blog­ger on TheHomePage.com.au, shar­ing his expert­ise of mar­ket­ing aspects for the Real Estate Industry. His biggest pas­sions are his wife, mar­tial arts, dogs and most of all property.

seven hills real estate agent NSW
Cnr Federal Road Prospect Highway Seven Hills NSW 2147 Australia