This week I want to talk about deal killers. What is a deal killer in real estate? Whether you’re just starting to search for homes for sale in Dallas or are currently under agreement on a home for sale in Plano, it’s important to understand what exactly constitutes a deal killer.
I could spend a couple hours and write more than most people would care to read about this topic, however it is important to understand the home buying and selling process and how to approach it.
First and foremost, you should certainly make sure that you are working with a real estate adviser who completely understands how to handle different issues that will arise. Notice that I said will, not if. That’s because there is no question that at some point during a real estate transaction, problems will come up.
One of the most stressful and frustrating times, especially for buyers, is the option period when inspections are conducted. It’s completely normal for the inspection to come back and the buyers to have second thoughts.
It wasn’t too long ago that I was working with a couple that was buying a home for sale in Richardson and the inspection came back with a few issues. The house was in great shape overall and I was fully confident in our decision to purchase the home, however there were a few concerns.
Where many people may be nervous about electrical issues, plumbing issues and a few things here and there, we were able to negotiate for many of these issues to be addressed by the seller. At the end of the day the deal just has to make sense for everyone involved. Traditionally, things like dated electric panels, unlevel foundations, damaged or mildewed dry wall, aging HVAC systems and large plumbing issues are viewd as major obstacles to completing a purchase or sale. In reality, everything can always be fixed – it’s just a matter of who is paying for it and whether or not both parties can reach an agreement that makes sense. As they say: “Price cures all.”
This past week I was preparing to finish up an incredible deal for a great family buying a home in McKinney. At the last minute there were a couple issues with transferring money from their bank in another state and on top of that there were also a few issues with the company who was going to insure the property.
Obviously, these are things that you don’t want to come up last minute, however, we took a deep breath, looked at our options and were able to get everything solved within a matter of a few hours.
When I first meet with people looking to buy a home in Dallas I explain that a real estate transaction is like flying on a plane. It’s very rare that even during the smoothest flights there isn’t at least a little bit of turbulence. The good news is that they’ll have a pilot who has navigated through all types of turbulence before and is able to make sure that they arrive safely at their destination.
There are literally hundreds and hundreds of ways that a deal can die, but in my experience people are sometimes too quick to kill a deal. When problems come up look for creative solutions that everyone can agree on and get the deal closed – that is if the deal makes sense to close.
Cheers,
Matt Cafrelli
The Todd Tramonte Home Selling Team
