Buyer, Seller & Broker/Agent Expectations in Real Estate
Daymond here! Sometimes, in our day to day lives, we find ourselves having different expectations in various situations that are different from those of our friends. For instance, some people enjoy certain movies, and others don’t. It’s not a problem, but we must be aware of these differences of perspective, especially if we’re trying to make moves in the real estate market, right?
So today, we’re going to put ourselves in the shoes of the Buyer, the Seller, and the Broker/Agent. We will cover their expectations and viewpoints, concerning property transactions!
Finally, when the buyers do find something, the house then becomes unavailable for some reason, or the sellers would rather have a large down payment upfront . . . maybe even cash.
Many people can't afford to upchuck lots of cash upfront. They thus have approved loans to use for buying a house. Thus, the Buyer compromises to find a second or third choice home. And if they are using that 30-year loan to buy that house, then they really need to be sure of the purchase. Still, there may always linger a question in the back of their minds: "What if something better comes along right after I sign that contract?"
Yes, Buyers have a big decision to make, and they obviously can’t demand a seller to understand the details of their purchase, cash or financed. To complicate matters, there are times when something unexpected happens during the proceedings of the home purchase that makes the buyer want to back out of the deal.
Buyers really appreciate some understanding from both the broker/agent and the seller.
To sum it up, BUYERS WANT . . .
- to get the best they can buy with the amount they have
- sellers to make their properties pleasant for viewing
- brokers/agents to explain all the procedures, fees and taxes, and have their best interest in a negotiation
- have some understanding from the seller and the broker/agent when a deal breaks
The SellerMore often than not, as a Seller, you want to sell your property at the best price. You could wait, if that’s what it takes, because after all, the prices keep going up! So, you’ll wait it out, until you think the market’s good enough to offer the money you think your property is worth. There are, of course, times when you want to sell as soon as possible, at a price that’s below the market’s value because you need quick cash. In both cases, assuming that you’re working with a real estate agency, you want to know what are the hidden/undisclosed, yet just costs for your sale.
In Texas, you as the Seller pay the agent’s fees. It's all spelled out in the listing agreement that the listing agent will have gotten signed by you. We sometimes hear about cases after the sale when an agent approaches the Seller for commission fees. However, this is very rare and primarily involves cases by which the Seller was trying to avoid working with a real estate Broker/Agent in the first place. We discourage this practice! Be frank from the beginning, and you will gain so much more. The Broker/Agent is there to make sure your property sale goes smoothly and in accordance with state law.
Also remember the Buyers would like for you to stand by a gentlemen's agreement, and not mislead them. Don't try to change prices and down payments after the sales contract is signed and executed. Most of all, don't fail to show up to sign the sales and closing documents!
To sum it up, SELLERS WANT . . .
- to sell their home quick, at a price above the market’s value OR wait, until the prices reach desired values
- to have an honest agent, that knows how to best sell a property
- to know fees to be paid to the Broker/Agent
- to work with Buyers who are trustworthy and won't renege on the deal at hand
The Broker/AgentBrokers/Agents essentially make a living from the commissions they earn after each closed home sale. So it’s in their best interest to help sell a property quick, at a high price. Depending on the Broker/Agent, once you give him a price range, he’ll usually make recommendations to the Buyer or the Seller that may seem pricey, but are seldomly out of budget.
To sum it up, BROKERS/AGENTS WANT . . .
- Sellers to have their mind set when they decide to sell their properties
- properties to have a decent, tidy environment for better sales presentation
- Buyers and Sellers to stick by details negotiated in the sales contract
- an overall good flow with property viewings with quick sales
All clear now? Okay! GREAT!