Buyers and sellers seem like different ends of the spectrum, but they have a lot more in common than you think. Here are a few things that both have to struggle with, along with some advice as to how to make the process at least a little smoother and hopefully more enjoyable.
First up, both are faced with selecting a Realtor® or real estate office to work with. This can be frustrating on both sides, especially since everyone seems to know 4 or 5 people who have recently gone into the business. Interview your Realtor® and make sure they and/or their company have been in the business for a while.
Experience comes from longevity and handling all facets of the business. Just like the seasons that come and go in Maine, Realtors® and real estate companies do as well.
Second common issue is price point. For buyers, it is more about what they can afford and for sellers it is about what their home is worth.
While they are slightly different issues, it is what eventually brings the two sides together. Buyers should not be looking way above their purchasing ability. Sellers should not over price their home and limit the number of potential buyers. In this case, the buyer should interview and talk to several lenders. The seller should get multiple opinions on the value and pricing their home.
Another factor that often arises once you are under contract is the inspection issue.
Radon is a very common issue in Maine and can be a deal-breaker for either buyer or seller. Buyers will sometimes back out of a deal when radon is high and a seller might walk because they refuse to pay for a mitigation system. Sellers can always test if they want to, before the home goes on the market and then they know for sure where they stand. They can disclose the situation and the buyer then can make a decision up front. Often times the cost of a system is split, but every situation is a little different and requires negotiation.
Financing would seem like more of a buyer’s issue, which it is. However, it very much affects the seller. The seller cares a lot about the type of financing used, which lender is doing the financing, and how strong a buyer you are. It is important for both parties that the process goes smoothly and having a solid experienced lender that knows how to get things done efficiently, is key.
Overall the best advice I could give someone is to seek out experienced people and talk to more than just one person.
Generally a real estate purchase or sale is one of the biggest transactions one can make, so why would you not put together an experienced team to assist you? Seems like a good time to have all the experience and advice you can get when so much is at stake.
Article provided by Matthew Trudel, Owner Five Star Realty, Windham.