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Buyers and Sellers Top Stress Points

March 26, 2014

Whether you are ready to buy or to sell, there will be many stress points you encounter along the way.  There are many more than these, but here are the tops ones…

SELLERS STRESS POINTS

  • Buyers contingency removal period.  This is the 17 day time period that a buyer will hold you hostage while they still contemplate buying your home.  This may sound harsh but sellers are really tied up right now.
  • Home Inspection.  As a seller, you do not want to be there when the home inspector shows up.  Go anywhere,  just don’t be there at your home. Don’t read the inspection report he may leave at your home for your agent as it will only make you furious.  Actually, nowadays, most  inspectors don’t leave the written reports.  They send a report by email to the buyers agent, the buyers and the sellers agent by the next day and then your agent will review it with you.
  • Request for Repairs.  This is the list of things the buyers want you to repair, after reading the Home Inspection report.  They want you to fix them for free  and prior to them closing the escrow.  If you refuse to do anything,  might they back out???
  • Termite report.  This will be done at your expense even if you have never seen evidence of any termites.  Can they be spot treated or does your home need to be tented?
  • Where are the funds?  How soon do you think you will get the funds from the sale?  You were called by escrow to say that the funds from the buyer to your escrow company had been received, so when will you see that money in your bank account…….

BUYERS STRESS POINTS

  • Getting all your financial information in order.  You should actually have all this in place when you first start thinking about buying a home.  You need to be preapproved by a lender prior to placing that first offer.  Keep it all handy because it will more than likely be needed a few more times, even if you have submitted it to escrow or to your lender a few times already.
  • Request for Repairs.  The Inspection report has a number of items that are marked in red.  Do you ask the seller to repair everything?  Will they agree to it or just say no?  Will you be tearing out the kitchen or bathrooms so it really doesn’t matter?  What if the seller does say no?
  • Removing the contingencies in writing.  This is your 17 days to get everything completed by you – get approved for a loan, finalize the repairs request, review all disclosures provided by seller, escrow and title.   Once you remove all the contingencies in writing, your deposit is now in the hands of the seller.  Are you willing to keep moving forward?  If you don’t sign off, the seller has the right to cancel the sale.
  • Signing the loan docs.  When you are faced with that 3″ stack of papers requiring your signature, are you ready to go?  Yes, you have the right to read all 300 pages before signing and I would advise that you make sure you understand what you are signing as this stack of paperwork then goes to the lender for their final signature before that home is yours.
  • I want the keys now!  You have scheduled the turn on of the utilities, scheduled the moving van…..when do I get the keys?  Plan on rescheduling the carpet guy when you haven’t heard from your Realtor by noon……aaggghhh, this is getting nerve wracking!

Do you have any points you want to add to this?  How many Buyers and Sellers Stress Points can you come up with?   I went thru the same process selling my own home years ago, but it was a learning lesson for my husband.  I warned him not to be there when I was showing the home to buyers as he would only take offense at what they said.  He did follow the termite inspector around – phew, only a few spots had to be treated.  He followed the home inspector too – he is a retired general contractor and was able to fix the few little items that needed repairs.  He was unaware of items that needed to be brought up to code, and so completed those for the buyer.  The buyer was there at the same time and so this part of the process was relatively painless but I’ve been with buyers at inspections before where half the report came up red flagged!  We then bought another home and tried to schedule the moving van, the utilities, etc. Nothing went as scheduled, which I had already anticipated, but it was still a big nail biter for me, so I’m really able to sympathize this with my buyers!

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