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Ready to close the deal? Maybe not.
Sometimes unforeseeable issues arise just
prior to closing the sale. Hopefully, with negotiation, most
of these have a workable solution. Unfortunately, this is
not always the case. But don't panic. Another buyer might
still be found who is willing to accept the house as is.
Imagine that your prospective buyers are
a couple with young children. They envision your unused attic
as the perfect playroom for the kids but, before closing the
deal, they request an inspection to see if it's safe and also
if they will be able to install a skylight to provide natural
light to the new space.
This inspection reveals that under the
shingles that are in good condition is a roof that will only
last another year or two. The prospective buyers immediately
balk, not wanting to incur the time and cost of replacing
the roof. Their plans were to move in and only have to spend
time and money renovating the attic. The additional cost of
the new roof, they say, is just too much.
At this point, Zur may sit down with the
prospective buyers and calmly discuss the situation and how
it can be solved to the benefit of all. First, you agree to
get another professional opinion on what really needs to be
done. Inspectors are only human, and are not infallible. Once
the extent of the damage is agreed upon, you can jointly decide
what to do about it. While the buyers hadn't planned on that
expense, you show them that instead of a limited roof life
that they would get with most existing homes, they'll have
a new worry-free roof that won't cost them in repairs for
the next decade or so. Since the roof wasn't in as good shape
as you had thought, you agree to lower the purchase price
to help offset the cost of the new roof.
By negotiating calmly and looking at all
possibilities, what could have been a "deal breaker"
can be turned into a win-win situation for both the buying
and selling parties. In other cases, the most workable agreement
for both parties might be for the deal to be called off. The
seller can always find another buyer and the buyer can always
find another home.
To protect yourself against last minute
"buyer's remorse," make sure the purchase contract
anticipates and closes as many loopholes as possible after
all known defects have been fully disclosed.
copyright © Agent Image 2001
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