The negotiation process on a conditional property deal doesn’t always end when the price is agreed.
What do I mean?
In some cases through the due diligence process, i.e. checking the LIM report, getting a builder’s report or obtaining finance, certain issues may rise.
As agents we deal with these matters on a regular basis but our clients don’t.
These issues, if not handled correctly, can stop the sale from going ahead to a successful settlement.
In these situation, the real estate agent job is to keep the deal together using communication skills, common sense and preempting any situation.
When selling a house in Monmouth Street, Grey Lynn, Auckland it became apparent to me there was a knowledge (or understanding) gap between the seller and the purchaser.
We received a builder’s report from the purchaser claiming there is $10,000 of urgent work needed on the character villa.
The purchaser asked for an appropriate reduction in the sale price.
The seller refused.
The seller’s idea of a builder’s report was to have a friend look around the place and ‘give it the nod’, not a five page document with supporting images.
With much persuasion I managed to get both sides to see the others point of view and concerns.
The sale price was only reduced by about $2000 and the property settled successfully.
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When dealing with a conditional sale and purchase agreement, we must discuss the different potential outcomes with our sellers and have a strategy in case something go wrong.
A well informed seller is more likely to help you keep a challenging deal together.
(This is part 19 of my 30 day blogging challenge)
