Shark Infested Waters
By : Liz Burrow , Realtor ®
In the current market , where homes seem to be selling themselves , why on earth would you want to hire an agent ? Buyers are desperate to purchase , so surely it is easy just to throw a ' For Sale ' sign in the yard and rake in the money !!
While these statements seem very reasonable , it has become tougher than ever to navigate a successful home sale transaction . One of the developments in this altered market , and a pitfall to be avoided , is homes are going under contract quickly , yet many then come back on the market almost as quickly . This is frustrating for the seller and can damage the prospect of the next offer being as strong . Here are a couple of reasons that may be contributing to this .
• " As Is " inspections with the right to cancel : Many agents encourage their buyers to make offers with these terms . This is attractive to the seller because they believe that they will have to do no repairs , but in reality , once they are under contract , the buyers can threaten to walk away if the repairs they want are not completed .
• " As Is " inspections with no right to cancel : This sounds even more attractive to the seller because no matter what the buyer finds , they have no right to negotiate . Though this is true , Lake Linganore is part of an HOA ; once the buyers receive the HOA documents , they have the right to walk away for no stated reason within five days , even if they have already performed the inspection .
• Video showings : Because the home turnover has been so fast and travel so limited , many buyers ( especially from out-of-state ) are making offers on homes they have never visited , having their agent do a video walk-thru . They are then using the inspection or the HOA recission period as a means of canceling the contract .
• Appraisals : Inexperienced agents ( on both the buyer and the listing side ) are making unrealistic offers without taking into account what the home will appraise for . If the appraisal comes in low , the lender will adjust the loan to reflect the lower home value . If the buyer cannot make up the price difference , then the deal will fall through .
While most of these are very legitimate ways for an agent to support a buyer and make their offer the most appealing on the table , from the seller ' s perspective , all of these need to be very carefully monitored and every offer evaluated for the likelihood of it being able to settle . If a house goes under contract and then comes back on the market , it is often stigmatized . The next offer is generally not nearly as attractive as those that were received initially .
At the end of the day , managing a successful real estate transaction is all about setting realistic expectations , educating both buyer and seller , and through experience , being able to evaluate the most realistic and solid offer . Lake Linganore has many experienced real estate professionals who can assist in these shark-infested waters . The final outcome will almost always net the homeowners more than those who dip their unsuspecting toes into the lake on their own .
Linganore Resident Specialist
LIZ BURROW 301.788.6076
L A K E H O M E S B Y L I Z @ C O M C A S T . N E T W W W . L A K E L I N G A N O R E . C O M
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LakeTalk February 2021 31