Local on Murphy Real Estate Blog: Keep the Dominoes from Falling

Riding the Wave of Today’s Market

domino effect

Riding the wave of today’s market requires more than average patience from sellers. It can be a tough market to endure. Especially if their own unique property is not five star-rated and priced aggressively. Sellers of these properties may see their house stay on the market longer than they ever anticipated. Sure the agent explains but are the sellers really listening. We are talking about their home; their very own castle.

Much has been written about the to do and don’t of selling a house in a down turned market. It still remains that there are some circumstances that will not fit neatly into a list of to do and don’t. Take for example the house that was built with a brick that once was the rave only to be met with disdain by today’s buyers. Or the winding country lane that is now a thoroughfare in town.

Any unusual circumstances has to be dealt with to insure that the seller receives the customer care and price that they deserve as well as the agent receiving the compensation they earned. So when a buyer does come along offering the hope of a sale it is understandable that both the seller and the listing agent are eager to negotiate a win-win situation.

Going once! Going twice! It’s not an auction. It’s not even a distressed property. Rather it’s a buyer’s fallout creating a domino effect and causing the transaction to fail. Sellers aren’t the only ones enduring the wave of the economy. Many would-be buyers are falling out on their contracts in the end. Leaving the would-be sellers scratching their heads and the listing agent scrambling to get it back on the market without further delay.

The most common fallout for buyers has to do with failure to get final approval for financing. It’s the most common but not the only cause for buyers not making good on their contracts. Occasionally it can be due to the buyer’s lender making a requirement on the seller that neither party anticipated. In the later the two parties will almost always come to an agreement since it typically requires some sort of repair to the property to meet all the requirements of the loan.

It is never a good experience for the buyer or the seller when a transaction fails. Picking up the pieces and starting all over puts a damper on the overall satisfaction. Real estate transactions involve many details. Real estate professionals that possess the knowledge, skills and tools to handle these details are the ones who can assist in making a not-so-perfect transaction flow through the course of the sale. Before starting the process of finding a home or selling yours connect with a Realtor® you feel confident that you can work with. She can help you through the process, be a good source of information along the way and help keep the dominoes from falling.