Is your Tulsa Home Seller or Tulsa Home Buyer a ready, willing and able client?
When representing a Tulsa Home Buyer or Tulsa Home Seller, the first question a Realtor asks is, "Is this Seller/Buyer ready, willing and able to sell or buy a property?" Being ready, willing and able is KEY and must be reevaluated throughout any real estate transaction.
If the Seller is going through a divorce, for example, they may not be ABLE to sell their Tulsa home without the consent of spouse or attorneys. A Tulsa home Seller also may not be ABLE to sell their Tulsa home if they owe more money on their home than the amount for which it will likely sell.
A Tulsa home Buyer may have credit issues to overcome or don't quite have the amount in reserves for a down-payment. Or a Tulsa home Buyer may need to wait on the proceeds of another home sale in order to purchase their next home, in which case, they would not be READY.
So, when is a Tulsa home Buyer or Seller not WILLING to proceed with a real estate transaction? One smelly example follows.
Is your Tulsa Home Seller or Tulsa Home Buyer a ready, willing and able client?
My Tulsa home Seller diligently prepared his home for market, making all necessary updates and staging the home. Professional photos were taken and we blasted the internet with extensive verbiage and virtual tours. We received an offer the first day on market and negotiated terms of the contract.
When inspections were done, the Buyer noticed an odor that only one of the inspectors could also smell. He identified that the odor was coming from the damp crawl space and made suggestions as to how it could be remediated. Of course, the Seller took the recommended steps to correct the problem of the odor that only the Buyer and one inspector could smell.
Re-inspections were made by the Tulsa home Buyer the day of closing (not good planning on anyone's part) and she STILL complained about the odor. The inspector reassured her that all of his recommendations to eliminate the odor had been followed and suggested that it would simply take time for the crawl space to air out. He suggested opening some of the vents, but felt confident the odor would soon dissipate. The Buyer seemed satisfied.
Four hours later, my Tulsa home Sellers and I waited at the closing table. The Buyer and her Realtor did not show. I called the Buyer's Realtor only to find that the Buyer was unsure if she still wanted to purchase the property because her concern over the odor had never been properly addressed.
Keep in mind that my Tulsa home Sellers had already purchased and moved into another property. We had missed almost forty days of key selling time and opportunities, so my Sellers were NOT happy.
The Buyer and her Realtor did show up and after four hours of negotiations and counsel for attorneys and Brokers, she decided she was WILLING to purchase the property at 8:00pm that evening. To say that it was an uncomfortable ending to an otherwise pleasant real estate transaction is an understatement.
Looking back, I realize that real estate professionals must communicate with their Tulsa home Buyer OR Seller THROUGHOUT the transaction and constantly review whether they are ready, willing and able clients. This nasty mess could have been prevented had the re-inspections been done a week prior to closing, and the Buyer's Realtor should have taken her concern about the odor more seriously and communicated that to me and my Tulsa home Sellers. This Tulsa home Buyer's concerns were NOT addressed, and she was therefore an unWILLING Buyer.
Originally Posted at: Midtown Tulsa Real Estate - Lori Cain
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Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.
