The 6 Stressful Stages of a Real Estate Transaction
Everyone hopes for the perfect real estate transaction, one without a single problem from start to finish. Although a good Realtor should be able to mitigate most problems, things do come up. Selling a home can be a stressful experience. When you select a real estate agent, one of the most important things to anticipate is who will be the best and most proactive at mitigating problems when or before they come up. A real estate transaction can be broken down into six stressful stages.
1. Preparing the house for sale: Although some people sell their home as is, with no or minimal staging, there are situations where it is more advantageous to make some repairs, freshen it up and stage. A good real estate agent will know how to guide you through the process by keeping it comfortable and not adding stress to your life.
2. Showing the house: Showings can be stressful because a house needs to look good when it is shown, which can be especially challenging if you are still living in it, and if you have children and pets. You might have stayed up late doing homework with your kids, or you might have a noncooperative dog. It can be stressful to deal with things such as cooking and housekeeping when the house needs to be ready at a moment's notice. A good real estate agent is able to have these discussions with you in advance and schedule times that work for you.
3. Qualifying the client: It can be stressful finding out whether a client will qualify for a loan and when a contingent escrow is going to close. A good real estate agent will screen wild-card offers and present those that are accompanied by preapproval letters and verification of funds. We like to provide offer guidelines in advance, allowing people to know exactly what is expected of them to keep positively moving forward. The more information provided and the more communication, the better the chance of a flawless transaction. You need to be confident your agent will only bring you qualified people, not only financially qualified people but also people who are emotionally ready to make a big purchase and won't get cold feet.
4. The negotiating process: You may wonder whether your agent is prepared to out-negotiate the agent on the other side. Is your agent good enough to hold your ground but not lose a qualified buyer? You must be confident your Realtor is an expert negotiator and has a great track record with this skillset. The more you know about your agent's track record and the more confident you are, the less stressed you will be during the negotiating process.
5. Clearing contingencies: Your house is in escrow and you are preparing to move, yet you still know things can go wrong. A good agent knows how to clear contingencies quickly and will not let things go out of hand. You need to feel confident your agent is hands-on and tenacious at clearing contingencies and avoiding extensions and delays.
6. Closing and walkthrough: Now you need to get the house all packed up and start thinking about your move. All the arrangements need to be synchronized. It is important you are not left with one escrow closing and the other not. There can't be any last-minute flaws or hiccups. Even one trailing document can cause an escrow to not close. Does your agent know how to synchronize your move and make sure everything happens when it is supposed to? Again, make sure he or she has a good track record for closing on time and providing clients with the necessary time to move out, whether that is a leaseback or a complimentary prearranged holdover.
Of course, selling a home for top dollar seems always to be homeowners' top priority, but if you've ever endured a transaction before, you know how important it is to have a hands-on agent in your corner. Stress is rarely dodged 100%, but hiring an agent who is a master at stress management can be the difference between an enjoyable transaction and a transaction from hell.
For more information, please call Ron Wynn at 310-963-9944, or email him at Ron@RonWynn.com. To find out more about Ron and read his past columns, please visit the Creators Syndicate webpage at www.creators.com.
----Copyright 2020 Creators Syndicate, Inc.