With so many moving parts in a real estate transaction, most often things break down not over prices, terms, or any of the tangible aspects of a home but communication. It’s not uncommon at all for real estate deals to fall through because one party doesn’t know where the other stands or what the other party is doing.
Throughout the process, sellers, buyers, agents, and other stakeholders are constantly working behind the scenes to make things happen, but if you’re not prepared for all of the interworkings of real estate, then it may seem like things have stalled or stopped altogether. Communication is the key to smooth real estate transactions, and here are some of our tips to keep things flowing.
Many times, buyers or sellers fail to understand that simply because something has been done on one end that it should be completed just as quickly on the other end. For example, a prospective buyer may make an offer on a home then get quickly discouraged by the lack of an immediate response when, in reality, the selling party is working to review the offer and possibly make a counteroffer.
Just as Newton’s third law of motion discusses equal and opposite reactions, real estate law should be read just the same. A good deal of the time, buyers will give up entirely when there isn’t an immediate reaction from a seller when, if they would just wait, that reaction will come within a few days. Patience and timing is everything, but being on top of your communication throughout will pay dividends.
Be Upfront and Direct with Your Communication
It’s sometimes amazing how poorly we communicate when a simple “received” response is often adequate enough to let a person on the other side know that their correspondence has been seen. You don’t necessarily have to go into great detail with your communication, but you should always be upfront, direct, and deliberate with helping the other party know where you stand during the negotiations.
Negotiation can often be very stressful for both buyers and sellers as a real estate transaction can hang precariously in the balance between accepting an offer or awaiting a counteroffer. Additionally, other parties involved in the transaction such as banks, lenders, and title companies require time to do their due diligence in making sure that everything involved in the transaction is clean and on the up-and-up.
Let the Experts Be the Experts
As a buyer or seller it’s easy to want to insert yourself into matters and get heavily involved in the process when in reality, it’s better that you keep your distance and let the experts do what they do professionally. That goes for real estate agents, appraisers, lenders, and title lawyers. All of these professionals are trained and certified in their field and, more likely than not, don’t need the help of an amateur.
For that reason, it’s even more important to align yourself with real estate professionals who are well-versed in your local area, have plenty of experience in their field, and know how to work the entire real estate transaction from top to bottom. While there’s not exactly one person who can handle all of the tasks in real estate, many professionals are well connected and can send you in the right direction.
When it comes to lending, Tidewater Mortgage Services, Inc. is an expert you can trust. For more than 20 years, Tidewater has helped buyers navigate the sometimes confusing real estate market and get into the home of their dreams!