The Most Challenging Two Weeks of Home Selling

Many parts of home selling are challenging. From preparing your home for sale, keeping it tidy for showings and open houses, hearing feedback that at times can be unfavorable and negative to feeling the disappointment when a buyer chooses another home over yours, waiting for the mortgage commitment to come through and moving everything out of the house - the list goes on and on. But what I hear from sellers time and again is that, by far, the most challenging two weeks of home selling happens between the acceptance of an offer and the signing of the purchase and sale agreement (P&S).

The reason for this is that because if any offer is going to fall apart, it mostly happens during these two weeks, and the occurrence of one thing in particular - the buyer's home inspection. During this nail-biting time for you as the seller, here are a few things to keep in mind before and after the inspection that I'm hoping will lessen the stress and anxiety you experience and help to manage your expectations:

• An inspection is almost inevitable. Unless the buyer is planning on tearing down the house, you can almost bet that there will be an inspection. So take a big breath and blow it out slowly....
• There is no perfect home. Even homes that have just been constructed have issues; it's just the way it is. And so there are going to be concerns that are raised no matter what. Unfortunately some of these issues could be insurmountable for the buyer. The presence of termites, structural damage and mold, for example, can turn a buyer against the house - even if you as the seller are willing to repair/address the issues and/or provide the buyer with a credit for the repairs. I have seen this happen before. A buyer hears that there has been termite damage, and he* turns on his heels and walks out the door - no further conversation. The good news, however, is that this is not the norm.
• A negotiation nearly always ensues. The norm is that, despite the issues that have been raised, the buyer still wants to continue with the home purchase, albeit with the items repaired or a credit for the repairs. And therefore another negotiation takes place. In the case of your home, if you don't feel these issues are substantive, you may not be willing to repair them or provide a credit. And then it comes back to the buyer, and whether she is willing to take on the issues at the previously-agreed upon price. In my experience, most times that's a "No" for the buyer, and the deal falls apart. But not always, especially if the buyer is emotionally invested in - or "in love with" - the house.
• There hasn't been much of a financial investment. Speaking of investments, up to this point, the buyer is not heavily invested financially in the purchase of your home. He has paid for the inspection, and that is lost money. But he's only put down $1,000 to bind the offer - and he will recover that money if he backs out of the deal because of inspection issues. The financial investment at the signing of the P&S is much more significant, and therefore backing out of the deal after that time happens with much less frequency.
• Try to remain calm, cool and collected. Or should I quote the trendy saying of late, "Keep Calm and Carry On." A calm, objective mind always prevails and fares better in times of challenge and stress. It can be hard when inspectors and other contractors are traipsing through your home pointing out defects and issues that you may not have known ever existed. Bear in mind that this is only temporary and is a means to an end....
• Evaluate the inspection issues. If the buyer raises an issue(s), to which all or most home buyers would object - a high radon level or the presence of asbestos for example, it behooves you to work with this buyer and repair the issue or credit the buyer for the repair. As they say, "A bird in the hand is worth two in the bush."
• Have your own estimate for the work done. In negotiating the issue, the buyer will have likely estimated the cost to repair the issue. You may want to do the same to make sure the buyer's estimate is in line with your estimate for the work. This will give you the necessary perspective, which in turn will help in the negotiations.
• Keep the home selling objective and the thought of moving on with your life top of mind. Similar to remaining calm, cool and collected, it helps to keep your goal of selling your home front and center. The sale of your home also goes hand in hand with moving on to the next chapter of your life. And this is often an exciting and fun prospect, and it may be necessary to remind yourself of this when the going gets tough.

What are your thoughts on this subject? If you have been a home seller, did you find the two weeks between the accepted offer and P&S to be the most stressful and challenging? Or were there other times during the process that you found to be equally - or more - difficult and anxiety provoking? I can't wait to hear....

For more information on this subject or about the real estate market in Weston, Wellesley, Wayland and the surrounding towns, please contact me, Lisa Curlett (781-267-2844 or www.homesalesbylisa.com), to answer any questions or for a complimentary home appraisal.