If you are selling in this marketplace, you have the upper hand.
But things happen. Buyers can still surprise you. Deals fall apart.
Recently, a client of mine with an elegant 3-bedroom townhome close to everything had a deal disappear. Having lost his wife recently, he was moving to North Carolina. His townhome was where he’d spent 17 years with his wife, who loved to play piano in their sunny, warm living room. Having a deal fall through was the last thing he needed.
Fortunately for him, we had a hundred visitors at two open houses. People loved this place, which the seller had kept in great condition and up-to-date. Three offers came in only four days on the market. Things were looking good.
The seller accepted the offer from a family who wanted to raise their kids in this home. Everything looked like a go until the buyer stopped communicating. The deal seemed to be disappearing into thin air.
I tend to have clients who know how to handle stress, and when I talked to him about this situation, he was silent for a moment. Then he said, “Well that’s a hell of a thing! What do we do now?” He sounded perplexed but not defeated.
It only took two calls to the other two parties who had made offers (which is unusual – it can take more effort than this). The second agent I contacted was ecstatic. The buyers wanted to resubmit their offer. They were excited to have another chance.
Before we got off the phone he said, “Phew! Now it’s cocktail hour!” He was going to call his son and tell him all about the roller coaster ride he’d just taken.
I’m sharing this up-and-down story to illustrate that anything can happen in a deal. If you are selling, here are 3 things to keep in mind.
1. Even in a strong market, things can surprise you. Acknowledge that there might be stress involved. Is there something you can do to fortify yourself so that you feel ready? This doesn’t simply have to be something to get through.
2. Stay in communication with your real estate agent. They are there to smooth out any wrinkles.
3. Educate yourself on the process. Ask questions. Do some research. This is likely one of the biggest transactions you will ever see, so do your homework, even if you have a great agent. It’s your money, after all!
Mark Lesses is a Coldwell Banker agent who’s been in business for 22 years. A former builder he focuses on Lexington, Winchester and Arlington