When buying or selling a Palos Verdes homes, the process can be much smoother if buyer, seller and agents “keep their eye on the prize.” Lew Sichelman wrote an excellent article in yesterday’s Los Angeles Times entitled, “Debunking popular myths of real estate.” He lists several myths and scenarios where a buyer and seller may misunderstand each other – for example, finding the perfect house, seller willingness to negotiate after lengthily time on market, low ball offers, getting a good deal by buying foreclosed/short sale property, etc. This is such a well-written article that I am going to give copies to my buyers or sellers when we began our transactions together. Reasonable expectations for both buyer and seller is an important first step.
I also counsel my clients to embrace the “team approach” as opposed to adversarial. Once we have concluded final negotiations and opened escrow, the buyer/seller/agents are all on the same team. Sometimes, the seller will toss the ball to buyer (getting loan approval) or the buyer will toss the ball to the seller (unforeseen undisclosed inspection issues with the house). The agents also need to be on board as a “team” member looking for solutions to assist the buyer and seller as escrow proceeds to the final close. The most successful transactions are the ones where the buyer and seller appreciate each other as the seller turns over their house to its new owner. When the seller leaves flowers and a note for the buyer and new owner of their home, I know we have all been a good team. Those are the transactions I remember the most!
Photo courtesy of Arvin Design