Remember Key Factors While Representing a Seller

Remember Key Factors While Representing a Seller

Providing support to a seller can be hard, but you must do whatever it takes to help your seller feel comfortable. It is important to remember that they are undergoing change, making huge decisions, and dealing with a transaction that probably involves a major, if not the most important, investment they own. As an agent be sure to remain calm no matter how high or low the offer starts. Also, go through the buyers offer carefully and note any key issues that need addressing. These steps are the first steps in ensuring a peaceful negotiation for both the buyer and the seller.

The worst thing that can happen to a seller is to have the transaction fall apart a few days before closing. By then they are emotionally invested in another property. They've already made plans to move. They're excited about the future. And then, wham, everything falls apart and everyone loses market time, marketing momentum, and a considerable investment of time and money.

Require prospective buyers to deposit enough earnest money to secure your clients position. Set the earnest money high enough to make it difficult for the buyer to purchase another home if they walk from the deal once all contingent conditions are satisfied. You may be thinking that this advice conflicts with your objective to achieve a win/win outcome. In fact, it simply requires buyers to uphold their end of the deal or sacrifice their deposit. Remember, you are representing the sellers, and protecting your clients' interest is your fiduciary duty.

Another area of caution is the financing. Require the buyer to provide proof of loan approval with no conditions. You want proof-positive that the buyer can and will perform within two weeks of acceptance of the offer. Lending institutions are notorious for writing loan approval letters with conditions or weasel clauses that protect both the institution and the buyers. Make it clear on the counter offer that no contingencies or conditions will be acceptable after two weeks.

The prevailing rule in seller protection is to tighten the language every step of the way. Remember at all times that your job is to protect and secure the interests of your client, the seller. The broader the language you allow, the greater the number of interpretable clauses familiarly known as weasel clauses make it into the transaction, each one endangering the level of security you can provide your client.

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