Mooers Realty Maine Real Estate Blog
Red Flags, Danger Signs In Maine Real Estate Deals.
The situations that come up in a Maine real estate deal that are visible red flags, danger signs, cause thin cracking ice sounds.
It is more than just the property listing all by its lonesome that can cause purchase and sale agreements to blow apart. To never get to the long closing table surrounded by all those chairs. Where instructions to sign here, here and here are given. Until your arm, hand hurts from all the paperwork and the real estate closing is finally over. The transfer of property is complete, put on record at the local registry of deeds for all the World to see.
Real estate buying, selling is an emotional experience.
The buyer and seller's lifes are involved in the decision making, the outcome.
The sale of the property has an impact on the other issues in their life.
So as the monkey in the middle, the Dr Phil to keep emotions calm, to guide and navigate, set expectations, our job is to sometimes referee.
To put on the black and white zebra stripes. Blow the whistle. Keep it civil. Run the clock, record the fouls.
To keep it clean, professional. The game advancing. On track to the final buzzer.
The longer a Maine real estate deal takes to hammer out and the more demanding either side gets in their terms, conditions for buying or selling, the hotter the temperature becomes in the air in the room.
Time consuming, tedious back and forth, down right petty can become obvious that deal is going to fall apart. And to kill it, toe tag and white sheet the deal becomes prudent early on. Not six weeks, many months done the road. For everyone's benefit. To save time, money, all that heartache and intense raw emotion. As tempers flare, hot under the collar steam pouring out the ears builds like a pressure cooker.
What are the warning signs that your buyer and seller are like two spiraling cats?
Expressions like "any one in their right mind would blah blah blah" are one indication. One side figures the other half of the equation is being unreasonable, stupid, just difficult. Or when "they have to understand blah blah blah".
The other side hears you, understands plenty. Perfectly. Just does not agree with you. Period. Not going to agree to do this, this and that. Like it or not.
And whatever extra gets added to the never ending, growing list. Fashioned by both sides making demands way way beyond just the sale of the property.
As the list, sell broker in between, loud and clear I establish that neither side is bad, wrong, stupid, etc for how they feel.
But emotions, feelings can take over logic and just seeing the facts. No good comes out of character assination of the other end of the teeter totter in the hammering out a Maine real estate deal.
Where the best compromise is neigher side is hand stand happy. But you got everyone to the closing safe and sound. Maybe slightly black and blue, bloodied in the more difficult Maine real estate deals.
The more trying property listing sales start with the agent, broker, REALTOR not involved. The buyer who wants to cut out the real estate professional that is needed to make the sale happen can tell the seller let's cut out the guy or gal wearing the "R". Who needs them and look at the money we can save. That is another red flag when a buyer or seller would go around another. What makes you think another's throat would not be cut if one party thinks it serves their purposes best?
So the "he said, she said" begins when the seller calls the real estate agency that has the current listing.
And relays "I have a buyer". When I call the buyer and start putting together the deal, the plot thickens.
What may have been discussed in the front yard of the property by the buyer and seller is suddenly cloudy, not so crystal clear in everyone's mind.
Because what each party hopes for, the other side is not on the same page. So much is missing and I am the guy that has to put the deal together to satisfy a bank, address everyone's concerns, hopes, dreams, requests if possible.
When a bank is involved, and the real estate professional explains they are going to need this to happen and to one by one outline the expenses, I have seen the buyer start adding to the list of demands.
Even though whatever the bank wants is between the bank and the buyer, often that purchaser regardless if they have the funds or not, decides make the seller cover that expense.
So the back and forth begins to explain the process neither buyer or seller sometimes understands or likes.
But don't kill the messenger. Bearer of the bad news. Trying to keep everyone paddling, in the same boat. The seller says I am selling the property "as is" and no extra expenses please. The buyer who starts to see the whole picture of the actual costs involved from the bank's good faith estimate can become agitated. Not happy about the expenses which are standard procedure in getting a Maine home loan mortgage unless they have the luxury of paying cash from savings.
So back and forth to the drawing board to the point that it is obvious one side or both are not willing to cover costs needing payment to move forward. To be agreed to early on, up front. And you quickly see both sides do not trust each other and escalation in demands, digging in their heels happens. Lines drawn in the sand.
I am a big believer of put all the cards on the table face up in every unique, special Maine real estate sale situation.
So like it or not, Mr Buyer and Seller this is what this real estate transaction involves. And all the bases need covering at the beginning to avoid emotions boiling over and hard feelings later on.
If the property does not appraise for enough, if the list of repairs is too much for the buyer to handle, the deal dies. Unless someone steps up to change the new twists that happen in a real estate trip to the property closing.
But beyond the property listing itself, the above and beyond demands that the buyer and seller make can deep six the transaction. Cause it to unravel, come apart at the seams.
Without saying one side or both is being unreasonable, it is a clear case of loose ends. Too far apart. Not being able to accomplish the task at hand that everyone contributes to the group effort from list to sell. Or not.
The finese of being able to with candor keep it civil but also not waste beacoup time to belabor the point is one of the most challenging parts of the Maine real estate business.
And the real estate professional can not keep either the buyer or selleror both carrying to their grave deep hatred for each other. Which is sad but sometimes unavoidable. You have to like all kinds of people, be a problem solver because Maine real estate list and sell is emotional, you are dealing with the public.