Buying a home is a big decision filled with a ton of emotions, concerns, and risks. It isn’t uncommon for buyers to not be entirely honest with their real estate agent, somehow fearing being honest will jeopardize the home purchase.
Establishing credibility even when your buyer is shady is important to maintain your reputation for future transactions.
Buyer Won’t Provide Lender Information
Of course, you want to help anyone who wants to buy a home. But you know full well that a home purchase can’t happen if there is no funding and most buyers simply can’t pay hundreds of thousands of dollars in cash. Without a pre-approval letter, you have no idea whether or not the buyer is able to close the deal. This means you would be wasting valuable time of yours and the sellers if the buyer’s funding never comes through.
To avoid this and maintain your credibility, do an intake with all new buyers. Have them complete a questionnaire that includes the type of home they are looking for and where. Include mortgage lender information and offer referrals if the buyers don’t have one. Explain to them in the intake interview why this is important to help them qualify and buy the home they want.
Buyer Loves Home But Is Not Willing to Offer
When a buyer loves a home but isn’t willing to make an offer even after multiple showings, this suggests that the buyer might not really be in the marke to buy a house. Whether they are just unsure about such a big purchase or know they really can’t swing the purchase, it’s important to discover this sooner than later.
Explain to the seller’s agent that you are working with your buyer to discover the hesitation. Keep an open line of communication open and be respectful of the other agent’s time and the seller’s time to maintain your credibility.
Unrealistic Repair Requests
Everyone wants a good deal. This is as true for buying lunch as it is for buying a home. Buyers sometimes look at inspections reports and develop a long, unreasonable list of repair or credit requests. They might do this because they are nickel and diming every last detail for funding purposes or simply because they don’t understand what the common procedure is and what types of repairs are typically requested.
It is important to maintain an empathetic yet educational approach with your buyer. Let them express what the real concern is with the repairs and offer to show them what areas are of real concern. If a buyer really wants to buy a home, they need to understand that no home is perfect – even a newly built home.
Missing Timeline Requirements
It is the agent’s job to make sure the transaction moves along in a timely fashion and meets all deadline requirements. This includes inspections, earnest money, and funding. Clients may be overwhelmed by the process and not even intend to miss deadlines. Instead, they may be scouring over reports and disclosures trying to understand things an agent could review in a matter of minutes.
Missing deadlines jeopardizes the deal, any earnest funds, and your credibility. Talk to your client regarding the issue. If you can resolve it by having a meeting to review documents with them, this is an easy solution. As always remain in constant communication with the seller’s agent to keep them informed of any issues or delays to retain your credibility.
At the end of the day, you cannot control how buyers act or what they do. You control how you conduct yourself in the transaction. Being professional and opening all lines of communications with buyers, lenders and seller’s agents maintains your credibility.