Why Do Deals Fall Apart?
There are many reasons a real estate transaction can fall apart: inspection issues, low bank appraisal, mortgage loan rejection, or even poor communication between the parties.
Indeed, putting together a deal is complicated.
Both buyers and sellers have their own unique circumstances and desires. To bring an offer together, your real estate agent must figure out how to get your needs met, without being at direct odds with the other side’s needs. In general, both a buyer and a seller will have to compromise on something in order to move forward on a transaction.
Let’s make a deal
Here’s a typical scenario: The buyer and seller agree on the purchase price and have no issues with the inspection or financing. But, one of the parties involved is unable to push through the emotional roadblocks of the real estate transaction. This can cause the deal to come to a grinding halt.
Keep in mind that real estate transactions are emotional. They involve a lot of money, time, and energy. Not only that but they entail transferring something very personal and intimate: a home.
In fact, I’ve witnessed buyers and sellers fight over a chair, or walk away from a multi-million dollar deal over a few hundred dollars. I’ve also seen someone back out a deal the day before closing because of a math error found in the condo documents.
If you’re purchasing a home and find yourself obsessing over a piece of furniture, a cosmetic issue, or a few thousand dollars, ask yourself: what is really going on here? Is this home a good fit for me? Am I ready to buy a home? And if so, how will I feel in a few months if I walk away from the deal and haven’t found anything else comparable?
Time to let go and enjoy the next chapter
If you’re selling your home, it’s not uncommon to be emotionally attached. You have built memories here.
But, in order to let go, it’s key to remind yourself why you are selling in the first place. Perhaps you are having kids and need more space, or moving in with a loved one. Maybe you need to be closer to work or prefer a more urban location. Regardless of your reasons, these are valid reasons for you. And, you need to detach yourself from your current home in order to move onto your next property. If you grew to love one home, you will also grow to love your next one.
Need help selecting your next home?
To save yourself from your own emotional roadblocks, align yourself a patient, experienced and sophisticated real estate agent who can help talk you off the edge of the cliff when you need it most.