4 Ways Buyers Self Sabotage Their Contract And Lose Their Dream Home

Your Real Estate Agent can be Your Brisbane Buyers Agent too!

Crashed Contract

Brisbane Buyers Agent – Avoiding the Pain

With my Buyers Advocate hat on, here are 4 tips to help you buy well.

Any experienced real estate agent will tell you that anything can happen in the game of real estate, particularly when it comes to navigating the buying/selling process.

For experienced investors, the process that follows after negotiations are finalised and a contract of sale is signed, is one that can quite often be anything but predictable. Every sale is different and the process can take many different turns depending on several factors relating to the property, the parties and the contract terms and conditions.
As an experienced real estate agent, I have helped numerous clients over the years navigate their contracts to ensure the end result was one they’d hoped for, or better yet, a result that exceeded their expectations entirely.
The road for buyers and sellers is never silky smooth and without careful consideration, it is all too easy for a buyer or a seller to make a rookie mistake when it comes to settling their sale or purchase.

I recently worked with a couple who were buying a property through my agency FineLife Property and seemingly all things were progressing well with their contract, up until I received the fax that every real estate agent dreads – the termination letter from the solicitor’s office.

What on earth had gone wrong, and more importantly, why was I the last to know?

 

Seemingly, when the buyers had received the building and pest report from the inspector, they had discovered a bit of an issue with the property and rather than do what most buyers do and call me to discuss it, they freaked out over the looming deadline for the inspection, called their solicitor and canned the contract.

The buyer lost out whilst the seller quickly moved on.

As it turns out, this couple were the biggest losers in all of this, because the property was quickly snapped up by another buyer and placed under contract before they could renegotiate the deal.

As much as it is the job of the real estate agent to work in the best interests of the seller, it is still our moral obligation to facilitate the sale from both sides and assist the buyer when a problem arises. If this couple had called me to discuss the situation they were in, there would have been a number of solutions I could have given them to hold the sale together.

For the record, if a building and pest inspection shows a problem with the property, there are several things a buyer can do. They can re-negotiate the contract, request an extension of time to address the issues, and even ask for a price reduction. Most sellers are happy to work through building and pest issues provided they are valid and genuine problems and termination of the contract should be a last resort, not a first for the buyer.

Not to mention, it is much better for the seller to deal with any problems with the property upfront since these will continue to be picked up by each consecutive buyer if the seller decides to sweep the issues under the rug.

Unfortunately this is not the only time where I have seen an inexperienced buyer take matters into their own hands and essentially cost themselves.

Here are the top 4 mistakes I have seen buyers make when it comes to buying property.

  1. Panicked and terminated the contract on the sole advice of the solicitor.
  2. Tried to buy before they sold and locked themselves into costly bridging finance.
  3. Worked against the agent rather than with them or even worse, put the agent off-side from the get go.
  4. Listened to so called “experts” or inexperienced, but well intended family and friends.

 

Buying a property is certainly not an easy process but one that can be made much smoother if you surround yourself with experienced real estate professionals who can correctly guide you no matter the situation.

 

So what is the lesson here?

 

Buyers, there is always a way around any situation and terminating the Contract should be your last course of action. Talk to your agent first before making any rash decisions as they can usually offer a solution that you may not have thought of.

Sellers, deal with building and pest issues or any problem for that matter head on. A good agent will give you the right advice for how to handle most situations as they’ve probably seen them come up before.

At the end of the day, sellers want to sell and buyers want to buy. Let’s not get bogged down in the logistics of the deal and work toward a mutually satisfying outcome for both parties so everyone can move on with their lives.

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Telephone: Call Barb on 0412 765 041

Email: enquiries@finelifeproperty.com.au

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