9 Secrets Top Listing Agents May Not Want You to Know:
Secret 1: You Can’t Build Anything AnywhereYour buyer client’s proposed waterfront dock or tree house maybe violating zoning ordinances, even if the listing agent says it’s alright. In addition, according to This Old House, buyers can request permits of compliance contingencies, requiring the buyer to provide a permit for major renovations in the offer. This maybe necessary for large scale projects such as home additions, sheds, pools, or basement living areas.
Secret 2: If your client doesn’t have a preapproval letter, they aren’t even considering your offer.Many sellers prefer a quick closing and don’t want to wait for your client’s family to receive approval.
Secret 3: A personalized letter means nothing in comparison to your client’s financial profile.Personalized letters may even make buyer's agents look desperate if their client can barely afford the home. In some rare cases, sellers may be attached to a family home and may be persuaded by personalized letters. However, this is not the norm.
Secret 4: Your client’s proposed down payment carries significant of weight.If your client’s proposed down payment is less than 5%, many sellers won’t even consider. If it is nearing the lower end, a seller may begin asking additional questions about your client’s financial qualifications.
Secret 5: A home inspection isn’t the only contingency you can include.An offer may include many additional contingencies, including foundation & structural inspection, mold inspection, septic inspection, pest inspection, chimney inspection, well water inspection, and radon inspection. For more on which contingencies your buyers should include, check out Kyle Hiscock’s article.
Secret 6: They’re already considering offers at the open house.Don’t be fooled, by the listing agent’s eagerness to speak with you. In this year’s sellers market, many homes receive offers before they get to market.
Secret 7: The client, not the listing agent, has a potential buyer lined up.The listing agent will always prefer their client does not go with the buyer the client found on their own. Many home sellers sign a contract to keep their agent’s commission if they sell to a buyer they found before taking on the listing agent.
Secret 8: The home inspector they referred is a close friend.Request your client to hire their own independent home inspector. Often times listing agents and brokers have close relationships with home inspectors. According to This Old House, home inspectors complain of being shunned by brokers when exposing serious home defects.
Secret 9: The contract will provide adequate legal protection.A Disclaimer of Promises does not include any verbal promises the seller made beforehand. Consider forming a partnership with an attorney, to make sure anything your clients sign is not working against them.
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