pond packed with hungry fish. The first offer doesn’t seem great, and you naturally assume there must be bigger, juicier fish to be had. So, you throw the not-so-small-after-all fish back in. Big mistake. That “tiddler” is often the “catch of the day.”
Becoming Friends with the Buyer
It’s appropriate, even important, to be friendly, but don’t let the personal nature of someone being in your home allow you to get into too many long discussions with the buyers, because personality conflicts often cloud judgments. Watch what is said in discussing items related to the house and neighborhood. Remember, this could be their new home. You’re no doubt excited about moving. But buyers will start second guessing. A casual statement about the house “really being too small for a growing family,” or “the schools are going through some changes” might be enough innocent chatter to squash their interest.
Underestimating Closing Costs
Many sellers only consider the money they are selling their home for. They don’t appropriately calculate all the costs associated with the sale. The National Association of Realtors (NAR) settled a class-action lawsuit with a $418 million payment and rule changes in March 2024. The settlement addresses allegations that the NAR's compensation rules violated antitrust laws by inflating commissions and reducing competition. Zillow lays out some of these considerations ever since the National Association of Realtors effectively eliminated any requirement for listing agents to offer compensation to buyer agents or other buyer representatives (although it is still permitted). Hence, negotiating commissions accordingly is always recommended. Consideration of each offer with compensation for the buyer's agent, or allowing a credit to the buyer to cover their closing costs, may include their Buyer Brokerage Agreement compensation for well-deserved services rendered. The following
55
Powered by FlippingBook