When Plans Change
Whether a home is contracted with an investor or homeowner, once a contract is submitted, dreams of future plans for homeowners and buyers begin.
The process can be strengthened through disclosures, and transparency through fact finding.
As real estate rules start to change, we all must work together to help everyone navigate. Sellers must know that disclosures continue to be a strong responsibility. A pre-inspection can be a tool that gives sellers and buyers a third- party evaluation when making an offer. We always insist a buyer get their own inspection during their option period, but the seller can strengthen the process with every fact they have.
The practice of some, especially investors and some home buyers, is to make offers to get the home under contract and then start the process of chipping away the value through inspections and any excuse to lower the offer. These games can be exhausting and costly for both sides. Disclosures are essential for buyers as well. Buyers must disclose their financial soundness and what they need and want in a home.
The process will be strengthened through disclosures, and transparency through fact finding.
We all know that negotiations are the heart of real estate. Game playing does not have to be. There is more opportunity through transparency.
As so often seen as a broker, potential lawsuits are most often over hidden facts from property condition whether known from a seller or their agent.
Let’s embrace the inevitable changes. We can all win together.
One last piece of advice....
If you are presented a contract, whether a seller or buyer, that is not a TREC form, please have an attorney review it. TREC forms are created to protect the consumer. Other contracts often protect just one party.