Thirty Days of Real Estate – Day 19: Buyer-Seller Relationship

Real Estate with Dallice: A good buyer-seller relationship earns brownie points!

At first it might seem counter-intuitive. A buyer-seller relationship? What?! That’s because in the beginning, the Buyer is looking for the lowest price. The Seller is looking for the highest price. And to all intents and purposes it can seem like you are on different teams with different goals. But hear me out. 

Shared Goals

Once under contract I propose that you are now on the same team with a shared goal. The goal is successful closing. The seller wants you to buy their house, you want to buy their house. The seller will provide you with as much documentation and testimony as they can, to get you familiar and therefore comfortable with the property. You are busy doing due diligence, but not “looking for an out”. Instead you are looking for proof that this property meets your needs and you are satisfying yourself that there will be few surprises after closing. You both want the same thing in the end and cooperation is the key to getting it. Synergy!

Synergy: : a mutually advantageous conjunction or compatibility of distinct business participants or elements (such as resources or efforts)

Brownie Point Banking

Both the Buyer and Seller have skin in the game. The Seller needs the money or has somewhere else they’d rather be – or both. The Buyer wants to “be” in this property for any number of reasons. Along the way, the transaction will require reasoning, compromise and flexibility from both sides. It might seem one-sided at first glance: For instance the appraisal is taking a long time and delaying loan approval. The Buyer needs to ask the Seller to extend Appraisal, Loan and Closing Deadlines. The Seller could see this as an opportunity to wield some power  or to bank brownie points .  My vote is to ALWAYS take the opportunity to bank brownie points. Gift the Buyer (or Seller) something useful, cheerfully and willingly and when you need something, you are now almost guaranteed to get it. 

Sellers, you may think you hold all the cards, but if the Buyer cannot extend deadlines, they may be forced to terminate the Contract. Is this in your best interests? Will this help you achieve your goal of selling?

And don’t even ask me how many sellers forget to change their shipping address or inform friends of their new address. LOTS! They will then need to contact the Buyer to retrieve Amazon packages or holidays cards or important tax documents. At times like this, it pays to have some good will up one’s sleeve!