You are buying a home or selling your St. Petersburg real estate. You have researched the Pinellas County real estate market and are ready to dive in. Before you do, you must find a real estate agent with the experience and knowledge to help you make the best decision possible.
If an agent does not recognize the red flags of a transaction about to go wrong, they are not equipped to help you. The right agent will have seen deals fall apart and dealt with buyers, sellers, and fellow agents who bring problems to the process. Their training will enable them to spot potential issues before your time and money are wasted. This blog post will shed some light on how your agent can help you by fixing or avoiding issues while they are still developing.
Three signs of a problem buyer your realtor can spot
An offer contains too many contingencies or demands
One of the most common warning signs of a potentially problematic buyer is an offer with unusual contingencies or needs. This can indicate that the buyer is not confident in their ability to close the deal. It can also happen when a buyer has not done enough research on the property or is trying to push for a better deal.
An experienced agent can help identify buyers trying to take advantage of the negotiation process. They can spot buyers who aren't prepared for the responsibilities of home ownership or those trying to negotiate in bad faith.
A buyer just started looking
Homebuyers often feel under pressure to decide quickly or put in an offer because of fear of missing out. However, a buyer who jumps to make an offer on your home may be more likely to back out later in the process. If your buyer has not looked at many other houses and makes an offer almost immediately, they are at a higher risk of second-guessing their decision.
Real estate agents are trained to look out for signs of buyer's remorse or backtracking so that they can intervene early. Your agent will often see red flags in potential buyers who present a cold feet risk. These are buyers who show interest immediately but hesitate when it comes time to put down a deposit or finalize the purchase agreement. In this case, your agent would work with the buyer's agent to address potential concerns and ensure that all parties are committed to completing the transaction.
A buyer is not as interested as their partner
It is common for couples to look at houses separately to accommodate scheduling conflicts or maximize their efforts. However, this can lead to situations where the partner or spouse who has not looked at the home hesitates to commit after they finally see it.
It's essential to ensure both parties are invested in purchasing a home. If only one partner is interested in a property, proceed with caution. It is wise to wait to seriously consider an offer until both partners look at the property. Both partners should stay engaged throughout the process, from viewing the house to making an offer. An adept agent will note signs of a debate between a couple long before it becomes a problem, so pay attention if your realtor says to proceed cautiously.
Three signs of a problem seller your realtor can spot
A lack of transparency from the homeowner
Homeowners will sometimes withhold information about potential deal breakers, such as a known problem with the home or concerns over something an inspection could turn up. An adept agent will know the difference between reasonable resistance and something suspicious. The key is to trust your realtor to help determine whether a seller is honest and transparent.
If a seller is withholding critical information or resisting certain inspections or appraisals, chances are there is a problem with the selling process. In this case, it's best to proceed cautiously and seek further advice from your agent. Of course, a seller may not have all the information you want on a home, but that does not mean they are hiding something. Your realtor can help you work through these issues and ensure you do not jump to conclusions.
Multiple homes for sale nearby
Multiple homes for sale in a small area can indicate a more significant problem with the neighborhood. If you encounter this situation, research recent changes to zoning, regulations, or nearby developments that could explain why multiple properties are selling at once.
It is also a good idea to take a stroll through the neighborhood to get a feel for it and ask other homeowners what they think of the location. Of course, your agent's knowledge and expertise will help translate into better insights regarding the character of a neighborhood. If you have concerns about an area with multiple homes for sale at once, discuss it with your agent.
There is poor communication with the seller or their agent
Poor communication is a common complaint in soured home sales. When there is inadequate communication, negotiating or completing a transaction can be difficult. Your realtor can help you spot warning signs that communication with the seller or their agent is lacking.
Some warning signs to look out for include a sudden decrease in responsiveness or a lack of follow-up. At the same time, poor communication may result from a low-performing agent or the seller needing more familiarity with them. That is why it is essential to keep an open mind and trust your agent to let you know whether communications are breaking down.
Find an agent with the experience you need
A knowledgeable realtor such as those at Herzwurm Homes
has training and experience with Pinellas County real estate that helps to spot warning signs in a real estate deal. The right agent will be able to help you avoid bad buyers and sellers and make choices that benefit everyone involved.