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When Real Estate Sales Go Wrong

When Real Estate Sales Go Wrong

Real estate agents work hard to get the best deals for both property buyers and sellers.

They take time to ensure the house is ready to be shown. They deal with all the paperwork involved, so the buyers are left with peace of mind. Then all they are waiting for is the final signature to seal the deal.

However, a lot can go wrong before the deal is finalised. Make sure you are not caught off guard when these the following things come up.

The seller changes their mind

While it is more common for a buyer to change their mind when it comes to purchasing a specific property, sellers can also have second thoughts about leaving their homes. If a buyer goes through the entire process involved and the seller changes their mind the day before the final sale, they could face legal action from the buyer.

As a real estate agent, you need to ensure the seller knows all the pros and cons before committing to sell the house. This way, all parties can avoid wasting time.

Buyer’s remorse

In real estate, bidding wars for property happen regularly. You might have a desirable property on the market that a lot of buyers are interested. Human nature loves competition, and we love winning even more.

It is quite easy for buyers to get caught up in the emotions and want to outbid the other potential buyer only to realise later they went way over their budget. It leads to them cancelling the contract they fought so hard for.

You can avoid buyer’s remorse by putting together a list of your property needs and wants and how much you can afford. Keep a cool head and bring the buyers back on track to avoid wasting everyone’s time.

Buying a house cannot be an emotional affair so make sure the buyers and sellers understand what is at stake.

Mobus Properties Ltd. is a privately-held Ghanaian property investment, development and management company focusing on commercial and residential property development. The company has property portfolios in Ghana and Nigeria.

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