Real estate transactions fall apart for a number of reasons, but some stand out as the most common:
- Inspection goes bad: Sometimes buyers look at the inspection and ask the seller to make dozens of repairs, which is not a good strategy. We advise you to look at the big-ticket items like the roof and the heating system, not things like a ding in the wall.
- Real estate agents getting in the way: Too often I see agents become emotionally involved and get in the way of their clients' best interests. Make sure you hire the right agent for your specific and unique needs as a buyer or seller.
- Negotiation goes bad: I've seen a buyer offer $40,000 under asking price on a $500,000 and upset the seller. As your fiduciary, I'd tell you that while an offer like that might not be great, let's still negotiate and make a counteroffer. The agent's job is to get the highest profit possible, so let them be the third party negotiator who can act on your behalf.
Don't hire an agent who lets their emotions get in the way.