Many buyers and sellers are surprised when their emotions get the best of them during a home sale.
One of the biggest stumbling blocks in the sale of a home is the emotional reactions of the parties.
It doesn’t matter if you are buying or selling. If either party lets emotions rule the day, things can fall apart. If both parties let it happen, the transaction can get very ugly.
For sellers, emotions arise from the fact that they typically have lived in the home for some time. Major life events may have occurred on the property, including raising a family, weddings, etc. In simple terms, sellers don’t view the home as a property to be sold. Instead, they view it as a part of themselves, which they are letting go of like a child going off to college. This personal attachment leads to ruffled feelings when a buyer offers practically any criticism of the property.
For buyers, emotions arise from the conscious or subconscious nervousness about taking on such a significant debt. Whether you like to admit it, committing to a mortgage can be an overwhelming experience. Inevitably, this emotion is expressed as suspicion that the seller is trying to pull a fast one or something is wrong with the property. But, regardless of the manifestation, such emotions are the stuff of terminated or difficult real estate transactions.
There are several places throughout the transaction where emotions can peak.
It may be an initial offer, an inspection, a title issue, an appraisal issue, or a homeowner’s association or municipal issue. One of the most significant advantages of having a real estate agent work on your behalf is having an intermediary to work through.
You can find stories of negotiations that fell apart over something ridiculous like a light fixture or bar stools throughout the real estate industry. Some sales have terminated for items that cost less than $1,000.
Understandably, both parties are feeling their own set of emotions.
When emotions start to drive the negotiations, we begin to see problems. As a real estate agent, I have had conversations with clients to help them identify their emotional responses versus a response that makes financial sense for all parties.
If you have a buyer who wants to buy and a seller who wants to sell, there is always a solution.
In the big picture, is fighting over a few hundred dollars worth jeopardizing the whole deal when you compare it to the thousands of dollars you are spending?
If you are going to buy or sell a home, be aware that you may experience some surprising emotions. Remember that the transaction is a business transaction, not a personal insult to your pride.
Having a trusted real estate agent in your corner will be advantageous when your emotions start to surface.