Skip to main content

How To Handle The Biggest Real Estate Deal Killers (Well-Intentioned Parents)

Your parents want the best for you. And buying a home is one of the major investments you will make in your lifetime. So, of course, your folks want to be by your side and offer you the benefit of their wisdom and counsel. Unfortunately, a lot of their best advice can be misguided, and can cause your good home choice to slip away.
Most parents will want to see you get your home for the least amount of money and may even advise you to make a low offer. That may be what they did when they last bought a house. It will not work in a seller’s market, and may not even work in a buyer’s market. Make your offer based on the comparable neighborhood sales, the condition, and your Realtor’s advice. If you are getting a loan, remember that the price you pay is amortized over 30 years as well.
Mom and Dad may advise different “deal points” than are standard in your locality. Recall that each state and area have different customs, disclosures and laws. What may be common in M&D’s area may not be common in your area and can kill your transaction (example: lengthening time periods for buyer performance). Again, let your Realtor be your guide – he or she has written many, many offers and knows the issues and expectations of all involved.
Parents may attempt to talk you out of an area or particular house. They may have good reasons and insights for doing so. But keep in mind that the average length of home ownership is five to seven years. If this specific home is workable for you, your family and your budget now, trust your gut instincts.
Your parents may have very specific ideas about the condition of the house and may be somewhat alarmist about certain items. Fathers, especially, are notorious for inspection freak-outs. Dad and Mom may have really good advice here (especially if they are builders or contractors). Or they may not. Keep in mind, once again, that different areas have different building types, different weather patterns, and different housing components than others. Not only can almost everything be repaired, but repair and upgrade costs may be significantly different from one area to another as well. It will be wise for you to research this on your own, and to take the advice of your physical inspector and your Realtor first.
Notice a common denominator here? Yup, it is “ask your Realtor first.” If you and your Realtor are proactive about the issues outlined here, your parents’ feelings will not be hurt, there will be peace in your family, and you will have a much more successful transaction.
Photo “Couple sitting at table” licensed under Creative Commons

Ali Palacios, ABRMCNETAHS
Realtor
Today's Home Realty
ali.palacios@todayshomerealty.com
Mobile - 832-418-0670
www.ilovehappyclients.com

9119 Hwy 6 S #230-116, Missouri City, TX 77459
Source: http://www.bestrealestateblog.com/handle-biggest-real-estate-deal-killers-well-intentioned-parents?m=JnojPGPgYwNqRUqKIeuc

Comments

Popular posts from this blog

Rental Fraud Alert - Texas - Luz Astacio, 512-222-6876

Rental Fraud Alert: This fraud occurred in Cypress Texas but I found others outside if Texas that have been contacted by these same scammers!
I know I have brought this up before but it's worth mentioning again. There are many rental scammers out there and people fall for it every day.
I had a former client rent a home on their own. The offer they received was too good to be true (that's always a sign). They paid their security deposit and 1st months rent. They were emailed a contract (not a Texas lease) which everyone signed. It all seemed legit. They were given the combination to a lockbox that was on the door that contains the keys. They moved in and shortly after were asked for $1000 to pay property taxes (red flag!).They sent the funds and then they called me.
Unfortunately it took me 5 minutes to realize that they had been scammed. The home is actively on the market for $2550 (their rent was $1200) and the owners listed on the contract provided are not the owners of the ho…

Home Buyers and Seller beware - WIRE TRANSFER FRAUD

If you are in the process of buying or selling a home please BEWARE: Online banking fraud is on the rise. If you receive an email for a title company or your real estate agent containing WIRE TRANSFER INSTRUCTIONS call your agent or escrow officer immediately to verify the information prior to sending funds. Here’s how the scam goes down. You’re about to settle on a home. You get an e-mail from your real estate agent or from the title company, requesting funds to be wired to an account for settlement. The e-mail states that there is a last-minute change in wiring instructions. You dutifuly wire the money using the new instructions. Then, the call comes from the title company the day before settlement, asking why you have not sent your funds for settlement. This is the moment you learn that you have sent hundreds of thousands of dollars to a thief. This scheme is not new. But a recent resurgence of wire fraud in the real estate industry, and the increase in its sophistication, prompted the N…