“Patience is bitter, but its fruit is sweet.” If we didn’t know any better, it’s almost as if Jean-Jacques Rousseau, the famous French philosopher, was talking about buying and selling houses. That intermediary stage in real estate transactions, when the only thing you can do is wait, is one of the toughest periods throughout the whole process.
Understanding the different perspectives of house buyers and sellers alike is a key method for staying sane through this tricky timeframe. Here, we go through some useful techniques for combating the worries on both sides of the transaction.
Buyers: you’re in the loop
One of the biggest concerns for those buying a home is feeling out of control. What could be happening at the other end? Has my offer been rejected? Have I been outbid? However, it’s important to remember that you are an important player in this situation and that you will be kept in the loop: nothing will happen without you hearing about it. If anyone else has put in an offer, you’ll be the first to know. More often than not, no news is good news.
Sellers: enjoy your home
In the days between viewings and house inspections, your house has never looked better. Fresh flowers bask in the sunshine on the window sills, the scent of home-baked bread wafts through your living room – the list goes on. The key to staying relaxed when selling a home lies in enjoying the state of your home. After all, it’s still yours for the moment.
Buyers: timing is everything
If you find it difficult to wait while buying a home, why not cut your waiting time down to a minimum? There’s nothing you can do to hurry the seller, but you can avoid slowing them down. This means thinking about when you are putting your offer on the table – rather than contacting your estate agent on Friday, just before they take a break over the weekend, wait until Monday.
Sellers: set the pace
In back and forth scenarios and real estate waiting periods, it’s often the person selling a home who holds all the cards. This allows you to set the pace for submitting and returning offers. If you mull over an offer for too long, you’ll set the precedent for a slow response from prospective buyers. Have a figure in mind and don’t delay in rejecting any offers which fall uncomfortably short.
Buyers and sellers: prepare your next step
While you’re waiting to hear back from the other party, there’s still plenty for you to be doing. Invest this time in preparing for different scenarios, so as to avoid any further delay when you finally receive your response. For example, both parties should know what their next offer should be, if they need to make one.
Engel & Völkers have more than thirty years’ experience helping clients through the process of both buying a home and selling a home. Visit the Engel & Völkers website for real estate transaction tips and more valuable insights on today’s property market.