Real estate is a tough business, profitable but tough.
The relationship between the seller and the buyer is always strangled. For swift successful real estate transactions, a proper communication between both the parties is necessary. Let us see what they expect from each other that makes the whole process easier.
Both the seller and the buyer want the truth from each other. It becomes imperative for a seller to know it all about the house they are buying. Buying or renting first house is one of the biggest decisions anyone makes in his life. As such, if he is buying a resale home, it is necessary for him to know about the history, previous owners, condition of the house, neighbourhood etc. to avoid any surprises. Moreover, looking from the sellerâ€™s perspective, he also needs to know the truth about the financial condition of the buyer, how soon he is willing to move, and if he is seriously considering buying or not. Both the parties should place their cards on the table to come up with the best deal.
2. Realistic expectations
Negotiations on the price of the property cause the most conflict between the seller and the buyer. Both of them want to seal the deal in their favour. As such, many real estate transactions do not go through as planned. It is the need of the hour that the seller keeps a realistic expectation about the price of his home. He bought the house with the hard earned money, so it is precious to him but the buyer would only be willing to pay the market price. The buyer should not force the seller to sell the house at the negligible prices. If they keep the price closest to the market price, the process becomes short and satisfying.
While both of them must be desperate to go through the transaction, patience is the key. Selling a house needs a lot of paperwork and legal formalities. Only after the deed is signed, the seller should move into the house. The seller should clear all the pending payments like the bills or the EMIs. The home loan can also be transferred to the new owner now.
4. Respect of interests
In the quest of gaining more, one must not ignore the interests of other. They should listen to the demands of other and try to reason only when it is actually reasonable. There are various online portals that help people with the best real estate knowledge. No one is ignorant these days, so the buyer and seller should not try to trick each other. Such practices only harm the credibility. It is essential for both of them to keep themselves in the place of another.
The relationship between the seller and the buyer should not end with the deal. If the buyer faces any problem in the house or he wants to renovate or want to know about the cost of living and maintenance, he may want to contact the seller. The seller should always be available for him. If the buyer tries to reach seller at the time of need and he is not available, it makes the buyer anxious he may start regretting his buying decision.
The same goes for the agent and buyer relationship. A proper communication is essential to create a trust between the two parties. The Govt. is also coming up with many laws that safeguard the interest of both the seller and the buyer. Know the rights, make a right decision.