For those of us in the real estate profession, I think we would all agree that our clients sometimes don’t see all of the complexities of a typical real estate transaction. At Tru Realty, it is my job to make sure that each and every one of our Scottsdale real estate agents is able to deftly navigate each step in the home buying or selling process. This is a key differentiator for our brokerage insomuch that we want a team of real estate agents that provide every client with an extraordinary real estate experience and a flawless real estate transaction. That precludes us from going through the motions. At Tru Realty, we have to be better than all the other Scottsdale real estate companies. To do so means we have to be more knowledgeable, diligent, and prepared for what is most likely to cause sale terminating issues in a real estate transaction…namely, the Big 3 contingencies.
Once a sale price is agreed upon, the real estate transaction is then sent to escrow where the real heavy lifting takes place. It is here where a well-trained real estate professional can differentiate themselves from others by properly managing the expectations inherent to the process. Ultimately, contingencies protect the buyer but affect both parties in a big way.
At Tru Realty, we not only understand these contingencies, we train to anticipate them, forge through any challenges to the sale, and direct our clients to solutions that they would not receive from an average brokerage. Without any further ado, here are…
The Big 3 Contingencies of A Real Estate Transaction
The inspection process affords the homebuyer a deeper look into the home within the first 10 days of their escrow. It is here that items are disclosed that are not necessarily readily visible to the homebuyer (and sometimes seller). This opens up additional price negotiations or mandates for repairs that can be disruptive to the sales process. Our real estate agents are trained to be responsive and creative when dealing with inspection issues so that both parties come away with a fair resolution. Otherwise, a sale can be terminated in this 10-day window.
The appraisal process involves an outside 3rd party that is not vested with the homebuyer or the seller. The appraisal will ultimately ascertain whether the property in question is appropriately priced to reflect the market conditions, structural status, and comparable properties in proximity to the home in question. If the appraisal comes in lower than the sale price, another round of negotiations or a contract cancellation can take place. We train our agents to do their homework so that they can anticipate any appraisal issues that can arise and discuss them with their client in advance.
For the buyer, financing can be a tedious process. Even buyers who are “pre-qualified” can face last minute issues that can compromise the real estate transaction. The mortgage industry has become increasingly regulated and rightfully so. With that comes the opportunity for deal killing challenges that can disrupt a sale. A properly trained real estate professional will be able to minimize unwelcomed surprises that come from the financing process. Our real estate agents are trained to be experts in the financial process. Our real estate training emphasis makes our agents more valuable to their clients who may face financing issues when buying or selling a home.
My goal is to provide the training that keeps the aforementioned issues from terminating the sale of a home. I characterize these issues as beyond our control but within our professional ability to navigate. Often times the purchase of a home can be an emotional and challenging event for our clients to get through. With the guidance of well-trained real estate professional, contingencies like these can be minimized.
About the Author
Asher Cohen is the mentor of the real estate training program at Tru Realty. He has spent many years as a successful Scottsdale real estate agent and has handled numerous real estate transactions. If you think that you could benefit from our real estate training and you’d like to become a better agent, fill out the contact form below!