One issue or another will usually arise during the process of buying and/or selling real estate. How best to avoid stress?
Take Control – Keep it Simple – Prepare
This begins at the time the deal is made – the Contract. It may seem as simple as “I will sell you my house and you agree to pay me $$$”, but there are other concerns such as inspections, mortgages, tenants and timing, other property to be sold.
Take control of the Contract. First, do not agree to one-sided contract terms in fear of losing the deal. Be willing to turn your back on the seller/buyer if they are not agreeable to an important term. Refuse to get caught in the drama and emotion of the transaction. The Contract is the most important factor as it is the road map for the entire transaction, and affects risk down the road.
Second, keep it simple, establish bright line rules in the Contract such as to allow you to proceed or cancel after particular dates. Remember, agreeing to agree is not the same as having the right to walk away if an issue arises and you cannot agree – or if you change your mind. Home inspections by which a purchaser a examines their purchase avoids regrets are a good example. There should be a bright line for walking away and for the condition of the property at closing.
Third, be prepared throughout the transaction. Common issues are: not having money ready to transfer for the contract deposit or closing of title, failing to provide information to the bank, not having shopped for insurance or movers. Real estate transactions are time sensitive, advance planning allows for flexibility for yourself – and if the other party is not prepared.