After a seller and buyer reach a “meeting of the minds,” meaning that they have agreed to a price, terms and conditions so that a sale can move forward, most purchase agreements provide each principal a number of opportunities to re-visit the agreement.
Buyer’s agency creates expectations from and for both parties. Agents need clients to represent (that is how we get paid), and most buyers need guidance to complete a real estate purchase.
The psychology of a real estate deal is the same as any other situation in which two parties are trying to agree on something, whether it’s deciding where to eat or the biggest financial transaction of your life.
Agents are always looking for creative ways to market their listings. How do we balance our fiduciary duties to our clients with our competitive nature?
Buyers want to see houses when it is convenient for them, often with little advance notice. And most sellers want to know who will be showing their house and when they will be there.
Many who plan to sell are motivated by need; others by choice. Which is it? Are they motivated by money or time?
Faced with an unexpected dilemma, the seller suggested a coin flip to select an agent. I respectfully said that listing a house was too important to reduce to a coin flip.
While I expect my client and the other principal to take the executed contract seriously, I have come to realize that all agreements, no matter how lengthy, detailed, or seemingly binding, are based on one simple word.