Getting Seller to Make Repairs w/No Buyer Option Period

Hey there, so I can get the seller to make repairs sometimes for the buyer when there’s no option timeframe due to the buyer at all, it’s not out of the question. So let’s kind of discuss that here, that Shana Acquisto, luxury real estate broker and i am Mike. And today we’re going to sell

Luxury real estate broker. You know, I have to say.

All right, so what we’re going to talk about is that you can just ask for it, right? Just ask being in control and sometimes the power is shifted to you. So let’s kind of think about that. The power does shift to the buyer the moment the contract is executed just a little bit, doesn’t it? Yes, it does. And now all of a sudden, the seller is talking to one buyer not like all of these buyers. They can put a little pressure by putting a back up offer. Correct, at Shana. And let’s discuss this.

So I would first like to give a little shout out to Katy because she has been working with the buyer that is in a price point, that is extremely competitive and demanding. And she has been driving all over the place. And she you know, that’s one thing driving all over, putting in multiple offers and have lost several properties due to multiple offers. So she worked very hard, got this buyer accepted and they’re under contract. No option, period. Everything is waived.

OK, and this buyer went ahead and had his home inspection, which he is. You know, he’s he can do that. And when it came up, he’s like, oh, given all my money for this and extra for appraisal and all this. And and I really would like some money for repairs.

So it was like, well, you know, it’s really unlikely that the seller’s going to do this. Right. But why not ask? Why not ask? Just go for it. So they did. And lo and behold, the seller came back and said yes. So a couple of things that we talked through when doing this is don’t just instantly say think no. Right. You remember who you’re working for. You are an advocate and you’re working for your buyer.

So at that time you’re under contract. The sellers kind of like in a holding pattern. They can’t do anything right. So you kind of I don’t want to use the term have them over a barrel, but the power has shifted to now you’re in control and, you know, the buyer can walk away and they probably have a backup offer. But that takes time.

And there’s a process and it’s just time is ticking. Right. So wouldn’t it be better to come in and maybe ask for something and from a seller standpoint, say yes to avoid having to start back over, go through this whole exercise again? I would say yes. So don’t be afraid to ask. I think I sometimes think that we’re in these positions and we’re nervous, too, like, oh gosh, I don’t want to ruffling feathers. I don’t want to upset anybody. But you know what? Do your job take a deep breath, calm down and remember who you work for.

So in this case, Katie asked for it. And, you know, it wasn’t a huge it wasn’t like they were asking for ten thousand dollars. It was a small amount, but it was a big amount to the client and it meant a whole lot to him. So she presented it, in a way that said, you know what, I know we have no option, period. And I know this isn’t likely. But you know what?

This happened and you know, my seller could really walk away and he would lose his earnest money. And if we look at this, that might be worth it to him because it is really important. So she presented it, presented it. They accepted this buyer is beyond happy.

So great job, Katy. You did a great job with this. And, you know, it just kind of teaches us all that asking is for me. Just ask and presented in a way that doesn’t upset them. You know, just be good about it. Be careful. So shout out to Katy, everybody.

Very good. And we all here sometimes use different phrases like asking is free. Right.

My dad used to tell me that and it’s not over till you hear it. No, those are always options is.

Well, second or third. No. Yeah You, you hear those things and nice job Kay. Yeah. Do appreciate it. And you know the policy wins because she was you know, you get beat down when you keep trying to, you know, keep your client motivated to keep going through this, this, you know, hard process.

So now the option time frame is not a time to renegotiate the contract. No, that’s a careful thing to never assume, never assume that someone will.

Correct. And in this particular case, you’re just like, hey, this is better off and easier for us to do than do the alternative. And maybe the person on the other side, it’s not every person’s different, and sometimes there’s emotion in there like, hey, well, you know, the person did pay this for the house. And, you know, they kind of have a point, right.

And they’re like, all right, fine, let’s do that. And that, you know, maybe they’re like, we should have been doing this all along the way. And it was negligence. And I should have put this I shouldn’t put that off or there is deferred maintenance and they just say, like

We can have seen and, you know, so Great job. There you go. Try it out for your buyer clients. And if you are a listing agent, be aware. Right. And just understand what it is and carefully balance it. Is it worth it to go all the way back and start over or just to have your sellers say yes to this? Yes. And carefully balance how you approach. Asking the seller if to careful balance, you guys can do it.

Acquisto Real Estate

Episode Links

Acquisto Real Estate , Katy , Mike , Shana Acquisto ,

Episode Recorded Live on YouTube 5.03.21

This & That

View all posts