This is a crazy Atlanta real estate market with so may sellers in an awkward position. First of all a little background...there are fewer buyers, fewer home sales, and homes may have fallen in value. Sellers are simply upside down, or have taken a major hit for what equity they assumed they had in the home. To top that off they are not in control of the market in most instances. The fewer buyers that are in the market are still calling the shots for the most part.
For sellers, this means their homes have been sitting for quite a while; there have been few or no showings. So when they get an offer, many sellers are acting as if they are in charge. When it comes to addressing a major issue they simply will not budge. To the seller, it does not matter even if the item is not a costly one. That behavior is very foolish. I can understand being firm on negotiations, but what I am referring to is the condition of their home. A faulty heating system, a low appraisal, a leaky roof, an encroachment of their fence on a neighbor's property is their problem; after all it is their home. I am hearing from many agents that sellers when they finally get a contract and are heading towards closing are killing the deal. Sellers are grandstanding and refusing to address issues that are basically their problem, and the items they are saying 'No' to are certainly 'Deal killers' if not addressed. This is a meltdown that can easily be avoided. The home seller's need to remove their emotions before it clouds their better judgment. Their financial woes are not the buyer's problem. The end result of this unchecked behavior could be total disaster for the sellers in the long run, and they will have no one to blame but themselves.
A lot of life is all about personal responsibility. First of all, the home buyers did not cause this economic collapse. They cannot help it that values have fallen in your neighborhood. They are cautious about moving forward, their job, and unforeseen expenses. When a system in the home is determined to be defective, or there is an identified major litigious item (i.e. fences encroaching a neighbors property) it needs to be corrected. It isn't the buyer's problem, it is the seller's home!
In the Atlanta real estatemarket, cooperation is imperative. The Atlanta real estate contract that we are using here for the last few years is an 'options contract!' Both the seller and the buyer have agreed to allow the buyer to basically 'kick the tires' on the home for a specified period of time. During that due diligence period, buyers or their representatives, can perform a myriad of inspections, check zoning, insurance claims, and then either decide to buy, or fly! Basically, buyers can do their research, but are allowed to walk and get their earnest money back during the due diligence period. They do not even have to give the seller a reason for the termination or provide the seller with a copy of the inspection report. If buyers deem there is something major wrong with a property they do not have to proceed further, especially if the seller has drawn a line in the sand that they will not move forward. The last thing the buyer needs is 'Tude' from the seller!
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