This is part 3 of the interview with a Denver real estate seller’s agent. Todd provides a critical insider tip that will uncover which buyer is most motivated to buy.
(Listen to Part 2 here on how to pick the best offer: http://buyeragentsearch.com/denver-real-estate-agent-explains-pick-best-offer/
Listen to Part 1 here on strategies for multiple offers: http://buyeragentsearch.com/seller-agent-reveals-best-2-strategies/)
Todd learns all he can about the potential buyers, including whether they are relocating from out of state. He sets up an open house and attends it personally so he can assess the body language of the buyers who stop by. Are they appearing to be excited about the house? Are they talking about where they would put their own furniture? How much are they visualizing it as “their house”?
Once an offer is made comes the inspection phase where the buyer has all the power. Why? Because the buyer can get out of the contract for any inspection reason at all–They don’t even have to tell you why. In this case example, the buyers put in an assuring clause so their offer might appear more favorable. This clause said they were interested in buying the house “unless there were severe health and safety concerns”. However, Todd warns that that means little to the seller since they can still get their earnest money back and withdraw for any reason whatsoever. However, language like this sets an expectation that may reassure the seller that they do not plan to nickel and dime the seller during this phase over minor items.
Todd notes that the buyer pays for the inspections and that they may order such tests as sewer scopes, radon detection, mold, meth use, or structural inspections. Usually a general inspector starts out and may be followed up with more specialized inspections, depending on what the concerns may be.