Time is the essence of any deal! And of utmost importance in any property deal.
Property Deal Time is of great essence. I have seen a number of property owners grumbling when they didn’t sell even at extraordinary good bids. The same is true in buyer\’s cases too. Many buyers miss good offers, waiting, and hoping for still better offers. Then they cry aloud after missing the bus!
Why sellers don’t sell or buyers don’t buy when the bids and offers are good?
Desire to make an even better profit!
Yes, it is expectation of higher price to sellers and expectation of lower price to buyers. Everyone knows that both buyers and sellers plead their case very well. A Seller always maintains that his property is quite unique, the best, and he always wants to retain it! A Buyer counters this by saying that he has come across quite many properties better than this.
The Seller says his property can fetch double the price if he waits for another three years. The buyer would maintain price won’t go up, instead, it may go down also! You will be wiser if you encash now and invest elsewhere!
This is a never-ending tug of war.
Look for the need and urgency. Either of these have to be present.
There are many who curiously look around. A seller wants just to know the price his property would fetch! He is very happy if the real estate consultant quotes “good price”. His mind calculates the total amount and rests back!
Some tricky real estate consultants quote an unrealistically high price and render the property as an unsellable stock. When the owner realizes this, it would be too late! And either it would take too long to sell – depriving early liquidity, losing time, and opportunity to invest in better ROI, or it remains just unsold till the seller reduces the price.
Buyers suffer this syndrome too. Searching property and enquiring is their long time hobby! Weekend time-pass! Once I enquired a friend:
“Could you finalize house, you have seen so many?”
“No, its almost a year that every Saturday Sunday we visit so many properties”
“How come then nothing appealed?”
All are good, I am in no hurry, will wait till I get what I want!”
Till today he is searching! An absence of urge and need to be intelligently identified for the deal to happen.
It so happens that you have finalized a deal, you pay upfront. Balance the amount you plan to pay after selling one of your other properties. If other property takes more time to sell you loose the deal in hand. If you hurry to sell you may have to reduce the price, loosing in other property deals.
Always clinch deal only when you can complete payment within the stipulated time.
Impersonating pseudo buyers and sellers – beware of this tribe. There are people who pretend as buyer or seller. This imposter would fix a price only to add his margin to sell it to a third party. It spoils the deal, leads to complications. Serial brokers – before entertaining any deal better to know who the actual owner of the property or real buyer. A broker would take you to another, another to some other. To cross this long network and find the actual owner or real buyer is a tiresome process. Better know things in advance then set out for a deal.
A successful deal depends on identifying urge & need and being clear on payment within a stipulated time.
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