Sometimes It's Not Just a Business Transaction. It's An Emotional One.

When a home owner is selling their home after 30 or more years, it can be an extremely emotional ordeal. As I explained in my previous blog, many memories can be acquired over the years, and that home becomes more like a part of the family, rather than just four walls and a roof. So, when it comes time to move on and sell, the parting of ways can be excruciating.

For both buyer and seller, the process is like night and day. The buyer may have looked at 20 or more homes before they find "the one." To the buyer, the transaction is primarily business. They may love the home, but the emotional connection isn't there for them yet. They don't understand what it is like to part with something so emotionally huge as a house. The seller has kept up the home with love and care, and as they saw fit. So what if the furnace is 25 years old? It works, right? So what if the electrical is out-dated? It works, right? The seller has just gone day-to-day with these old and out-dated inner workings of the home, just letting them do their respective jobs, and has found no problems with them whatsoever. So, when a buyer comes in and does their home inspection and begins critiquing every nook and cranny, and making such comments like, "These floors are creaky." Or, "These carpets are old." Or, "The roof needs replacing," it can be insulting to the seller. The buyer may not intend for it to come out that way, but it can be taken to mean that the seller has not cared for their home in the manner in which it is expected. However, that is all a matter of opinion.

The thing is, buyers these days are ruthless. They are not here to make friends, and they will go to extremes to get what they want, even if it means they are not coming across in the best light. Their mindset (especially in this market) is that the seller "needs" them. It is highly unlikely these days that more than one offer will come in at the same time (or that a second offer will come in at all). Bidding wars are rare, and buyers are aware of that. In which case, they can become very demanding and over-bearing. They expect the world and refuse to compromise...even if the seller has come down substantially in price in order to get the home sold. Then, just when you think all is said and done, the buyer will ask for more, even when the seller has bent over backwards to accommodate. If you're lucky, a buyer will usually know when they are being out of line with their requests, and a Realtor can sense that. That is when saying, "Enough is enough!" is warranted.

When it comes down to it, if the buyer truly wants the house, both parties can come to see eye-to-eye. If you are able to break through the rough negotiation stages...you are in the clear. But, as a buyer, it will help you a lot more if you put yourself in the shoes of the seller and imagine what it must be like to close the book on a chapter that made for 50% of your life. If you are able to see it that way, the home buying experience can be a very joyous one.

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Everyone knows that buying a home can not only be emotionally burdening, but it can be financially burdening as well. That is why I recommend that all of you read a wonderfully insightful financial blog by Andrew Yates. In his threads, he will teach you how to manage your money in non-traditional ways, and his writing style speaks to the masses. He makes finance fun and interesting, therefore preparing you for the future so you will be able to make and save that money to buy your first home. Check him out @ FinFod.SquareSpace.com.