Having unrealistic expectations is a common pitfall that both buyers and sellers regularly hurl themselves in to.There are many things that can go wrong in a real estate transaction that you have absolutely no control over. These glitches run the gamut from the insignificant to the catastrophic and everything in between. They have to be dealt with for sure, but one can't get too upset about them simply because one has; by definition; no control over them.
What you do have control over are your expectations. Expectations of cost, time, neighborhood, noise, profit, loss, neighbors, views, size, location ...etc. These subjects and many more all have to be carefully considered, but it's easy to go overboard and set criteria for yourself that just can't be met in the real world. To conquer this trap one has to observe the reality of the situation and one must listen, listen, listen!
More specifically, you have to critically listen. You cannot filter out unpleasant information that is made crystal clear to you by ignoring that which does not support your internal world view and simply "hear" what you want to hear. While living in your own reality may get you through the day and help you cope, it simply won't do when it comes to real estate transactions. Even though the purchase decision is almost always an emotional and not a rational decision, it doesn't change the fact that the processes that accompany a deal have very real limitations and pitfalls that cannot be ignored.
If you are purchasing a property, and during the negotiations the Seller indicates that they can’t vacate the property until March, but you need to move in by February at the latest, you would think that this is a problem. Well, it is! Yet you would not believe the number of times that a Buyer swept up in rapture over the "perfect place" completely dismisses information such as this simply because they don't want it to be true.
As a second example, consider this scenario: You've owned an apartment in Manhattan for fifteen years, and have accumulated fifteen years of fond memories in your home. You've long since come to terms with the fact that your basement apartment gets no sunlight and overlooks a brick wall and the dumpsters. Tragically you've been transferred to Nebraska, and have to relocate within four months time. You immediately begin to interview real estate brokers to represent you in the sale of your place. Broker after broker acknowledges the challenge of selling a basement apartment overlooking a brick wall and dumpsters. You most definitely disagree -- after all, you bought it, didn't you? Inevitably someone comes through the door who sees it your way: "Of course this is the best apartment in the building, and of course we should set the asking price higher than the last unit that sold here; the penthouse!" Finally you've found the "right" broker -- where do I sign!
I hope you see the humor in these tales, but make no mistake; they are by no means an exaggeration. These and substantially more obvious and absurd scenarios play out every day across the country.
By urging you to listen critically, I mean just that; critically. Don't simply take in everything you hear as gospel truth, and consider the source carefully. Most importantly, if you hear something that conflicts with your opinion and or current world view, take this as a red flag for further inquiry. Do not sweep it under the rug. Don't readily abandon your hopes and dreams, but be reasonable. While your interior decorating acumen and sense of "where the market is" are undoubtedly flawless, the world around you may beat to a different drum, and that is the world you are entering.
Reach me at: michael.sussilleaux@gmail.com
Posts
