Real Estate Round-Up: Attitude affects transactions

At·ti·tude

/ˈadəˌt(y)o͞od/

noun

1.a settled way of thinking or feeling about someone or something, typically one that is reflected in a person's behavior: "she took a tough attitude toward other people's indulgences"

Synonyms point of view, view, viewpoint, vantage point, frame of mind, way of thinking, way of looking at things, school of thought, outlook, angle, slant, perspective, reaction, stance, standpoint, position, inclination, orientation, approach, opinion, ideas, belief, convictions, feelings, sentiments, persuasion, thoughts, thinking, interpretation

We are certainly living in a world where attitude determines the narrative of the day, and the way we respond to each other. Our attitudes can draw lines in the sand or create a bridge that brings us together.

As in life, the attitude of the participants in a real estate transaction will be the foundation for the relationship the participants have with each other throughout the entire contractual period. The attitude the sellers and their Realtor have will be the overriding template of the entire listing period.

The attitude sellers, buyers and their Realtors have will be the overriding template during the escrow period. Attitude can make things seem like a dream, a nightmare or anything in between.

Attitude is going to impact how the transaction works in real life. The seller’s attitude will generate a response that is based on that often hidden attitude. For example, if a seller believes that they are owed something, perhaps because of their emotional or practical commitment to a property, they may choose to respond based on defending that commitment. On the other hand, if a buyer believes that they are owed something, based on their strong qualifications, they may choose to respond based on those qualifications. We see these and many other “attitudes” play out during real estate transactions.

Sellers' and buyers' attitudes can make all the difference during the escrow period. My office believes that a transaction should be more of a dance than a boxing match. Of course, we want our party to do more of the winning, but unless both parties feel like they have won, the transaction will be painful at best. An attitude of cooperation and compromise is paramount to a pleasant transaction.

The residential purchase agreement’s terms will set the tenor of their relationship. When a buyer writes an offer that is close to the listing price, within the reasonable timelines generally accepted, the buyer/seller relationship will start out with an attitude of cooperation. If the buyer makes unrealistic or unreasonable requests in the initial offer, the attitude of competition will rear its ugly head.

We currently have a transaction that could be unruly, difficult or downright ugly, but all the parties involved came with an attitude of cooperation. All parties have been willing to listen, evaluate, compromise and respond.

It started with the sellers being aware of the condition of their home and being prepared for the expectations that a buyer could have regarding repairs to the property. Yes, homes are sold “as is,” but it doesn’t mean that the buyers won’t request repairs related to safety/health and mechanical issues.

A seller who has been prepared at the time of the listing for the challenges that they could face can succeed if they have an attitude of cooperation. This seller was prepared and is responding in a cooperative manner.

The buyers did their part by presenting a strong offer. They were made aware of the visible property defects upfront, but the bones of the home and property was perfect for their needs. They responded to the sellers in a cooperative manner.

Both Realtors showed mutual respect in their communication with each other. As I said, with different parties, this transaction could have been downright ugly, but it’s been quite the opposite. Sellers are performing their duties. Buyers are performing their duties. The Realtors are communicating regularly. It’s a kumbaya experience.

Now, it’s not over, until it’s closed and some time goes by, but unless the parties change their attitudes from cooperation to competition, there’s a good chance that everyone will feel like they “won.”

I can thankfully say that most of the sellers we represent start from an attitude of cooperation. I’d like to believe that attitude exists because we explain the potential challenges that can arise, at the time we list their property.

Maybe, we’re just blessed with sellers with good attitudes. Whatever the case, when we feel the rails coming off, we attempt to get back to a place of cooperation. If the attitude changes and it becomes one of competition, where the only opinion or response that matters is the sellers, then the entire listing and escrow can go sour.

When you consider how much attitude impacts the moments in our lives, you would think that everyone would take a breath, begin to listen and evaluate before responding. Murphy and Murphy is here to help you maintain an attitude of cooperation in your real estate transactions, which we hope will carry into your biggest transaction, the transaction of life.

Kim Murphy can be reached at [email protected] or 760-415-9292 or at 130 N. Main Avenue in Fallbrook. Her broker license is #01229921, and she is on the board of directors for the California Association of Realtors.