Killing a deal. No one wants it to happen, but there are a few instances when it may be the right move. I always try to be 100% honest with my clients, even when I know I have to deliver news they may not want to hear in the moment. I’ve put together my top three tips for knowing when you may want to consider killing a deal, or at least investigating further.
- Crumbling Masonry: I had a client fall in love with a property the other week. After going under contract and conducting a detailed property inspection, I soon realized the masonry was in bad shape. Crumbling masonry can be symptomatic of poor maintenance, structural issues or potential water damage. On the other hand, it may be an easy fix, but it always pays to have an expert take a look if you’re serious about the property. In this case, it was not worth my buyer’s time or expenses to make the repairs, so we killed the deal and found a property with no masonry issues.
- Big Ticket Inspection Issues: Every inspection report comes back with at least one issue, some with many. However, inspection issues are not all created equal--most are small in scope and price tag. Larger ticket items to watch out for may include foundation issues, extensive mold, and water damage.
- Poorly Run Homeowner's Association: While 90% of the time your homeowner’s association is an afterthought, the 10% of the time when you need them to act is usually a rather crucial moment in time. Check on your potential property’s reserves, general maintenance, and assessment amount to get a feel for the association’s proactiveness.
Remember, most of the time there are easy workarounds to property issues when purchasing a home. Killing a deal is an extreme measure that we try to avoid at all costs, but it’s also important to know when it may be the appropriate move on.