We’ve all heard the saying “you can’t have your cake and eat it too.” Ever think that this phrase would apply in real estate? Here’s a look at how the viewpoint of a buyer versus a seller can illustrate this famous adage.
Price
Perhaps the most obvious way that buyers and sellers differ is on price. What does every seller want? Top dollar. When homeowners are selling their home, every dollar counts and they want buyers to show them the money. Notice how the tide turns when looking at buyers. Almost every buyer wants to get a deal. They want to pay less and get more.
Condition
Did you know that the real estate purchase agreement calls for homes to be sold in as-is condition? Of course in the real estate game it has become standard practice to conduct a home inspection and negotiate repairs, which buyers are all too savvy about. From the buyer’s perspective, everything should be in working order and meet code regulations, etc.
But on the flip side, as a seller, why should the as-is clause in the contract not stand firm? After all, certain things that come up in inspections are not a big deal, right? Let me tell you, I have seen buyers ask for a laundry list of items, including minor details like replacing burnt out light bulbs, as part of their repair request. I’ve never met a seller who was pleased to receive a repair request, but the buyers are always eager to make their demands.
Time Frames
Oh, time frames… This is a difficult one. Buyers always want more time and sellers always want less, at least in terms of contingency periods. In short, buyers want as much time as possible to hold on to their contingencies so they don’t jeopardize their earnest money, and sellers want the buyers to remove their contingencies ASAP so they know the buyer is fully vested.
There are lots of reasons that buyers take their time… I think fear is the biggest one. Some other reasons include delays with appraisals and loan approval, delays with HOA information, commitment issues, power play, etc.
Sellers, of course, want buyers locked in as soon as possible. They don’t want to have buyers dragging their feet. Time is precious and if for some reason the buyer is going to back out, sellers don’t want to miss out on other prospective offers. Plus, it’s a lot of work to coordinate a move! The bottom line is that buyers tend to want to wait as long as possible and sellers want things done as quickly as possible.
As you can see, it is very different to stand in the shoes of a buyer and the shoes of a seller. Your 
perspective changes depending on the role you play in the real estate game, doesn’t it?
By Holly Schwartz
Holly Schwartz is a realtor with Villa Real Estate who lives in Eastside Costa Mesa and has been featured on HGTV’s House Hunters.
