On The Market
By Nancy Puder
Buying a home is an emotional decision which is later rationalized by the parties concerned. Sometimes a buyer can self-sabotage when caught up in the transaction. Here are some ways that buyers might turn-off a seller.
1. Unjustified low-ball offer –
The market has turned around and is up! The days of low-ball offers being accepted are behind us. Buyers should ask themselves why someone would give their house away when someone else may and probably will be willing to pay market price?
A seller’s response will often be to ignore an offer that comes in extremely low and then not even make a counter offer. If they do make a counter offer, they will usually respond with a higher price than if the offer came in at a reasonable price to begin with. Once the seller feels that the buyer is being disrespectful and wasting their time, the chances of successful negotiation are reduced substantially.
2. Verbally bashing the house –
Pointing out everything that is negative about the property, especially within hearing distance of the seller, is not a good idea. The seller is usually aware of the negatives and if he needs to be made aware, it should be done carefully. This is one of the reasons that you should hire a highly skilled agent who will negotiate for you.
Buyers who think they should do their own negotiating are like people who decide to represent themselves in court. I work with attorneys who hold real estate licenses that still hire me to represent them in their real estate transactions for this same reason.
3. Failing to obtain financing –
Not only should a buyer be pre-approved by a lender before making an offer, they should use a lender that has a good track record of actually funding the loan when it is time to close. You can only imagine the stress it causes a seller to find out a week before closing that the buyer’s lender is not going to perform for one reason or another. Don’t be fooled. In almost all cases, a good lender will see any potential problems ahead of time and have a couple of backup plans in place should the problem arise before closing.
There are literally thousands of lenders advertising low rates that may seem more attractive on the front end, but my advice is to be careful. It is not unusual for less than reputable companies to bait and switch you to another interest rate close to your closing date or to reject your loan entirely. If this happens, there is no guarantee that the seller will wait until you find another lender who will do the job correctly.
If you have questions concerning a purchase or sale of your home, call or text me 710-2415. I always enjoy hearing from you!
Nancy Puder is a real estate broker in Arroyo Grande, CA with Nancy Puder & Associates. If you have any questions or concerns regarding your own property, call or text her at 710-2415 or email . To view other real estate related articles go to www.nancypuderassociates.com