Coming home from work to
find that the impeccably-made bed you left in the morning is now covered in a
ball of linens is obviously annoying. Constant requests to extend deadlines,
lists of demands and nitpicking the condition of the home are not only time
consuming and insulting, but they do nothing to endear the buyer to the seller.
These are just a few
examples of homebuyers behaving badly. Depending on the market, however, buyers
are not necessarily in the driver's seat. During periods of multiple offers and
heavy investor involvement, it's important for buyers to be on their best
behavior. So, dear homebuyer, read on to learn how to not turn off the seller
of your potential dream home.
The Time Bandits
Savvy home sellers spend
a great deal of time ensuring that the home is presentable during the marketing
period. They clean, de-clutter, and then inconvenience themselves by
skedaddling before any potential buyers show up. Buyers that cancel
appointments at the last minute, or just don't bother to show up, are behaving
quite badly.
Unless an emergency came
up, and there was no time to call your agent or the seller, try to provide the
seller with at least several hours' notice that you won't be arriving to tour
the home. It's the polite thing to do, and it just might save the seller from
needlessly preparing for your arrival.
"Time is of the
essence" is a phrase that you'll see in most real estate purchase
contracts. What it means is that all specified deadlines in the agreement are
mandatory – well, sort of. Yes, you can request the extension of a date and it
will most likely be granted, if the reason for the request is compelling
enough.
Frivolous requests,
however, or those made repeatedly, are big time wasters. Sellers are frequently
on a tight schedule to get the transaction to the closing table. Just as you
are excited to get into your new home, the seller has plans as well. Keeping
contract deadline extension requests to a minimum is one way you can contribute
to a smooth transaction.
Then there is the
homebuyer that, once the ink dries on the contract, treats the home as if it's
unoccupied and equipped with a revolving door. One week it's an interior
decorator that needs access to take measurements, then, perhaps, the next week
it will be the architect. Many buyers want to show family members their new
home – before it is actually their new home.
The seller, in the
meantime, is packing for the move, having repairs completed, accommodating the
appraiser and inspectors – all while attempting to live a normal life.
Additional home tours are more than an inconvenience, they are time stealers.
If you must gain access
to the home, ask your agent to find out when the inspector or appraiser will be
there and arrange to visit at the same time.
The Nitpickers
Nitpicking is neither a
successful price-reduction nor negotiating strategy, as buyers who have tried
it can likely attest. Bankrate.com's Dana Dratch calls these buyers
"gladiator wannabes," who, after they've agreed to purchase a home,
come in with a long list of things that are wrong with it, or a list of
concessions.
The art of negotiating
depends on give and take – not a barrage of one-sided demands. Let your real
estate agent do the negotiating. If you truly feel that something that is wrong
with the house commands a price reduction, your agent should be able to justify
it with a list of comparables and reasons why the home doesn't stack up.
The Unprepared
There are several reasons
why a real estate agent will suggest that a buyer get fully approved for a loan
before submitting an offer. Buyers that don't take this important step will run
the risk of derailing the entire transaction.
Even a pre-approval
commitment from a lender isn't firm. Once the loan application is in the hands
of the underwriter, anything can happen. Many times, a buyer will receive a
letter from the bank – in the middle of a transaction – listing all the
conditions that must be met before the loan is approved. Satisfying these
conditions not only takes time, but, depending on the conditions, may result in
a cancelled sale.
Take the time to work
with your lender to ensure that you will get the loan before committing to
purchase a home. Don't make any major purchases until the home closes escrow.
Entering into the process knowing that you'll get the loan is not only a
courtesy to the seller, but the peace of mind it will give you is priceless.
Both parties in a real
estate transaction have schedules that need to be accommodated during the
purchase process and, of course, sellers can behave badly as well. (We'll take
a look at that in a future article). Respecting each other's needs helps make
the transaction run smoother and more comfortably for all concerned.
For more tips about home buying, connect with me on Social Media!
Facebook.com/NissouRealty
Facebook.com/NissouRealty
Twitter.com/NissouRealty
Instagram.com/NissouRealtyGroup
Your Local San Diego Real Estate Expert,
Stephen Nissou
Nissou Realty Group | Keller Williams Realty
680 Fletcher Pkwy. El Cajon, CA 92020
Direct 619-250-4541 | Office 619-873-2772
680 Fletcher Pkwy. El Cajon, CA 92020
Direct 619-250-4541 | Office 619-873-2772
Stephen@StephenNissou.com
www.StephenNissou.com
CalBRE # 01443193
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