5 Seller turn offs that might keep you from getting the home you want.
Thinking of buying a home in Atlanta? In the current real estate market bidding wars are commonplace, so once you finally find your dream home, you don’t want to lose it . We wanted to share a few very important tips in the following article:
In today’s Atlanta real estate market, every savvy seller wants to know what turns buyers off, so they can get their homes sold as quickly and for top dollar. But buyers, take note – there is a minefield of seller turn-offs you can trigger that hold the potential to KEEP YOU FROM GETTING THE HOME YOU WANT – at the best price and terms.
Buyers who trigger these turnoffs tend to lose in multiple offer situations, which are more and more frequent on today’s market. Also, avoiding these seller turn offs might empower you to score a better price, get extra items you want thrown into the deal, and even negotiate more flexibility around your escrow and move-in timelines – all perks that can make your life easier and your budget go further.
Here are a few of the most common buyer-perpetuated seller turnoffs, with tips for sellers on how to keep an emotional (and economic) even keel, even if your home’s buyer makes some of these waves:
1. Trash-talking - Trash-talkers are the home buyers who think they’re going to negotiate the list price down by slamming the house, telling the sellers how little it is really worth, how the house across the street sold for nothing, why the school on the corner should make them desperate to give the place away, etc. This strategy never works; in fact, when you attack a seller and their home, you only cause them to be defensive, and think up all the reasons that (a) their home is not what you say it is, and (b) they shouldn’t sell their home to you!
Sometimes this happens with buyers who actually love a house and just walk around it fantasizing about all the ways they would customize it to their tastes while a seller is there.
Buyers: Save your commentary for your real estate agent; if you do encounter the seller in person keep your conversation respectful and avoid critiquing the house or the list price.
2. Being unqualified for mortgage financing – or you haven’t even talked with a lender yet. When a seller signs a buyer’s offer, the seller is essentially agreeing to pull the home off the market, forgoing other buyers who might be interested. The only thing worse than getting no offers on a home is getting an offer, getting into contract, then having the whole thing fall apart when the buyer’s loan falls through – especially if that could have been predicted or avoided up front.
Buyers: Get pre-approved. Seriously. And make sure that you don’t buy a car, quit your job, deposit lottery winnings or do any other financial twitchery between the time you get loan approval and the time you close escrow on your home.
3. Making unjustified lowball offers. No one likes to feel like they are being taken advantage of. And sellers generally know the ballpark amount that their home is worth, as well as what they need to sell it for to get their mortgage paid off. Yes – the price you pay for a home should be driven by its fair market value, rather than the seller’s financial needs. But just throwing uber-lowball offers out at sellers hoping one will hit the spot is not generally a successful strategy, especially if you really, really want a given property.
With the current supply-demand balance creating a seller’s market in many parts of Metro Atlanta, making lowball after lowball can actually cost you money, as prices and interest rates continue to rise.
Buyers: Work through the similar, nearby homes that have recently sold (a/k/a comparables) before you make an offer to factor the home’s fair market value into your offer price – also factor in how much you want the place, too. Don’t be amazed if you make an offer far below asking, and don’t get a response. Today’s sellers are not desperate and they know what their homes are worth.
4. Renegotiating mid-stream. Sellers plan their finances, moves and - to some extent – their lives around the purchase price a buyer agrees to pay for their home. If you get into contract to buy a home, find out during inspections that costly repairs need to be made, then propose a lower sale price, repair credit or even actual repairs to the seller, that’s sensible and fair.
But if you were aware that the property needed a lot of work before you made an offer on it, then you come back asking for beaucoup bucks’ worth of credit or price reductions midstream, expect the seller to cry foul. And holding the seller up two weeks into the transaction because you caught a case of buyer’s remorse? Not cool, and not likely to foster the spirit of cooperation you may need to get your deal closed.
Buyers: try to avoid renegotiating the entire deal unless you get a major surprise at your home inspection. Also don’t try to inflate small repairs to try to justify a price reduction on the home.
5. Misleading or setting the seller up. Offering way over asking with the plan to hammer the seller for a reduction when the house doesn’t appraise at the purchase price? Making an as-is offer planning the whole time to come back and ask for every penny ante repair called out by the inspectors?
Long story short, be prepared before you start your home search and once you find that dream home, be fair!
The Nest Atlanta real estate agents LOVE to help buyers win bidding wars. If you would like to get some suggestions and ideas, call us anytime at 404.721.3001.
Posted by: Kerry Lucasse :: Atlanta Real Estate Specialist
Ian Marshall Realty :: Nest Atlanta Real Estate Group
Call anytime @ 404.432.1844
All information contained in this blog is deemed to be reliable but not guaranteed. If you need Atlanta real estate assistance, the Nest Atlanta team is always available to assist you with your residential real estate needs!