Buying a house is a process and one in which you’ll be in constant contact with your Realtor.
Your agent will spend a great deal of time to select only those homes to show you that meet your needs, especially regarding size, number of rooms, neighborhood and price. Don’t make these mistakes that will frustrate your agent and sabotage your chances of getting the right house, at the right price.
1. Caring too much about aesthetics
Beauty is only skin-deep when it comes to houses. Don’t get caught up in how a house looks right now. If it’s dirty, outdated, or in need of small repairs, you might be tempted to run. Instead, pay attention to the important aspects of a house—location, lot, floorplan and layout. The cosmetic issues and small repairs can be fixed, often at a relatively low cost. If the “bones” of the house are right, it may be well worth your extra effort to do the updates to make it your perfect home. And, your agent may also negotiate a lower price offer that takes into account the updates that you’ll need to make.
2. Tipping your hand
After looking at a lot of houses, you may become more critically outspoken about the negatives in a house. However, voicing your criticism could spell disaster.
If your comments get back to the seller of the listing agent, it will hurt in negotiations for an accepted offer if you decide to make an offer.
3. Waiting too long
If you find a house you really like but want to think about it, DON’T! In a competitive real estate market, if you’re not prepared to act fast when you find the right home, you’ll lose. You will be disappointed and it’ll drive your Realtor crazy!
Timing is of the essence and if too much time passes between looking at a home and making an offer, the seller might not take you seriously. If another buyer has quickly expressed interest and is in communication with the listing agent, your offer may take second place.
4. Don’t think it’s all about the money
The amount you are willing to offer for a house is a huge part of your offer, but it’s not the only consideration. It’s not always the highest offer that a seller will accept but rather, the best structured offer.
A good offer is a mix of timing, the right price, and reasonable contingencies. If you decide on a price, but refuse to cave on a number of contingencies, you’re likely to frustrate your agent and the seller, and chance losing the deal.
5. Do not ignore what the seller wants
Buying a home is a two-way street. Real estate isn’t like other business deals–you’re buying from another person who has to choose you as the buyer.
Sellers are motivated for different reasons. Some are driven entirely by money, while others want to see their beloved home go to someone who will love and care for it as much as they did.
When you partner with a Realtor to represent you in the purchase of a property, that agent is gathering information about the seller’s motivation. They’ll use that information to help you write the best offer, and if you’re ignoring it, you could be hurting your chances.
6. Talking to the other team
Communicating with the listing agent directly is NOT good, even if you think you’re just being friendly to help seal the deal or think you should bypass your agent and talk directly to the listing agent. Remember, the listing agent’s job is to get the most money for the seller and he/she does not have your best interests in mind. YOUR Realtor does.
7. Writing a counter offer? Don’t lowball it
In negotiations, you’ve got to know when to stand your ground—and when to give a little.
If the sellers didn’t accept your first offer, but they’re willing to consider a counter offer, listen to your agent who has the expertise to guide you to an accepted contract. If your counter offer isn’t reasonable, your Realtor will spend a lot of time going back and forth between you and the seller’s agent. Worst case scenario, you’ll frustrate the sellers and lose the house for good.
We know you don’t want to overspend or give in on too many parts of the deal, but don’t be so stubborn that you kill the deal. Listen to your Realtor. By now, he/she knows what the seller will and will not accept.
When working with my clients, both buyers and sellers, I strive to develop a comfortable and trusting relationship. I want to help you find exactly the home you want, without wasting time by showing you houses that do not meet your needs. I’ll help you stay on track and when you find the ideal house, I’ll assist in writing an offer that will be accepted and protects your investment. If you or someone you know is thinking of buying a new home, please call me (682.551.0336) and let’s get started!