If you’re thinking of buying a home, here are 5 things you need to know about sellers:
1. Why someone is selling isn’t anyone’s business
It’s private! If a seller is happy for the agent to disclose why they’re selling, great, but if they aren’t, accept that with good grace. The reason someone is selling shouldn’t have any bearing on your decision to make an offer or not.
2. Selling a home is an emotional process
Putting deadlines on offers or pressuring a seller to make a decision too quickly can backfire as a strategy – either the buyer won’t deal with you or they’ll get defensive and play hardball.
If you’ve got genuine time constraints communicate these to the agent, but let the agent work with the seller in a way that doesn’t get them offside. If you don’t like the time frame or manner in which your offer is being dealt with you always have the option to withdraw it.
3. No seller wants to feel ripped off
If you’re trying to play hardball and come in with an offer that’s well below fair market value, don’t be surprised if the seller decides not to counteroffer or deal with you.
If you’re the kind of buyer that’s only prepared to buy if it’s a bargain, then be prepared to look at a lot of properties, submit lots of offers, and potentially lose the home that might have been perfect for you.
4. Sellers want the easiest route to a result
If you have too many conditions or unfair conditions attached to your offer the seller will most likely pass on it. And when there is competition for a property, sellers will always choose to go with the buyer who is organised and seems the easiest to deal with.
Sort out your finances and do your due diligence on a home before you submit an offer so you can move ahead with confidence and keep your offer as straightforward as possible.
5. Sellers want to sell to someone they like
They’ve usually loved their home and their neighbours and want to know that the new owners are going to look after the property and get along with everyone too. If you really want to buy a property, it pays to play nice – especially if you’re in competition with other buyers – otherwise there’s a good chance you won’t be the one getting the home!
If you’ve read these tips and still decide to negotiate from a position of win-lose, or fail to sort yourself out before you make an offer, that’s your prerogative!
But if you’ve been engaging in some of these games and missing out, it might be time to re-think your approach. This is your home you’re trying to buy. Don’t let your ego get in the way of a happy life.