Windsor Property buyers often ask me for advice throughout the home buying process. However, the majority of questions come during their negotiations, as this is the most stressful time for both the buyer and the seller. Unfortunately, real estate deals fall through for a variety of reasons, yet many can be avoided. In today’s buyer market, everyone wants a good deal, however here are some suggestions that I try and tell my clients what can happen during the process and how to avoid losing the home of their dreams.
1. Don’t Be Greedy: Again, my job is to get the best possible price for a buyer. However, if a seller has agreed to their bargain basement price, it is important to know that it is often likely a seller will not give in to any concessions. For example, if a seller has agreed to sell their home at rock bottom, then chances are they are unlikely not to fix any major and costly repairs. Buyers should be aware of this throughout the negotiation process and while submitting their bids.
2. Making A Very Low Bid: This very often backfires. When a home is priced correctly and fairly, sellers don’t like to see a bid that is not only low, but also what many would consider offensive. Often buyers insist on making low offers for a Windsor property to test a seller’s motivation, but this can backfire, as sellers will refuse to come back with any offer whatsoever and leave it up to you to make a more reasonable offer.
3. Study Comparative Market Analysis. By reviewing comps from recently sold properties in the area, a buyer should know what is considered a fair bid. If information is public that a seller needs to sell their home urgently, then that should be placed into consideration, but a buyer needs to feel comfortable what they are offering.
4. Don’t Celebrate Yet: Once a seller and buyer agree on a price, I find that buyers go out and buy the brand new furniture because, “what could possibly go wrong?” Well, things often can with a Windsor property. Deals have been lost days before closing because of final credit checks where banks discover high amounts charged on credit cards. Whatever you do, don’t purchase any big items at all during this time.