Are You A Seller’s Worst Nightmare?
Did you ever have an annoying younger sibling?
You know, that annoying sibling that would listen into on your angsty teenage phone calls about your newest crush. Or, the sibling that would tag along when you went to the mall to meet up with your latest boyfriend. Oftentimes, this well-meaning sibling looked up to you and wanted to be just as cool as you, but sometimes their immature ways got in the way.
First-time buyers can be the pesky sibling of the real estate world, driving realtors, loan officers and sellers nuts with they’re crazy habits. While many first time buyers can well-meaning and eager, sometimes they’re childish ways get in the way.
Here’s how many first-time buyers drive sellers nuts and how these qualities can hurt your home search.
In life, first impressions matter. Whether it is a job interview, meeting your future in-laws, or making an offer on your first home. Sellers don’t want to deal with a flaky, aloof buyer. It doesn’t bode well for the overall sale of the property and doesn’t give a seller confidence about the success of the transaction.
Be sure you don’t come off as a flaky buyer. This means don’t schedule a showing then not show up, only to request a showing at the last minute a day later. Or, don’t ignore contract deadlines. Don’t assume that a seller will continue to work with you when you consistently miss the deadlines of when you’re supposed to respond to an offer.
A seller doesn’t have the luxury of getting to know you better. When you make a bad impression, most sellers will walk away and never look back. You wouldn’t want to miss out on a great home because you came off as a flake.
Nobody wants to deal with someone who is demanding and inflexible. A real estate transaction is a two-way street. You’ll drive a seller nuts if you make the transaction all about you. Making insane demands is no way to impress a seller, you run the risk of making a seller run the opposite way.
Buying a home is stressful. As a buyer, you’re concerned about price, getting your closing costs covered, and making sure you get what you need out of the contract. There’s nothing wrong with worrying about yourself. But, you cannot altogether forget that there is another party involved.
So, when it comes to writing an offer and negotiating a contract, be sure you don’t come off as demanding and selfish. It’s a seller’s market right now, so sellers are able to pick and choose who they work with. You’ll run the risk of missing out on many houses if you’re not willing to recognize every transaction is a two-way street.
You Have Tons Of Red Flags
Real estate transactions can be very delicate. For both buyer and seller, there’s a lot at stake. One wrong move by either party can cause the wrong transaction to come crashing down. As a buyer, when you have one red flag after another, you will drive a seller crazy and could cause them to try to back out of a transaction.
Here are a few common red flags first time buyers often have:
- Getting pre-approved with a strange lender.
- Putting very little money down.
- Dragging your feet throughout the transaction (i.e. taking forever to do the home inspection or make your loan application).
- Acting like you have nothing to lose.
- Acting hot and cold.
You don’t want to be a huge question mark to a seller. Not only will it drive them nuts, it will not give them confidence about you as a buyer. Be sure that when you’re ready to look for a home, you’re prepared and you’ve done your very best to look like a confident home buyer. This means getting pre-approved by a reputable lender and knowing what you want.
You Ask For Everything To Be Repaired
This item kind of goes hand in hand with being a demanding buyer. Oftentimes, those buyers who are demanding during contract negotiations will come up with an insane list of repairs after the home inspection. If you have already driven a seller crazy with contract negotiation, negotiating repairs can send stuff over the edge.
Tread cautiously when it comes to repair negotiations. It’s a fine line between getting what you want and asking for too much. A home inspection will find a whole list of things wrong with a home. But, that doesn’t mean that all of those items necessarily need to be fixed.
Before you submit your list of repairs to the seller, be sure to consider how many of those repairs really need to be done. There are always items that are essential. But, if the repair isn’t urgent or necessary, maybe you should reconsider you repair list. When you’ve already exhausted the seller with negotiations, they’re not going to be as willing to negotiate when your repair list is a mile long.
You Keep Extending The Contract
Finally, one thing that will drive seller’s batty is if you keep trying to extend the contract. Once you’ve gotten to your original close date, tensions run high when a closing doesn’t take place on time. When a buyer keeps trying to extend the contract for one reason or another, a seller may just lose it enough to walk away from the transaction altogether.
A close date is a target date that all parties work towards. But, it’s important that each party hold up their end of the bargain. Each party is contractually obligated to perform certain actions in a timely manner. If one party doesn’t hold of their end of the bargain, they may risk losing their earnest money and can open up themselves up to legal action.
You don’t want to get the end of the transaction only to have it fall apart. Be sure that you have your act together. Use a mortgage company with a reputation of closing on time, meet deadlines, and be sure you take ownership of making sure the process closes on time.
Buying your first Knoxville home is an exciting and overwhelming experience. If you’re like most first-time buyers, you may not be sure where to start. If there is anything we can do to help you in your home search, please do not hesitate to contact us. We’ve helped countless homeowners buy their first home and we’d love to do the same for you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com.
Are you ready to start your home search? Visit our home search page to get started today. Or, be sure to keep up with our Knoxville First Time Home Buyer’s Blog to keep up with the latest information about buying your first home.