8 Ways Home Buyers Irk Home Sellers
Selling a home is stressful. And poorly behaved buyers add to the strain: hot prospects who become no-shows, gladiator wannabes who ink a deal, then constantly demand concessions, or buyers who think purchasing a house entitles them to their pick of the furnishings. A little give-and-take is normal, but some buyers push the envelope, as well as the sellers’ buttons. Here are eight ways that homebuyers annoy sellers. If you’re a buyer, take this as a list of things not to do.
Do you skip important business meetings that involve you and only one other party? The same principle applies here. For sellers, the No. 1 complaint is not showing up after you’ve set an appointment. To prepare for a showing, a smart seller spends time clearing up everyday-living clutter and making the home shine, then grabs the kids and/or pets and vacates for a few hours so buyers can tour in peace. Imagine how a seller feels when you announce at the last minute that you’ll visit next week instead. Or you simply don’t show up, without an explanation.There are a million different excuses, but it’s a matter of being rude. Treat people the way you want to be treated. Bottom line: Unless you’ve had a truly last-minute emergency, cancel hours — not minutes — before the appointment.
Ignoring “House Rules”
Just because it’s a home doesn’t mean it’s your home. At least, not yet. Some prospective buyers treat a home like they’ve been living there for decades, unlocking doors, cranking up the heat or air conditioning, and letting their kids run wild, bounce on the furniture, and borrow toys. Some looky-loos use the toilet- which gets problematic if the house isn’t occupied and the water has been turned off. Sellers are allowed to set some ground rules (“no shoes” is a popular one), which are included in the showing instructions. And if sellers aren’t home, it’s up to agents to enforce those rules. Another tactic that’s helpful to both sides: talk to buyers about the trend of sellers putting (microphones and) cameras in the home.
Want to alienate the sellers who currently own your next house, not to mention your real estate agent? Start complaining about small issues, like carpet and paint colors. The walls are yellow or the carpet is brown, so they say they won’t buy the place. Do you know how cheap it is to repaint a property? Are you really not going to buy the place because they put in brown carpet? In many cases, such an objection is not a price-reduction strategy. If it was their strategy, I would say it’s a bad one, though. Paint and carpets are easy fixes. Instead, focus on the big-picture items, like location and light level.
Laundry List of Defects
One weapon in the buyers’ negotiating arsenal is to write a long list of what’s wrong with the house. Big mistake. You really do a disservice to your strategy. Sellers don’t care why you’re discounting the house. They’re looking at that bottom-line number. Include a roll call of defects and the question becomes, “Why do you want this place?” The sellers will conclude that you and their house “are not a good match. Instead, use a kinder, gentler approach for buyers: Submit a list of comparables, your offer and a personal letter introducing yourself and why you want the house. If major issues make the home worth less than its counterparts, mention two or three of them, keep the tone neutral and reference third-party empirical sources.For instance, a buyer could say that in the 90 days the home has been on the market, three other neighborhood homes have sold. And while the reason for that is a mystery, the other homes all had updated kitchens, while this one “is original to 1975.If you’re really making an offer, don’t dig down into what is wrong with the house.
Multiple Visits Before Closing
This happens again and again, a buyer wants a lot of access after they’ve committed to purchase. They want to bring in decorators, architects, family or even visit it themselves. Meanwhile, the seller is getting repairs done, accommodating inspectors, packing and moving. Because the seller has a tight deadline, the onus is on the buyer not to add to the load by requesting additional showings. A possible compromise: Arrange to visit while the inspector is there. Another opportunity to visit is during the final walkthrough before closing. One of the many reasons sellers hate those “drop-in” requests? Some buyers are scouting for ammunition to ask for price reductions or improvements. Others might be shopping for the existing furniture and decor. Even after the ink has dried on the offer, buyers will notice a piece of furniture or a lamp or curio that they like “and ask for that to be left behind” as if it were included in the purchase price. The bottom line, is that the seller wants the things they own.
Renegotiating After Striking a Deal
Another thing that drives sellers nuts? Buyers who agree on a price, only to repeatedly demand concessions and discounts. One big point of contention is the inspection. Barring unwelcome surprises or revelations that a seller concealed something, the negotiated price should be the final price. If you estimate the furnace has about five good years left, then confirming that detail in black and white is not an excuse to demand a new furnace or its monetary equivalent. And some buyers ask for both. With an existing home, a realistic buyer knows everything’s not going to be perfect. But a signed contract doesn’t stop a purchaser from trying to renegotiate. Buyers will say the market has changed, say they overpaid because they just got caught up in the moment”or suffer buyer’s remorse. It’s extremely awkward. It’s violating the terms of the contract, and it’s insulting.
Generating “Iffy” Commitment Letters
Buyer and seller reach an agreement. Then a letter from the buyer’s bank informs the seller that financing is conditional on a list of things that the borrower must do. Depending on the length of the list — and exactly what’s on it —the seller doesn’t know if they have a commitment, if they can go ahead and move or not. It can happen to anyone; every situation is different, so it pays to turn to the pros for help. The bank’s list may offer some clues. If the buyer is being asked to clarify where the down payment comes from, account for a string of late payments or explain a drop in credit score, that could signal serious problems.On the other hand, if the bank wants proof of the agent’s escrow deposit, the insurance binder or the reason for one late payment on a student loan, that doesn’t sound as dire.
Rushing the Closing Date
Even in the best of circumstances, it’s hard to leave a home for good. It’s more difficult when buyers try to commandeer the closing (and moving) date. It’s annoying to the seller for the buyer to want to close before the seller is ready to move out. Unfortunately, that’s extremely common.Very often, buyers are trying to time the transaction to their own schedule or the sale of another house. Instead, the date should be comfortable for all parties. Each side has to coordinate a schedule and still be respectful to the other side.