Five Things that Buyers Do That Turn Sellers Off!
On today’s market, every savvy seller wants to know what turns buyers off, so they can get their homes sold as quickly as possible, for as much as possible. But buyers, take note – there is a minefield of seller turn-offs you can trigger that hold the potential to keep you from getting the home you want at the best price and terms, or to unnecessarily complicate dealings with your home’s seller.
Lest you think all of today’s sellers are under the gun and will just put up with whatever behavior buyers dish out, be aware that there are still many multiple offer situations in which buyers have to compete with each other to get a home – buyers who trigger these turnoffs tend to lose in those scenarios. Also, avoiding these seller turnoffs can create a transactional environment of cooperation and avoid things turning adversarial. That, in turn, can empower you to score a better price, get extra items you want thrown into the deal, and even negotiate more flexibility around your escrow and move-in timelines – all perks that can make your life easier and your budget go further.
For sellers, these turnoffs pose the potential of irritating you out of an otherwise good deal – maybe even the only deal you have!
Here’s a few of the most common buyer-perpetuated seller turnoffs, with tips for sellers on how to keep an emotional (and economic) even keel, even if your home’s buyer makes some of these waves:
1. Trash-talking. Trash-talkers are the home buyers who think they’re going to negotiate the list price down by slamming the house, telling the sellers how little it is really worth, how the house across the street sold for nothing, why the school on the corner should make them desperate to give the place away, etc. This strategy never works; in fact, when you attack a seller and their home, you only cause them to be defensive, and think up all the reasons that (a) their home is not what you say it is, and (b) they shouldn’t sell their home to you!
Sometimes this happens with buyers who actually love a house and just walk around it fantasizing about all the ways they would customize it to their tastes while a seller is there. Sellers: avoid being at home while your home is being shown. Buyers: save your commentary for your agent; if you do encounter the seller in person keep your conversation respectful and avoid critiquing the house or the list price.
2. Being unqualified for mortgage financing. When a seller signs a buyer’s offer, most often the seller agrees to effectively pull the home off the market, forgoing other buyers who might be interested. As such, the only thing worse than getting no offers on your home is getting an offer, getting into contract, then having the whole thing fall apart when the buyer’s loan falls through – especially if that could have been predicted or avoided up front.
Sellers: Work with your agent to vet your home’s buyers’ qualifications, including their loan approval, down payment and earnest money deposit – before you sign a contract. It’s not overkill for your agent to call the buyers’ mortgage pro before you sign the contract and get a level of comfort for how robust their qualifications are. Buyers: Get pre-approved. Seriously. And make sure that you don’t buy a car, quit your job, deposit lottery winnings or do any other financial twitchery between the time you get loan approval and the time you close escrow on your home.
3. Making unjustified lowball offers. No one likes to feel like they are being taken advantage of. And sellers generally know the ballpark amount that their home is worth, as well as what they need to sell it for to get their mortgage paid off. Yes – the price you pay for a home should be driven by its fair market value, rather than the seller’s financial needs, and deals are more available in a market like the current one, in which supply so vastly outpaces demand. But just throwing uber-lowball offers out at sellers hoping one will hit the spot is not generally a successful strategy, especially if you really, really want a given property.
Sellers: Don’t get overly emotional about receiving a lowball offer; counter at the price you and your agent decide makes sense based on the total circumstances, including your motivation level, recent comps and the interest/activity level your listing is receiving. Buyers: Work through the similar, nearby homes that have recently sold (a/k/a comparables) before you make an offer to factor the home’s fair market value into your offer price – also factor in how much you want the place, too. Don’t be amazed if you make an offer far below asking, and don’t get a response.
4. Renegotiating mid-stream. Sellers plan their finances, moves and – to some extent – their lives around the purchase price a buyer agrees to pay for their home. If you get into contract to buy a home, find out during inspections that costly repairs need to be made, then propose a lower sale price, repair credit or even actual repairs to the seller, that’s sensible and fair. But if you were aware that the property needed a lot of work before you made an offer on it, then you come back asking for beaucoup bucks’ worth of credit or price reductions midstream, expect the seller to cry foul. And holding the seller up two weeks into the transaction because you caught a case of buyer’s remorse? Not cool, and not likely to foster the spirit of cooperation you may need to get your deal closed.
Sellers: avoid mid-stream price renegotiations by having a full set of inspection reports and repair bids at hand when you list your home. Buyers: try to avoid renegotiating the entire deal unless you get some major surprises at your inspections or inflating small repairs to try to justify a major price cut.
5. Misleading or setting the seller up. Remember when we talked about buyer turn-offs? Being misled by listing photos or very fluffy property descriptions was high on the list. The same goes for sellers.Offering way over asking with the plan to hammer the seller for a reduction when the house doesn’t appraise at the purchase price? #LAME Making an as-is offer planning the whole time to come back and ask for every penny ante repair called out by the inspectors? Lame squared.
Sellers: If you get multiple offers and are tempted to take a sky-high one or one that claims to be all cash, consider requesting proof that the buyer has sufficient funds to make up the difference between what you think the home will appraise for and the actual sale price, and statements showing the cash truly exists. Buyers: Don’t be lame. I’m not saying you have to tell the seller exactly what your top dollar is, but making offers with terms designed to intentionally mislead is really, really bad form – and can result in losing the home entirely if and when your bluff gets called.
Short Sales and Help for Military Families
I have had the good fortune of working with many military families in the Hampton Roads area for the last seven years. I have found them to be organized, thoughtful, knowledgeable of the home buying process and most always have impeccable credit.
My opinion, as a Realtor, is ALL such Americans deserve to enjoy home ownership and the ‘American Dream’….probably the military more than most due to the fact that they are working hard to protect ALL Americans and our way of life.
This long preample leads me to my point: Who said the military should be punished for the drop in market(that THEY didn’t cause!) when they receive orders to be re-stationed and they are upside down in their mortgage loan?
These families are struggling with ‘WHAT TO DO’. Do I try to sell? I can’t get foreclosed or file bankruptcy…it will ruin my security clearance and thereby ruin my military career. Who do I call? What does HAP, HAPA and HAMP mean to me? I can Google my brains out about possible solutions, but what does it all mean to ME!!!! Why is this happening?….I paid my mortgage on time every month and I have a job. I have good credit!
My statement to them is: There are choices to make and help to be found by a good realtor who specializes in short sales. Please don’t call the person on the postcard you received in the mail who claims he can help you. Don’t try to go it alone…you and the mortgage company. It is worse then trying to sell your home by yourself.
Call a short sale specialist who can run the gauntlet of red tape with your lender, negotiate on your behalf and get your home sold. You want to move on to your next station ‘free and clear’ with only a minor ‘ding’ to your credit score.
Call me and let’s talk. There is a way out and I can help you navigate the road!
Killing Fire Ant Colonies: Great New Information!
Many of you were laughing at my mole problem until I finally found the remedy. I know my parents use to have a horrible fire ant problem living in south Georgia.
This is a new twist to killing fire ant colonies. For those not familiar with Walter Reeves, he is from the University of Georgia agriculture department, specializing in home gardening. His television show, ‘Gardening in Georgia ‘, is on each Saturday.
Evidently, fire ants are picky eaters and any type poison that is effective takes seven feeding steps before the queen receives it. Plus, if the bait is stored in close proximity to any petroleum or fertilizer products they won’t touch it. Contact poisons that are on the market just cause the colony to move away. A well developed colony can be as deep as 30 feet and spread out some 20 to 50 feet from the mound center. This was documented by studies done in the early 60′s when they were first sited in South Alabama .
An environmentally friendly cure for fire ants has been announced by Walter Reeves on his Georgia Gardener radio program. Testimonials that it REALLY WORKS are coming in.
Simply pour two cups of CLUB SODA (carbonated water) directly in the center of a fire ant mound. The carbon dioxide in the water is heavier than air and displaces the oxygen which suffocates the queen and the other ants. The whole colony will be dead within about two days.
Besides eliminating the ants, club soda leaves no poisonous residue, does not contaminate the ground water, and does not indiscriminately kill other insects. It is not harmful to your pets, soaks into the ground. Each mound must be treated individually and a one liter bottle of club soda will kill 2 to 3 mounds.
Spread the word.
This is a new twist to killing fire ant colonies. For those not familiar with Walter Reeves, he is from the University of Georgia agriculture department, specializing in home gardening. His television show, ‘Gardening in Georgia ‘, is on each Saturday.
Evidently, fire ants are picky eaters and any type poison that is effective takes seven feeding steps before the queen receives it. Plus, if the bait is stored in close proximity to any petroleum or fertilizer products they won’t touch it. Contact poisons that are on the market just cause the colony to move away. A well developed colony can be as deep as 30 feet and spread out some 20 to 50 feet from the mound center. This was documented by studies done in the early 60′s when they were first sited in South Alabama .
An environmentally friendly cure for fire ants has been announced by Walter Reeves on his Georgia Gardener radio program. Testimonials that it REALLY WORKS are coming in.
Simply pour two cups of CLUB SODA (carbonated water) directly in the center of a fire ant mound. The carbon dioxide in the water is heavier than air and displaces the oxygen which suffocates the queen and the other ants. The whole colony will be dead within about two days.
Besides eliminating the ants, club soda leaves no poisonous residue, does not contaminate the ground water, and does not indiscriminately kill other insects. It is not harmful to your pets, soaks into the ground. Each mound must be treated individually and a one liter bottle of club soda will kill 2 to 3 mounds.
Spread the word.
