Messing Up The Offer

It's not over once you've found the house you
want. Now you have to make an offer. Some
common mistakes at this stage include:

* Low-balling - New buyers often offer too little
or want too many concessions from the seller.
That can alienate the seller, with the result that
he simply rejects the offer without even a counter.

* Paying too much - Avoid bidding wars at all costs.
Sometimes the threat of another buyer is simply a
ploy to scare you into upping your offer. Even if there
is another buyer, don't play the game. Whoever
eventually "wins" will be the loser because the price
will be too high. In case there isn't another buyer, let
the seller know you'll be interested if the deal falls through.

* Being afraid to negotiate - Most of us hate to
haggle, but negotiation is the key to the best deal.
Know your bottom line and be prepared to walk away
if you can't meet it. Knowing as much as possible
about the seller's situation, including his time frame,
is an enormous help (a Buyer's Agent can be very
helpful here). Likewise, try to keep information about
your own financial situation to yourself; the seller will
be looking for information about you that they can use
to their advantage during negotiations.

* Being pressured into a quick deal - Don't let the
seller's side pressure you to a quick close. It could
be a sign that something's not right. If the property
has been on the market for a long time, there's
probably no rush. Remember, there's always another
place that's right for you.


Happy house hunting,

David Shieh

Posted by David Shieh- Abbotsford Real Estate Agent