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Buying a home is an important decision, but so is selling one. Vendors sell for a variety of reasons and not all of them are positive. For example, a death or divorce may be the reason for a house being on the market.
Selling a home is known to be one of the greatest causes of stress. Buyers need to be aware that their behavior can significantly affect a property owner. In fact, buyer behavior can be crucial to not only a satisfactory outcome for all but help in keeping stress levels down.
Sega-Elias Awkar from Amkar Real Estate says buyers should only consider putting in an offer on a property when;
– They have obtained financial advice on their ability to service a loan. Often, offers with approved finance will be more attractive than ‘subject to sale’ or ‘subject to finance’ contracts
– They are serious about purchasing the property
– They are confident of putting in a serious offer. Purchasers are encouraged to put in writing a serious offer even if it lower than the asking price. This provides market feedback to the Vendor but offers should always be serious, not tests
Sega-Elias says if a purchaser wishes to put in an offer subject to the sale of his or her own property, then expect the agent to want to appraise it and compare its market value to the asking price. There is potential for an agreement to fall through if the asking price for the ‘subject to sale’ home is over-priced. It’s important for the agent to know how likely your property is to sell when they are advising their own vendor.
“It’s unfair to consider buying a property as less than a serious business,” says Sega-Elias. “I have seen Vendors get very stressed when buyers are not serious about their offers. They either offer a price that is ridiculously lower than the asking price – which is fine assuming the offer is genuine, as it can denote market feedback – or they offer a high price, thus knocking out serious purchasers, only to withdraw the offer at the last minute.”
“I don’t understand why some buyers seem to like playing this game as it has serious repercussions. As a Real Estate Sales Agent I am legally bound to show my Vendors every offer. If they are going through a divorce or death then game-playing buyers do threaten a delicate balance for people selling their homes. Not to mention those who have perhaps purchased another home so are looking for a quick sale.”
Sega-Elias says Real Estate Agents are very aware of possible ‘time wasters’ and repeat offenders will gain for themselves a very bad reputation. He says there is etiquette for both buyers and sellers but buyers MUST only enter into negotiations if they are serious about purchasing a property.
To sum up, there are buyers who PUT IN A SERIOUS OFFER and buyers who PUT IN THEIR BEST OFFER. Sega-Elias recommends putting in your best genuine offer even if it’s lower because there may be room to negotiate.
For more information on buying and selling property, please contact us.