Mistake #14: Screwing 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:

1. 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.

2. 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.”

3. 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.

4. 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.

5. Not asking the seller to pay for extras

Don’t be afraid to ask the seller to pay for the home inspection and a survey of the property (you need to know where the boundaries are and exactly what you are purchasing). Your agent can advise you on this.

That’s all for now. Stay tuned for the final mistake #15! 

If you just can’t wait and you’d like to get the entire report revealing all 15 buyer mistakes, all in one shot, please visit my website.