You’ve made an offer, it was accepted, and now the waiting game until it closes. Is there a way to sabotage a a potential sale at this point? You might be surprised but it happens a lot. We don’t want you to lose the home that you’ve worked so hard to buy. But, if you’re planning on buying, don’t sabotage your own future happiness and sale by these three mistakes.
Maybe you haven’t even made an offer yet. Maybe you are still in that home search stage. But, home prices are increasing across the country and especially in the Virginia and Maryland areas. By waiting too long, you could miss out on a great home and a good deal. It’s important to trust your real estate agent when it comes to purchasing a home and at the right price. Because we work with buyers throughout Virginia, DC, and Maryland, we know particular micro markets that are hot right now. If we see a home that fits your search criteria and price, it’s best not to wait to make an offer. These homes will go quickly.
I know it can get tiring looking at homes week after week and it’s what we call buyers fatigue; and emotion that might make you frustrated and simply settle for something you don’t really want. But, if you wait too long, you may be finding yourself settling and paying a higher price for it.
#2. Making large financial moves after the offer is made.
You might be preapproved for a particular home but if you change anything in your finances between the time you are approved in the time you close, you could risk losing your home. I’ve had buyers that were approved for a certain amount, we made an offer, and then they went out and bought a whole bunch of furniture on credit. This change their credit score and they were actually denied financing toward the end of the process because they could no longer afford the monthly mortgage payment on the house they had made an offer on.
I tell all of my buyers don’t change jobs, apply for loans or credit or make large purchases between the time you are preapproved the time your home closes. You don’t want to rock the boat when it comes to financing, especially if you are already approved.
#3. Asking for too much.
Because we work with both buyers and sellers, I counsel sellers on how to negotiate by keeping their emotions out of the transaction. This can be hard to do but it’s even harder when the buyer comes with unrealistic expectations and an unreasonable offer. This can also happen during the home inspection time. If buyers ask for everything including every nitpicking detail a home inspection, they’re likely to get none of it. It’s important to be reasonable, strategic and appropriate when it comes to all types of negotiations and agreeing on certain terms, time frames and prices.
There are a lot of ways that buyers could potentially sabotage the sale but these are the three most common ones we see in our industry. Of course, buyers could make a lowball offer and completely get rejected or they can have buyers remorse before they even signed the closing papers. But, when it comes time to buying, set aside that time, money and emotions for the task at hand. And one final note, make sure you listen to the Council of an experienced and seasoned real estate professional. We deal with these are real estate contracts, buyers, sellers, lenders and home inspectors on a daily basis. We would love to help you find the home of your dreams and make it a win-win for both buyers and sellers.