When you hire a real estate agent, you are effectively entering into a relationship. You both want the same thing: to find a great property fast and for a good price. But even with those common interests, there is still room for tension.
This can be especially true for first-time buyers. Sometimes, due to inexperience, buyers can unintentionally do things that may jeopardize a deal.
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Voicing criticism at the wrong time
Once you've been to a few dozen open houses and private showings, the once exciting homebuying process can start to feel cumbersome, and it's natural when buyers begin to outwardly voice their opinions.
But be careful what you make a comment on. Some sellers have strange décor styles or hobbies which vary drastically from your own.
There have been times when the owner was there when a seller voiced some heavy criticism which was overheard. This hurt their feelings and affected the buyer later on in negotiations. Some seller's even put up video cameras during showings which have led to buyers getting busted on video.
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Thinking it's all about the money
Make no mistake, how much you're willing to offer on a place is a huge part of the deal. But, it's not everything.
Depending on the seller's motivations, there may be other things that sway them towards an offer other than the price. It's typically the best-structured offer rather than the highest that gets accepted.
A qualified NAEBA buyer agent will structure a deal with a good price, good timing, and reasonable contingencies. If you agree on a price but refuse to budge on certain contingencies, you could end up losing the home of your dreams.
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Lowballing the counteroffer
Lowball offers can sometimes work, but only when they're justified. If you go too low on an offer and refuse to budge, it can end up jeopardizing the entire deal.
This is especially true when it involves a counteroffer. Go too low and your agent will have to spend a lot of time going between you and the listing agent to find a compromise. You should feel comfortable trusting your agent, who knows the market.
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Changing your mind repeatedly
First-time buyers need some time to learn about the buying process and current property values. And it often takes a while to identify what you actually want in your next home.
It's perfectly normal to shift around a bit in deciding what you want when you first begin the search. But if you keep changing your mind about what you're looking for, it may not be the right time for you to buy.
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Ignoring what the seller wants
The important thing to understand about real estate is that it's not like other business deals. You're looking for a house to make an offer on, but it's up to the seller to decide whether to accept it or not.
Sellers have different motivations for selling. For some, it's all about the money, so they're willing to wait until the right offer comes along. Others want the money, but also want to see their home of many years go to someone who will love it as much as they did.
Your buyer's agent will be gathering what information they can about the seller's motivations so they can craft the perfect offer. If you ignore their advice about what the seller wants, you may be setting yourself up for failure.
A NAEBA agent can help you decide whether you're ready to start the homebuying process and will be by your side every step of the way!