Posted on: 14 March 2018
If you are in the process or planning to buy a home, you should watch out for habits that may scare off sellers from you. Here are a few examples of such habits, and why they may scare away property sellers:
Including Too Many Contingencies
It is customary for both home sellers and buyers to include contingencies in the real estate contract. The contingencies give the respective parties a way out of the deal if things don't go their way. For example, the seller may include a contingency clause that allows them to back out of the deal if they fail to find another house within a specified period. The buyer may also include a contingency that allows them to back out of the deal if the home inspection reveals severe defects and the seller isn't willing to fix them.
This is all good, but the more contingencies are included in the contract, the higher the risk that the deal will not see the light of day. This is why sellers get scared when buyers include too many contingencies.
Demanding a Long List of Repairs
Many homes aren't perfect, which is why you are likely to encounter a defect or two in the home inspection report. State laws determine which of the defects the seller has to fix at their own cost; in most cases, these are defects related to security and health concerns, such as mold growth. The rest of the defects are up for negotiation; the seller may or may not take care of them. While it is customary to negotiate these repairs with the seller, it is understandable that the seller will want to assume as few of them as possible. Therefore, if you present a long list of repairs you want the seller to handle, there are chances that they would prefer to back out of the deal rather than handle the repairs.
Having Sketchy Finances
Selling a home takes time and money; the seller has to market the property, improve it, and take their time to show it to prospective buyers. Therefore, the seller doesn't want to waste their time with potential buyers who aren't likely to see the deal through. An example of a situation in which a seller is likely to think that you won't be buying their house is if your finances are sketchy. This may be the case, for example, if no financier has preapproved your mortgage and you don't have an adequate deposit.
Contact a Realtor for additional advice.Share