Experts Say Never Attempt To Sell Your Home To These People
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If you were looking for someone to buy your home, who would it be? Well, I can not give you that answer today, but an article in the Real Estate Journal has 3 types of buyers that you should be very fearful of even in a slower market.
It seems the longer you have your home on the market it attracts these types of buyers. We sold a home 6 years ago and attracted a bunch of them after the house had been listed for a couple of months. Instinctively, when they made an offer I had our broker counter with a tougher offer. The one buyer who wanted a 15 thousand dollar price cut and replacement of the 2 central AC units was my favorite on a 190,000 dollar home… He flipped when I offered back to replace the units, but the selling price had gone up to 202,000 dollars, screamed at out selling agent, and then went away.
Well, enough about me, here are the 3 Home Buyers Your Should Never Attempt To Sell To:
The Zero-Percent Down Buyer. If your home is setting a selling-price high mark for comparable homes “a mortgage company might find it challenging to appraise your house for buyers with little or no money down,” writes Corbett. “You’ll have to put your house back on the market again when your buyer’s mortgage request falls through.”
The Bully Buyer. Nobody likes a bully and chances are you’re not going to like this type of buyer either. You will be inundated with a list of things that are wrong with house — all while presenting an offer. The inspection process? It will be a nightmare. If you detect a bully, move on. “This bully approach is a prelude to endless negotiations, and his or her trying to obtain concessions by nitpicking on the disclosure and the inspection.”
The Sight-Unseen Buyer. You may get an offer from someone who has only seen photos of your house. But that can signal a trick up the sleeve. No one is going to buy a house without seeing it — this buyer just wants to tie up your house to take it off the market and make a decision later. via RealEstateJournal
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Comment by john harper on 7 April 2007:
We had a real estate attorney give a short presentation to our association a while back. His advice - don’t sell your home to an attorney. As the seller you can refuse to sell your house to anyone. And, according to the attorney, attorneys are more likely to take you to court and they can drive you nuts and into the poorhouse as they represent themselves and you pay their buddy through the nose.
Comment by Danilo Bogdanovic on 7 April 2007:
Not sure what area you’re in, but it must be nice to be able to pick and choose which offer you want to take.
Not very realistic nor prudent to have done that over the last 18 months in the area I’m in. You’re next offer (once you finally received one) would have been even lower due to the market taking a nose dive.
Comment by Lori Ballen on 27 June 2007:
I agree with Danilo. Although my husband (also a Realtor) and I are doing great business, the market here in Las Vegas does not allow us to be very selective. We were fortunate with one house to have 4 offers come in (this year!) but that was rare.