Home buying negotiating mistake
One big negotiating mistake that can kill a home buying deal.
You found a home to purchase - Excellent! You and your agent submit your offer and negotiate terms and price. Finally, you are under contract.
Next, the inspection takes place and you do everything you can during your due diligence to discover if this home is for you. Here is one BIG mistake many buyer and Rookie agents make as quoted from Amanda Thomas, Broker Plano Tx on Active Rain:
Attempting to Negotiate Past The Deal
Sometimes it is the buyer, and sometimes it is the buyer's agent. Either way, over-requesting concessions, repairs, or other accommodations can quickly erode into hostility between parties and cause agreements to unwind. One school of thought suggests that one doesn't get if one doesn't ask. While true, a professional knows the difference between asking and negotiating.
All a seller EVER has to do once they agree to sell -- is to sell… They do not have to contribute to closing costs or do repairs or agree to any changes to the initial sales contract. A buyer's expectations should be managed up front so that the responsibility for discovery and acceptance lies squarely on the buyer's shoulders. By all means, if you want to see a reasonable seller blow up, get nit-picky. Send the seller a copy of your buyer's inspection report and demand that they fix everything that isn't perfect. Get trivial and try to split hairs. Or criticize repairs that the seller has kindly had done. And then stand back and prepare to see the fur fly. The art of negotiation dictates that something must be given in return for getting.
In Utah, Homes are Sold AS-IS
She says it perfectly. In Utah, homes are sold AS-IS. The Buyer can make reasonable requests of the seller to fix or address items that appear on the inspection report or that are discovered during due diligence, but they do not have to do a thing.
It is the Buyer's agent's job to set the expectations as to what is reasonable and appropriate for the area and the market. In a Seller's market where they have multiple or full price offers, the chance of getting your laundry list of repairs taken care of is remote. Typically, I counsel buyers to really look at the items that appear on the report and figure out what are the most important to them, then request a credit or a repair.
I normally suggest Sellers consider crediting or repairing items relating to safety, health or basic functioning of the home. They do not have to do a thing and sometimes depending on the final negotiated price they do exactly that, nothing.
So, Buyers as you enter into a home buying purchase, kep in mind how to make this a successful transaction and get the home you love.
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