7 Ways Condo Buyers Sabotage Their Deals
Over the years, we’ve seen lots of advice on what you shouldn’t do when you are buying a condo - change jobs, open up a new credit card, etc. Today, we’ll look at a few ways buyers sabotage their own deals or even prevent themselves from making a deal.
1. Unrealistic expectations
Every buyer wants to find the perfect place at a steal of a price, but unicorns aren’t real!
To set your expectations, be clear on your needs and wants. Needs are your must have features. Wants are your wish list. If you can find something that has all of your needs and most of your wants, you are in good shape.
Be realistic about prices. We are in a very competitive market right now and prices are higher than last year. It is wishful thinking that maybe a seller will mis-price their home and it will fly under everyone’s radar for you to swoop in and steal it. That doesn’t happen.
2. Hesitating
Did I mention we are in a very competitive market? You can’t count on a place staying on the market through the weekend. Just because there is an open house scheduled for Sunday doesn’t mean the seller won’t accept an offer on Saturday if it is too good to pass up.
3. Comparing everything to the one that got away
For some buyers, they develop a strong attachment to the one that got away. They beat themselves up for not offering $5,000 more or asking for a home inspection or waiting a day to submit their offer. Don’t fall into that trap. It happens. Move on and focus on new possibilities of what is yet to come.
4. Nitpicking
This relates to #1 and setting realistic expectations. Every home will have flaws - even and especially brand new construction. There is a difference between major defects and things that can be changed.
5. Looking at too many places
Buyers that feel the need to see every place on the market, fall into the analysis paralysis mindset. They hesitate to make an offer any place because there is ‘just one more to see’. Every day, there is ‘just one more’.
6. Making low-ball offers
This also relates to #1 about being realistic. Some buyers think they can make a really low offer and then come up in price if need be. The problem with that is sellers are human. You run the risk of alienating the seller and never even getting a counter offer because the seller doesn’t take you seriously.
7. Asking for too much on the home inspection
Every home inspector will find defect in just about any house. An inspector doesn’t feel like they are doing their job if they don’t find something. But that doesn’t mean you should ask for every little repair. Sellers get annoyed when you ask for repairs that were apparent when you saw the place and made the offer. The home inspection should be used to find defects you didn’t know about and/or big ticket items.
