By Dana Dratch
This happens “again and again,” says Mike Lubin, associate broker for Brown Harris Stevens in New York. “A buyer wants a lot of access after they’ve committed to purchase. They want to bring in decorators, architects, family or even visit it themselves.”
Meanwhile, the seller is getting repairs done, accommodating inspectors, packing and moving, Ramsey says. Because the seller has a tight deadline, the onus is on the buyer not to add to the load by requesting additional showings, he says.
A possible compromise: Arrange to visit while the inspector is there, Ramsey says. Another opportunity to visit is during the final walkthrough before closing, he says.
DON’T: Try to renegotiate after striking a deal.
Another thing that drives sellers nuts? Buyers who agree on a price, only to repeatedly demand concessions and discounts.
Barring unwelcome surprises or revelations that a seller concealed something, the negotiated price should be the final price, Laricy says.
Buyers will say the market has changed, say “they overpaid because they just got caught up in the moment,” or suffer buyer’s remorse, he says.
“It’s extremely awkward,” Lubin says. “It’s violating the terms of the contract, and it’s insulting.”
DON’T: Generate “iffy” commitment letters.
Buyer and seller reach an agreement. Then a letter from the buyer’s bank informs the seller that financing is conditional on a list of things that the borrower must do. Depending on the length of the list, “the seller doesn’t know if they have a commitment, if they can go ahead and move or not,” Phipps says.
The bank’s list may offer some clues. If the buyer is being asked to clarify where the down payment comes from, account for a string of late payments, or explain a drop in credit score, that could signal serious problems, Phipps says.
On the other hand, if the bank wants proof of the agent’s escrow deposit, the insurance binder or the reason for one late payment on a student loan, that doesn’t sound as dire, he says.
DON’T: Rush the closing date.
Even in the best of circumstances, it’s hard to leave a home for good. It’s more difficult when buyers try to commandeer the closing (and moving) date.
“It’s annoying to the seller for the buyer to want to close before the seller is ready to move out,” Lubin says.
Instead, Lubin says, the date should be comfortable for all parties. “Each side has to coordinate a schedule and still be respectful to the other side.”
Dana Dratch writes about mortgages and real estate for Bankrate.com.
Distributed by MCT Information Services
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