Home sellers can do lots of things that drive home buyers nuts, from playing mind games to taking things in the home that they shouldn’t have, says McKay Price, assistant professor of real estate finance at Lehigh University.
Bankrate.com recently highlighted a few ways that sellers are getting on the nerves of buyers. Among those top offenses:
• Playing mind games. “What drives a buyer crazy? Falling in love with a house that’s not really for sale,” according to the Bankrate.com article. “Or one that has problems that a seller refuses to fix.”
Buyers are annoyed at homes that need repairs that sellers refuse to make. When a home inspection reveals a home needs a new water heater or roof, for example, sellers often make the repair or adjust the price. But some stubborn sellers insist on doing nothing, says Justin Knoll, president of Madison & Co. Properties and past president of the Denver Board of Realtors®. For buyers who go ahead, the question becomes: “Where’s that money going to come from down the road?” he notes.
• Fixture feuds. Some sellers may take more from the home than allowed, including the chandeliers and maybe even toilets. Price says one family showed up on moving day to find that sellers removed every light bulb in the house. Another couple noticed on their final walk-through that the sellers had stripped away all the window coverings, even though they were included in the sales contract.
• Becoming offended. Buyers look at comparables with their real estate agents and look at the asking price – which they agree is too high – and then submit a solid offer. But the offer then gets ignored and the seller appears offended.
“Are they really that thin-skinned? Is it a tactic? And to a serious buyer, does it even make a difference?” the Bankrate.com article notes.
Pat Vredevoogd Combs, vice president of Coldwell Banker AJS Schmidt in Grand Rapids, Mich., says that it’s never smart for a seller to ignore an offer. “Even though it’s your home, it’s a financial transaction,” she says. “I’d rather have a lowball offer and be able to negotiate than no offer at all. … I tell my clients, look, this is a starting point.”
Source: “Ugh! Here Are 6 Things That Home Sellers Do That Drive Buyers Nuts,” Bankrate.com (September 2015)
© Copyright 2015 INFORMATION, INC. Bethesda, MD (301) 215-4688