Posted by & filed under Buying.

negotiating mistakesNegotiating mistakes that lose the house for a buyer are heartbreaking.  Imagine what it’s like to think you have finally found your new home only to learn you haven’t.  This just happened on my listing in Fair Lawn.  I want to tell you this story so it never happens to you.

Timing

There is an adage in real estate – time loses deals.  This is especially true today because there aren’t enough homes for sale.  As a result, the market favors the seller, not the buyer.

If you are competing against other home buyers for a house, is it a good idea to take a few days to get a contract to a seller?  Or is it better to act quickly?

While I realize this may seem obvious, timing is important for more reasons than you may expect.  When you are in a seller’s market, you must be completely prepared to act immediately.  It’s a race and you want to win.

Homeowners are impressed when a buyer looks at their house and delivers a sales contract within hours.  Timing an offer so quickly displays decisive action.  It definitely gives you a leg up.

Taking your time does the opposite.  It creates doubt in a homeowner’s mind because they rightly wonder if you are sincerely interested.  This is always a mistake.

Negotiating Mistakes in Fair Lawn

What happened in Fair Lawn is that a young couple who fell in love with my listing lost it.  They lost it for the most unacceptable of reasons.  It took several days to send in the final contract offer.

We negotiated price and terms concluding mid-day on a Friday.  I told the buyer’s agent that I will get the contract signed as soon as I could once I received it.  The answer was “I’ll get it to you  on Monday.”

I was shocked by this.  Why would the buyer wait?  The logical deduction was to keep shopping over the weekend.  At least that’s how this delay was interpreted by the seller.  It was also interpreted as a lack of commitment.  As a result, the buyer lost credibility with the seller.

By the time the buyer’s contract arrived on Monday, my listing had been shown 41 times (36 at Sunday’s open house) and a better offer arrived.  It was of course accepted.

Don’t let this happen to you.  Avoid negotiating mistakes.  When you find the house you want, move quickly and aggressively.  Impress the seller and leave the others behind.

If you want to discuss this further, just call or text me at 201-741-8490.

 

 

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