Don’t Miss Out on Your Dream Home by Making Any of These Mistakes That Can Scare Off Sellers
As you work on buying a home, don’t make silly mistakes that could lose you the home of your dreams. Whether you are a first time homebuyer or you have owned homes before, these are tips anyone can use to prevent scaring off sellers.
Not Getting Pre-Approval
We recommend not even beginning the house hunting process until you have pre-approval for a mortgage. This is basically evidence that a lender will lend you the money when the time comes. Note that is not the same as pre-qualification – that just means you are likely to be approved. A pre-approval gives the seller assurance that you have the means to get the funds.
Having Too Many Contingencies
In most cases, sellers want to sell their home and get out as soon as possible. They do not always respond well to contingencies. The most common contingency is a buyer who says they must sell their own home before they can close on the home. The seller has no control over how long that process could take and they do not want to wait.
Asking for a Long List of Repairs
It is likely that during your inspection, you will find things about the home that you are not 100% happy to see. Unless you are buying a new build, you should expect that there will be some issues. You should not except that the seller is going to fix everything. If they have other buyers interested, they may decide to sell their home to the one that doesn’t require a long list of repairs.
This doesn’t mean you shouldn’t ask for anything. A good rule of thumb is to ask yourself if it is a deal breaker. If not, then you may want to take care of it yourself. If you’re dealing with a roof that needs to be replaced, this may be something you need to have them fix in order to buy the home. However, if you send them a long list of outlet covers to replace and drawers to fix, it may be more of a hassle to them than they think it’s worth.
Don’t Work with an Untrusted Lender
It is likely the seller really has a single goal: Getting their house sold as quickly as possible. If their agent sees a potential buyer with a lender that they have had bad dealing with before, or no dealings with at all, it could be enough to results in their advice to choose a different buyer. Work with a trusted lender and your case will be the strongest it can.
Escrow services are part of the home buying and selling process. At Neighborhood Escrow we are pleased to offer a streamlined escrow process with experienced escrow agents. You can reach out at 310-378-2456 with any escrow questions you may have.
