Articles and Advice

5 Home-Buying Moves That Can Backfire

If you want to top a seller's list as a good buyer, make sure you don't make these mistakes when making an offer to purchase their home.

  1. Low-ball Offers
    One of the biggest mistakes buyers make is the "how low can you go" strategy. Some buyers do this in an attempt to "magically" get their dream home at a bargain basement price. This tactic can send the wrong message about your interest in a home and get you bounced right off a seller's list of potential buyers.

  2. Using an Inspection To Re-Negotiate The Price
    If an inspection reveals legitimate issues about the condition of a home, make a list of recommended repairs and negotiate a reduced offer to cover those expenses.  However, trying to re-negotiate a purchase offer because of small, inexpensive issues may knock you out of the running for the home entirely.

  3. Asking For Extras
    Some home buyers make the mistake of finding their dream home, only to find that they not only like the home, but everything in it. Don't ask your seller to include everything, including the kitchen sink — appliances, furniture, etc. — without offering to buy it.

  4. Negotiating In Small Incremental Amounts
    Engaging in back-and-forth offers can sometimes alienate a seller. For example, if you know that you have a budget, but you are willing to go up an extra $10,000, make a $10,000 extra offer, don't make five $2,000 incremental offers.

  5. Making Too Small Of A Shopping List
    People buy homes for all sorts of reasons. Perhaps they have been living in an apartment to save up money for a home. Maybe they are staying with a relative and want their own place. Heck, maybe they even won the lottery! Whatever your reasoning behind looking for a home to buy, you need to make sure you make a realistic number of homes to see. One or two homes simply won't cut it. Make a list of at least five to ten homes you want to tour.

Buying a home can be a very stressful experience. If you avoid doing the things above, your experience in searching for a home, negotiating a purchase price, and also moving in will be much easier.

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