Home sellers, in their bid to hit a sale and earn, may do some things which actually annoy their buyers. Whether sellers acknowledge such acts or not, it is important that they be aware of such things to prevent their customers from being irked.
McKay Price, an Assistant Professor of Real Estate Finance at Lehigh University, in an article written by Dana Dratch and posted at Bankrate, identified what commonly peeves these home buyers:
1. Asking for an unreasonable price
According to Price, many sellers do not want to accept the fact that their home "is worth substantially less than they paid, or what they thought it was worth." Instead of checking what their house's current worth is, some sellers set a price based on their actual need or on their calculation, such as the cost of renovation, sweat equity or the balance left on their mortgage. The thing is, none of the factors indicated has any relation to the real worth of the house, says Price.
2. Limiting financing
Some ads bear the lines "cash or conventional preferred." Some may indicate "No FHA or VA," referring to Federal Housing Administration or Veterans Affairs loan, respectively, while some mention it during the show. While these are legal, says Price, it does not mean it is a good idea. Justin Knoll, president of Madison & Co. Properties and past president of the Denver Board of Realtors, advises that while some may think that closing government-secured loans take longer, the truth is, some conventional loans can be harder to close.
3. Taking offense
A buyer makes a solid offer after seeing the asking price is quite high and he is met by the seller's silence. Sellers behave that way possibly because they really got offended, or it is just a tactic. Pat Vredevoogd Combs, vice president of Coldwell Banker AJS Schmidt in Grand Rapids, Michigan, says whether the offense is strategic or genuine, and it's not smart to ignore an offer. "Even though it's your home, it's a financial transaction," she adds.
4. Removing or concealing flaws
Acts of deception to cover up for the house's flaws drive buyers crazy. "Sometimes it might be ignorance; sometimes it might be devious," Price says. But apparently, the truth usually comes out, she says. Price adds that commonly, buyers either discover the problem themselves or from the neighbors, and this usually leads to an expensive lawsuit. Price advises sellers to disclose everything, no matter how minor, and to always choose to clean than to cover up.
5. Playing mind games
Falling in love with a house that's not really for sale or one that has problems that a seller refuses to fix will certainly drive a buyer nuts. A common dirty trick committed by sellers is to have a sign go up on a listing that "sits and sits and sits," according to Knoll. When buyers call, they get a pitch from an agent who looks to sign them as clients instead of selling them the house, he adds.
6. Removing items from the house
It includes everything physically attached to a house, from the toilets to the chandeliers, Price says. A family discovered that "every single light bulb" were taken away, while a couple noticed that the window coverings were removed, even if those things were originally included in the sale. Such acts ended up with the new homeowners shouldering an extra few thousands for replacement, Price says, leaving them feeling deceived.
