These are the toughest buyers. Virtually every long-time Realtor has encountered them. No clearer word to define Ugh, “Nibbling”
They are the home buyers who reach a home purchase agreement relatively easily without much back-and-forth negotiation. The purchase agreement is signed. Then the “NIBBLING begins!
A very smart and common practice “NIBBLING” negotiation tactic for home buyers is to include their approval of a professional home inspection report contingency in the sales contract. BEWARE…An “AS IS” FARBAR purchase agreement is best described as a favorable agreement for the BUYER! Not the seller, as perceived by a seller or his agent! Why you ask? We’ll get into this matter later on. Today, most experienced Realtors strongly encourage buyers to make their purchases contingent on approval of a professional home inspection paid for by the buyer!
Now moving forward, an inspection has been performed and the report reveals significant home defects that the seller “FORGOT” to disclose to the buyer, the buyer can then use that report to (A) renegotiate the sales price, (B) obtain a repair credit, or (C) cancel the sale.
To counteract this tactic, home sellers and their listing agents should set a quick deadline for the professional inspection report, such as 5, 10, or in most common practices 15 days. It’s important not to keep the property off the market long.
If the home passes the professional home inspection test, watch out for other tactics of non-stop negotiators. One of their favorite methods is to repeatedly come back to the home, even after the sales contract is signed by all parties. They use excuses such as, “We need to measure for our furniture.” A reasonable request!
But their true purpose is another visit to the home to look for defects and leverage a lower sales price or even cancel the sale! Especially if the buyer has a serious case of “buyer’s remorse.” Ugh…this happens more often than you would imagine.
A harsh preventative to non-stop negotiators? Refuse them access,
except for the customary inspection on the day before the closing of the home sale! The buyers entered into a purchase agreement and it is best that a serious escrow deposit is made. This is also considered a “Good-Faith” gesture to the seller, indicating the buyer is serious about buying the home. These funds “Cannot” be moved or touched without written consent from Both the buyer and seller!
I also have another “iron-clad action” that the seller may consider and eliminate this whole mess and prepare the property for a quick sale! A practice I like to use to expedite a sale, especially preparing the seller by chance a cash offer with the intent to close quickly is made. Give me a call and we can discuss how this can be accomplished. 904-671-9225